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April 2008 Mortage and Housing Statistics

April 4, 2008 by Shayla Damery

On April 4th, 2008, the Canadian Association of Accredited Mortgage Professionals (CAAMP) released their April issue of CAAMP Stats.  The publication includes information such as the Bank of Canada Interest Rate, the US Federal Reserve Discount Rate, new housing starts, and more.  To view the full publication, please continue reading.

To learn more about CAAMP, please visit their website.

 

 

April 4, 2008

Cliquez ici pour la version française

Welcome to the April issue of CAAMP Stats.


Bank of Canada Interest Rate

January 22, 2008

4.00%

March 4, 2008

3.50%

April 22, 2008

Next meeting date


Source: Bank of Canada


Bank Prime Lending Rate

January 23, 2008

5.75%

March 5, 2008

5.25%

April 23, 2008

Next meeting date



 Source: Bank of Canada

US Federal Reserve Board Discount Rate

January 30, 2008

3.00%

March 18, 2008

2.25%

April 30, 2008

Next meeting date


Source: US Federal Reserve

Exchange Rate ($CDN/$US)

Exchange Rate ($CDN/$US)

$CDN/$US

February 29, 2008

1.0158

$CDN/$US

March 14, 2008

1.0140

$CDN/$US

March 28, 2008

0.9790



Source:Bank of Canada

Government of Canada Bonds

Bond Type

February 27, 2008

March 12, 2008

March 26, 2008

1 Year Treasury Bill

3.18%

2.65%

2.55%

3 Year Benchmark Bond Yield

3.17%

2.71%

2.67%

5 Year Benchmark Bond Yield

3.40%

2.97%

2.93%

10 Year Benchmark Bond Yield

3.81%

3.52%

3.46%



Source: Bank of Canada

Total New Housing Starts (Seasonable adjusted and annualized)

Province

December 2007

January 2008

February 2008

Newfoundland/Labrador

2,900

2,400

2,900

PEI

600

500

1,000

Nova Scotia

4,400

3,300

4,400

New Brunswick

4,500

4,500

3,600

Quebec

39,200

47,900

57,600

Ontario

51,700

72,700

83,800

Manitoba

4,600

5,800

5,200

Saskatchewan

5,000

6,000

5,700

Alberta

37,900

41,700

38,700

British Columbia

33,900

38,900

54,100

CANADA

184,700

222,700

256,900



Source: CMHC Housing Now March 2008. This seasonally adjusted data goes through stages of revision at different times of the year.

Average MLS resale price for local markets

City

February 2007

February 2008

Halifax

$213,327

$223,579

Montreal

N/A

N/A

Ottawa

$264,928

$283,199

Toronto

$368,687

$382,048

Hamilton/Burlington

$272,953

$276,297

Saskatoon

$187,515

$264,270

Calgary

$313,307

$415,017

Edmonton

$321,307

$338,347

Vancouver

$531,688

$623,517



Source: Canadian Real Estate Association (CREA)

Canadian Major Market Residential MLS Summary*

 

Seasonally Adjusted
February 2008

Seasonally Adjusted
January 2008

Unadjusted Data
February 2008

Unadjusted Data
February 2007

Dollar Volume
($ millions)

8,796.4

9,582.7

8,613.2

9.049,9

Unit Sales

26,588

28,396

26,302

29,090

Average Price ($)

 

 

327,477

311,101

  New Listings

50,405

51,840

51,113

45,835



Source: Canadian Real Estate Association * Includes totals for 25 major markets in Canada

Housing Affordability Index

Standard two-storey

Region 

Average Price

Qualifying Income ($)
Q4 2007

Affordability Measure (%)

Q4 2007 ($)

Y/Y % ch.

Q3 2007 (rev)

Q4 2007

*Canada

348,969

9.6

86,612

47.5

48.1

British Columbia

563,312

12.3

128,760

70.9

74.1

Alberta

406,708

11.1

96,276

45.5

43.6

Saskatchewan

280,500

51.2

70,678

41.9

42.3

Manitoba

225,477

13.5

60,412

35.6

36.1

Ontario

349,964

6.5

88,387

43.8

44.3

Quebec

268,783

6.9

71,681

44.7

46.1

Atlantic

210,444

12.3

56,433

37.6

38.3

Toronto

475,888

6.5

115,833

53.4

53.4

Montreal

300,981

5.0

78,364

47.2

47.8

Vancouver

648,592

12.1

146,739

75.4

79.2

Ottawa

320,031

4.6

83,433

37.4

38.0

Calgary

461,811

8.5

106,252

46.9

45.5

Edmonton

354,060

11.7

86,337

41.8

39.5



Source: RBC Financial Group Housing Affordability Index based on a 25% down payment and a 25 year mortgage loan at a five year fixed rate. The higher the index, the more difficult it is to afford home. An affordability index of 50 means that homeownership costs including mortgage payments, utilities and property taxes take up half of a typical household’s monthly pre-tax income.

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