Mihir's Market Matters Report - March 2013

March 2013 Welcome to the March issue of Mihir's Market Matters Report. The month of March is beginning to look like Mortgage Madness. One of the leading Banks announced the Mortgage Rate of 2.99% earlier this week. However, the competition has taken the market by storm. See below for the Best Mortgage Rates which no other Brokerage can give you.  If you are sitting on the fence thinking of getting in the Housing Market then now is the time. If your renewal is coming up in the next 6 months then now is the time to lock in early. If you want to invest in new properties then now is the time to do it. Just as they say in Real Estate: Location, Location, Location. In Mortgages timing of locking in your rates is the key. I am more then happy to assist you in getting the Golden Key.  In regards to the Mortgage Rates, I am able to offer the best rates in the Industry backed with exceptional customer service. BEST RATES AS OF 7TH MARCH 2013 QUICK CLOSE SPECIAL - 2.75% FIXED FOR 5 YEARS 2.89% FIXED FOR 5 YEARS (Approval by 30th April and closing by 30th August 2013) Thanks Mihir Oza 647-710-7374 Mortgage Agent (License # M11000672) The Mortgage Practice   My Motto: Right Advice. First Time, Every Time. Bank of Canada Interest Rate January 23, 2013 1.00 % March 6, 2013 1.00 % April 17, 2013 Next meeting date Source: Bank of Canada Bank Prime Lending Rate January 24, 2013 3.00 % March 7, 2013 3.00 % April 18, 2013 Next meeting date Source: Bank of Canada Conventional Mortgage - 5 Year Rate*  January 23, 2013 5.24 % February 13, 2013 5.24 % February 27, 2013 5.24 % Source: Bank of Canada *Determinant for high ratio mortgage variable qualifying rate US Federal Reserve Board Discount Rate* December 11, 2012 0.00 % - 0.25 % January 30, 2013 0.00 % - 0.25 % March 20, 2013 Next meeting date Source: US Federal Reserve *US Federal Reserve has indicated it will now keep this rate until unemployment reaches 6.5% Exchange Rate $CDN($US) January 17, 2013 1.0140 February 13, 2013 .9982 February 28, 2013 .9775 Source: Bank of Canada Government of Canada Bonds Bond Type January 23, 2013 February 13, 2013 February 27, 2013 1 year Treasury Bill 1.07% 1.07% 1.01% 3 year Benchmark Bond Yield 1.20% 1.22% 1.08% 5 year Benchmark Bond Yield 1.40% 1.50% 1.32% 10 year Benchmark Bond Yield 1.87% 2.03% 1.86% Source: Bank of Canada Total New Housing Starts (Seasonally adjusted and annualized)   Province November 2012 November 2011 December 2012 December 2011 January 2013 January 2012 Newfoundland/Labrador 3,700 3,900 3,800 3,000 3,500 5,200 PEI 800 1,500 1,200 800 2,000 700 Nova Scotia 3,200 2,800 3,200 8,500 7,400 2,700 New Brunswick 3,000 3,500 2,400 3,700 4,100 4,000 Quebec 47,800 47,200 42,500 50,300 32,000 35,500 Ontario 60,200 54,000 77,400 71,500 43,900 79,500 Manitoba 7,100 7,500 4,700 4,900 5,800 7,000 Saskatchewan 12,100 7,200 9,900 5,900 9,000 8,600 Alberta 39,600 29,900 30,100 28,300 29,300 25,400 British Columbia 23,600 28,200 22,000 23,000 23,600 29,400 CANADA 201,100 185,700 197,100 199,900 160,600 198,000 Source: CMHC Housing Now - February 2012 and February 2013. This seasonally adjusted data goes through stages of revision at different times of the year. Average MLS® Resale Price for Local Markets  City January 2012 January 2013  Halifax $ 259,395 $ 291,044 Saint John $ 161,163 $ 148,320 Quebec $ 247,390 $ 266,692 Montreal $ 311,180 $ 318,982 Ottawa $ 349,525 $ 343,382 Toronto $ 463,534 $ 482,648 Hamilton/Burlington $ 334,106 $ 349,943 Winnipeg $ 237,832 $ 248,720 Saskatoon $ 309,828 $ 320,812 Regina $ 284,714 $ 299,700 Calgary $ 382,468 $ 418,938 Edmonton $ 317,945 $ 323,451 Vancouver $ 752,380 $ 748,651 Victoria $ 454,905 $ 421,939 Source: Canadian Real Estate Association Housing Affordability Index