January 2008 Mortgage and Housing Statistics

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On February 4th, 2008, the Canadian Association of Accredited Mortgage Professionals (CAAMP) released their February 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.






















February 4, 2008

Welcome to the February issue of CAAMP Stats.














Bank of Canada Interest Rate













December 4, 2007 4.25%
January 22, 2008 4.00%
March 4, 2008 Next meeting date

Source: Bank of Canada

Bank Prime Lending Rate












December 5, 2007 6.00%
January 23, 2008 5.75%
March 5, 2008 Next meeting date
Source: Bank of Canada






























US Federal Reserve Board Discount Rate

December 11, 2007 4.25%
January 22, 2008 (Inter Mtg.) 3.50%
January 30, 2008 3.00%

Source: US Federal Reserve
Exchange Rate ($CDN/$US)
















Exchange Rate $CDN/$US
$CDN/$US December 28, 2007 1.0199
$CDN/$US January 16, 2008 0.9760
$CDN/$US January 30, 2008 1.0068
Source:Bank of Canada









Government of Canada Bonds



























Bond Type
December 27, 2007

January 16, 2008

January 30, 2008
1 Year Treasury Bill
4.01%

3.51%

3.35%
3 Year Benchmark Bond Yield
3.92%

3.40%

3.30%
5 Year Benchmark Bond Yield
3.96%

3.52%

3.50%
10 Year Benchmark Bond Yield
4.09%

3.82%

3.88%
Source: Bank of Canada









Total New Housing Starts (Seasonable adjusted and annualized)






























































Province
October 2007

November 2007

December 2007
Newfoundland/Labrador
2,800

3,300

2,900
PEI
600

1,100

600
Nova Scotia
5,500

4,100

4,400
New Brunswick
3,800

3,800

4,500
Quebec
43,500

38,100

39,200
Ontario
67,400

74,900

51,700
Manitoba
6,800

5,200

4,600
Saskatchewan
5,700

5,700

5,000
Alberta
47,400

43,600

37,900
British Columbia
42,500

50,500

33,900
CANADA
226,000

230,300

184,700
Source: CMHC Housing Now – January 2008. This seasonally adjusted data goes through stages of revision at different times of the year.









Average MLS resale price for local markets














































City December 2006 December 2007
Halifax $205,804 $209,156
Quebec City $148,989 $174,768
Montreal $223,416 $242,485
Ottawa $249,196 $276,839
Toronto $336,217 $394,931
Hamilton/Burlington $248,046 $261,728
Saskatoon $175,302 $255,271
Calgary $361,611 $400,139
Edmonton $294,155 $329,705
Vancouver $519,421 $566,192
Source: Canadian Real Estate Association (CREA)


















Canadian Major Market Residential MLS Summary*


































Seasonally Adjusted
December 2007

Seasonally Adjusted
November 2007

Unadjusted Data
December 2007

Unadjusted Data
December 2006


Dollar Volume
($ millions)

10,045.8 10,144.6 5,777.0 5,301.5

Unit Sales
29,156 29,893 17,357 18,017

Average Price ($)
332,836 294,251

New Listings
47,440 49,553 20,511 20,833

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











Standard two-story Housing Affordability Index




















































































































Region

Average Price

Qualifying
Income ($)
Q3 2007


Affordability Measure (%)

Q3 2007 ($)

Y/Y % ch.

Q2 2007 (rev)

Q3 2007
Canada*
345,575

9.8

84,376

46.3

47.4
British Columbia
542,012

9.0

122,134

68.2

70.8
Alberta
424,935

22.2

98,377

44.8

45.5
Saskatchewan
277,667

52.1

68,969

40.2

41.9
Manitoba
220,549

11.4

58,496

34.5

35.6
Ontario
349,406

6.8

86,671

43.0

43.8
Quebec
261,565

3.9

68,953

43.9

44.7
Atlantic
207,222

13.4

54,610

36.9

37.6
Toronto
481,315

7.8

114,834

52.2

53.4
Montreal
299,601

5.0

76,708

46.1

47.2
Vancouver
619,892

7.8

138,309

73.3

75.2
Ottawa
317,642

4.1

81,531

36.9

37.4
Calgary
476,711

17.5

107,329

45.7

46.9
Edmonton
376,060

20.5

89,644

41.7

41.8
Source: RBC Financial Group Housing Affordability Index, December 2007 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.


Source: RBC Economics Research