April 2008 Mortage and Housing Statistics
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.
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April 4, 2008 |
Cliquez ici pour la version française
Welcome to the April issue of CAAMP Stats. |
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Bank of Canada Interest Rate
January 22, 2008 |
4.00% |
March 4, 2008 |
3.50% |
April 22, 2008 |
Next meeting date |
 |
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Source: Bank of Canada |
Bank Prime Lending Rate
January 23, 2008 |
5.75% |
March 5, 2008 |
5.25% |
April 23, 2008 |
Next meeting date |
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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 |
 |
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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 |
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Source:Bank of Canada |
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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% |
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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 |
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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 |
$623,517 |
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Source: Canadian Real Estate Association (CREA) |
Canadian Major Market Residential MLS Summary*
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Seasonally Adjusted
February 2008 |
Seasonally Adjusted
January 2008 |
Unadjusted Data
February 2008 |
Unadjusted Data
February 2007 |
Dollar Volume
($ 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 ($) |
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327,477 |
311,101 |
New Listings |
50,405 |
51,840 |
51,113 |
45,835 |
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Source: Canadian Real Estate Association * Includes totals for 25 major markets in Canada |
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Housing Affordability Index
Standard two-storey |
Region |
Average Price |
Qualifying Income ($)
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 |
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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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