| 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 |
