Mihir's Market Matters Report - November 2013

November 2013 Welcome to the November issue of Mihir's Market Matters Report. The temperatures are starting to dip now and so are the Fixed Rate Mortgages. Are you planning to move in 2014? Your renewal is coming up in next 4 months? Any plans for debt consolidation? For any mortgage related questions feel free to call or email me on the contact details given below.  BEST RATES AS OF 18th NOVEMBER 2013 Variable Rate: 5 years @ Prime - 0.55 or 2.45% 3 years Fixed @ 2.59% QUICK CLOSE SPECIAL - 3.33% FIXED FOR 5 YEARS Regular Rate: 3.45% FIXED FOR 5 YEARS Pre-Approvals: 3.59% 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 September 4, 2013 1.00 % October 23, 2013 1.00 % December 4, 2013 Next meeting date Source: Bank of Canada Bank Prime Lending Rate September 5, 2013 3.00 % October 24, 2013 3.00 % December 5, 2013 Next meeting date Source: Bank of Canada Conventional Mortgage - 5 Year Rate* August 28, 2013 5.34 % September 25, 2013 5.34 % October 23, 2013 5.34 % Source: Bank of Canada *Determinant for high ratio mortgage variable qualifying rate US Federal Reserve Board Discount Rate* September 18, 2013 0.00 % - 0.25 % October 30, 2013 0.00 % - 0.25 % December 18, 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) September 25, 2013 0.9696 October 9, 2013 0.9621 October 23, 2013 0.9630 Source: Bank of Canada Government of Canada Bonds Bond Type September 25, 2013 October 9, 2013 October 23, 2013 1 year Treasury Bill 1.07% 1.01% 0.99% 3 year Benchmark Bond Yield 1.42% 1.40% 1.28% 5 year Benchmark Bond Yield 1.89% 1.89% 1.73% 10 year Benchmark Bond Yield 2.57% 2.57% 2.43% Source: Bank of Canada   Total New Housing Starts (Seasonally adjusted and annualized)  Source: CMHC Housing Now - October 2012 and October 2013. This seasonally adjusted data goes through stages of revision at different times of the year. Average MLS® Resale Price for Local Markets Source: Canadian Real Estate Association  Quarterly Household Survey - Q3 2013  The measures are based on a 25% down payment, a 25-year mortgage loan at a five-year fixed rate, andare estimated on a quarterly basis Source: Royal LePage Ocotber  2013