April 2008 Mortage and Housing Statistics

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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

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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.