Welcome to the December issue of Mihir's Market Matters Report. I would like to take this opportunity in Wishing you All the best for the holiday season.
Banks today lowered Mortgage rates on most of their products. Have a look at a quick snapshot of the Best Rates as of 6th December 2012.
5 years fixed @ 2.89%
3 years Variable @ Prime - 0.35%
3 years fixed @ 2.69%
Feel free to call or email me to discuss on your Mortgage, refinancing, debt consolidation or investment needs.
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
| October 23, 2012 | 1.00 %
|
| December 4, 2012 | 1.00 % |
| January 23, 2013 | Next meeting date
|
Source: Bank of Canada
Bank Prime Lending Rate
| October 24, 2012 | 3.00 % |
| December 5, 2012 | 3.00 % |
| January 24, 2013 | Next meeting date |
Source: Bank of Canada
Conventional Mortgage - 5 Year Rate*
| September 26, 2012 | 5.24 % |
| October 17, 2012 | 5.24 % |
| November 21, 2012 | 5.24 % |
Source: Bank of Canada
*Determinant for high ratio mortgage variable qualifying rate
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
Exchange Rate $CDN($US)
| October 29, 2012 | .9992 |
| November 14, 2012 | .9962 |
| November 30, 2012 | 1.006 |
Source: Bank of Canada
Government of Canada Bonds
| Bond Type | October 24, 2012 | November 7, 2012 | November 21, 2012 |
1 year Treasury Bill
| 1.09% | 1.06% | 1.07% |
3 year Benchmark
Bond Yield | 1.21% | 1.16% | 1.19% |
5 year Benchmark
Bond Yield | 1.39% | 1.32% | 1.34% |
10 year Benchmark
Bond Yield | 1.84% | 1.74% | 1.76% |
Source: Bank of Canada
Total New Housing Starts (Seasonally adjusted and annualized)
| Province |
August
2012
|
August
2011
|
September
2012
|
September
2011
|
October
2012
|
October
2011
|
| Newfoundland/Labrador |
3,900
|
3,500
|
3,900
|
3,500
|
3,500
|
3,500
|
PEI
|
1,100
|
900
|
1,400
|
1,300
|
800
|
900
|
Nova Scotia
|
6,800
|
3,700
|
6,100
|
6,100
|
8,300
|
3,300
|
New Brunswick
|
3,400
|
2,800
|
6,400
|
5,000
|
2,900
|
3,900
|
Quebec
|
46,900
|
41,100
|
49,600
|
57,800
|
41,400
|
44,500
|
Ontario
|
88,000
|
67,000
|
72,000
|
65,600
|
67,800
|
73,500
|
Manitoba
|
9,300
|
4,900
|
8,500
|
4,500
|
6,600
|
7,600
|
Saskatchewan
|
9,800
|
5,800
|
13,300
|
9,100
|
10,500
|
8,400
|
Alberta
|
29,300
|
29,100
|
33,300
|
24,900
|
33,100
|
31,600
|
British Columbia
|
30,400
|
25,800
|
29,500
|
29,800
|
29,200
|
30,400
|
CANADA
|
228,800
|
184,600
|
224,000
|
207,600
|
204,100
|
207,600
|
Source: CMHC Housing Now - November 2011 and November 2012. This seasonally adjusted data goes through stages of revision at different times of the year.
Average MLS® Resale Price for Local Markets
| City |
October 2011
|
October 2012
|
Halifax
|
$ 257,414
|
$ 262,061
|
Saint John
|
$ 161,691
|
$ 163,963
|
Quebec
|
$ 253,914
|
$ 259,607
|
Montreal
|
$ 320,165
|
$ 330,777
|
Ottawa
|
$ 339,802
|
$ 347,581
|
Toronto
|
$ 478,137
|
$ 503,479
|
Hamilton/Burlington
|
$ 329,802
|
$ 367,490
|
Winnipeg
|
$ 244,506
|
$ 259,433
|
Saskatoon
|
$ 312,384
|
$ 327,182
|
Regina
|
$ 282,313
|
$ 297,688
|
Calgary
|
$ 398,924
|
$ 418,721
|
Edmonton
|
$ 320,306
|
$ 327,880
|
Vancouver
|
$ 767,225
|
$ 736,732
|
Victoria
|
$ 475,742
|
$ 464,360
|
Source: Canadian Real Estate Association
Quarterly House Price Survey
|
