July 2013
Welcome to the July issue of Mihir's Market Matters Report. I hope everyone is safe or had minimum damage from Monday's unexpected rain storm that hit Toronto and the GTA. Just as the weather has been showing big twists and turns so are the Mortgage rates in the last month.
Due to changes in the bond market the fixed rates have gone up considerably. Gone are the below 2.99% 5 years fixed 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 JULY 2013
QUICK CLOSE SPECIAL - 3.25% FIXED FOR 5 YEARS
2.99% FIXED FOR 3 YEARS
3.39% 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
Source: Bank of Canada | ||||||
| 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
*Determinant for high ratio mortgage variable qualifying rate
US Federal Reserve Board Discount Rate*
| May 1, 2013 | 0.00 % - 0.25 % |
| June 19, 2013 | 0.00 % - 0.25 % |
| July 31, 2013 | Next meeting date |
Source: US Federal Reserve
*US Federal Reserve has indicated it will now keep this rate until unemployment reaches 6.5%
*US Federal Reserve has indicated it will now keep this rate until unemployment reaches 6.5%
Exchange Rate $CDN($US)
| May 29, 2013 | 0.9660 |
| June 19, 2013 | 0.9734 |
| June 28, 2013 | 0.9525 |
Source: Bank of Canada
Government of Canada Bonds
| Bond Type | May 22, 2013 | June 06, 2013 | June 20, 2013 |
| 1 year Treasury Bill | 1.06% | 1.08% | 1.11% |
| 3 year Benchmark Bond Yield | 1.15% | 1.15% | 1.27% |
| 5 year Benchmark Bond Yield | 1.38% | 1.45% | 1.65% |
| 10 year Benchmark Bond Yield | 1.92% | 2.05% | 2.25% |
Source: Bank of Canada
Average MLS® Resale Price for Local Markets
| City | May 2012 | May 2013 |
| Halifax | $ 283,010 | $ 285,583 |
| Saint John | $ 175,815 | $ 182,829 |
| Quebec | $ 260,361 | $ 273,389 |
| Montreal | $ 328,885 | $ 331,594 |
| Ottawa | $ 363,502 | $ 370,591 |
| Toronto | $ 516,787 | $ 542,174 |
| Hamilton/Burlington | $ 369,292 | $ 416,664 |
| Winnipeg | $ 266,379 | $ 274,437 |
| Saskatoon | $ 318,603 | $ 341,737 |
| Regina | $ 303,393 | $ 322,029 |
| Calgary | $ 429,459 | $ 440,675 |
| Edmonton | $ 347,459 | $ 350,921 |
| Vancouver | $ 732,736 | $ 772,569 |
| Victoria | $ 506,195 | $ 477,281 |
Source: Canadian Real Estate Association
Canadian Housing Resale Data
Source: TD Economics, June 2013
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