Mihir's Market Matters Report

November 2012

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Welcome to the November issue of Mihir's Market Matters Report. Its the first day at work on standard time so everyone please drive extra carefully as you head out home today evening. 

There has been no major movements still on Mortgage rates as they continue to remain historically low these days. The 2.99% fixed for 5 years is back but has got certain limitations on it. Feel free to email me or call on 647-710-7374 to know which Mortgage product is best for your needs.

Snapshot of Best available rates as of 5th NOVEMBER 2012.
3 years - (2.79%)
5 years - (2.99%)
10 years - (3.99%)

Variable - 5 years (Prime - 0.20%) & for 3 years (Prime - 0.35%)

Mihir Oza

647-710-7374
Mortgage Agent (License # M11000672)
Verico The Mortgage Practice

My Motto: Right Advice. First Time, Every Time. 

Bank of Canada Interest Rate

September 5, 2012	1.00 %
October 23, 2012	1.00 %
December 4, 2012	Next meeting date

Source: Bank of Canada

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Bank Prime Lending Rate

September 6, 2012	3.00 %
October 24, 2012	3.00 %
December 5, 2012	Next meeting date

Source: Bank of Canada

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Conventional Mortgage - 5 Year Rate*

September 12, 2012	5.24 %
September 26, 2012	5.24 %
October 17, 2012	5.24 %

Source: Bank of Canada
*Determinant for high ratio mortgage variable qualifying rate

 

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US Federal Reserve Board Discount Rate*

September 12, 2012	0.00 % - 0.25 %
October 24, 2012	0.00 % - 0.25 %
December 11, 2012	Next meeting date

Source: US Federal Reserve
*US Federal Reserve has indicated it will keep this rate until Q4 2014

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Exchange Rate $CDN($US)

September 26, 2012	1.015
October 10, 2012	1.019
October 29, 2012	.9992

Source: Bank of Canada

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Government of Canada Bonds

Bond Type	September 26, 2012	October 10, 2012	October 24, 2012
1 year Treasury Bill	1.09%	1.12%	1.09%
3 year Benchmark Bond Yield	1.16%	1.22%	1.21%
5 year Benchmark Bond Yield	1.31%	1.36%	1.39%
10 year Benchmark Bond Yield	1.75%	1.79%	1.84%

Source: Bank of Canada

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Total New Housing Starts (Seasonally adjusted and annualized)

Province	July 2012	July 2011	August 2012	August 2011	September 2012	September 2011
Newfoundland/Labrador	4,600	4,100	4,060	3,500	3,900	3,500
PEI	1,300	1,200	1,100	900	1,400	1,300
Nova Scotia	3,000	5,700	6,800	3,700	6,100	6,100
New Brunswick	3,300	6,000	3,400	2,800	6,500	5,000
Quebec	53,800	45,600	47,300	41,100	50,300	57,800
Ontario	74,800	75,200	88,300	67,000	72,400	65,600
Manitoba	6,600	7,400	9,300	4,900	8,500	4,500
Saskatchewan	7,900	5,600	9,800	5,800	13,200	9,100
Alberta	33,400	24,300	29,400	29,100	33,400	24,900
British Columbia	25,900	30,000	30,400	25,800	29,500	29,800
CANADA	214,500	205,100	229,800	184,600	225,300	207,600

Source: CMHC Housing Now - October 2011 and October 2012. This seasonally adjusted data goes through stages of revision at different times of the year.