Mihir's Market Matters Report - June 2013

June 2013 Welcome to the June issue of Mihir's Market Matters Report. Are we looking at some nice stable temperatures anytime soon. Well, not sure on that. What I can however say is that Mortgage rates continue to be showing the lower trend. There has been some movement with few lenders who have now increased their rates. However, there are still many lenders who are offering quite competitive interest rates at the current time.  In regards to the Mortgage Rates, I am able to offer the best rates in the Industry backed with exceptional customer service. See below for the Best Mortgage Rates which no other Brokerage can give you. BEST RATES AS OF 10th JUNE 2013 QUICK CLOSE SPECIAL - 2.59% FIXED FOR 5 YEARS 2.89% FIXED FOR 5 YEARS 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 April 17, 2013 1.00 % May 29, 2013 1.00 % July 17, 2013 Next meeting date Source: Bank of Canada Bank Prime Lending Rate April 18, 2013 3.00 % May 30, 2013 3.00 % July 18, 2013 Next meeting date Source: Bank of Canada Conventional Mortgage - 5 Year Rate*  April 24, 2013 5.14 % May 8, 2013 5.14 % May 22, 2013 5.14 % Source: Bank of Canada *Determinant for high ratio mortgage variable qualifying rate US Federal Reserve Board Discount Rate* March 20, 2013 0.00 % - 0.25 % May 1, 2013 0.00 % - 0.25 % June 19, 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) May 1, 2013 0.9920 May 15, 2013 0.9831 May 29, 2013 0.9660 Source: Bank of Canada Government of Canada Bonds Bond Type April 24, 2013 May 8, 2013 May 22, 2013 1 year Treasury Bill 1.02% 1.04% 1.06% 3 year Benchmark Bond Yield 1.03% 1.08% 1.15% 5 year Benchmark Bond Yield 1.19% 1.27% 1.38% 10 year Benchmark Bond Yield 1.72% 1.81% 1.92% Source: Bank of Canada Total New Housing Starts (Seasonally adjusted and annualized) Province February 2013 February 2012 March 2013 March 2012 April 2013 April  2012 Newfoundland/Labrador 2,500 2,600 2,800 2,900 2,800 4,100 PEI 400 500 300 400 400 1,100 Nova Scotia 1,500 4,000 5,000 4,300 2,300 2,500 New Brunswick 3,400 2,300 1,300 1,800 1,200 2,300 Quebec 38,900 47,200 37,400 43,700 41,400 62,800 Ontario 64,500 66,500 55,100 87,500 47,400 97,600 Manitoba 5,700 4,700 11,000 7,700 9,000 4,800 Saskatchewan 5,300 10,200 7,400 8,700 6,600 8,500 Alberta 35,300 31,100 34,800 35,500 39,200 37,300 British Columbia 23,400 32,000 26,000 22,700 24,600 23,800 CANADA 181,000 201,100 181,100 215,200 174,900 244,800 Source: CMHC Housing Now - May 2012 and May 2013. This seasonally adjusted data goes through stages of revision at different times of the year. Average MLS® Resale Price for Local Markets  City April 2012 April 2013 Halifax $ 280,274 $ 281,721 Saint John $ 168,913 $ 174,498 Quebec $ 258,553 $ 271,929 Montreal $ 323,938 $ 372,188 Ottawa $ 363,938 $ 372,188 Toronto $ 517,556 $ 526,335 Hamilton/Burlington $ 377,951 $ 379,308 Winnipeg $ 261,263 $ 270,219 Saskatoon $ 330,011 $ 345,776 Regina $ 312,873 $ 316,606 Calgary $ 414,932 $ 429,717 Edmonton $ 336,751 $ 349,047 Vancouver $ 735,315 $ 759,587 Victoria $ 493,266 $ 519,142 Source: Canadian Real Estate Association