September 2007 Mortgage and Housing Stats

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On October 4th, 2007, the Canadian Association of Accredited Mortgage Professionals (CAAMP) released their October 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 read the full publication, please click on the “read more” link below.

To learn more about CAAMP, please visit their website.



October 4, 2007

Cliquez ici pour la version française


Welcome to the October issue of CAAMP Stats. For more information visit www.caamp.org



Bank of Canada Interest Rate

July 10, 2007 4.50%
September 5, 2007 4.50%
October 16, 2007 Next meeting date

Source: Bank of Canada

Bank Prime Lending Rate


July 11 , 2007 6.25%
September 6 , 2007 6.25%
October 17 , 2007 Next meeting date
Source: Bank of Canada




US Federal Reserve Board Discount Rate

August 7 , 2007 5.25%
September 18, 2007 4.75%
October 31, 2007 Next meeting date

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

Exchange Rate $CDN/$US
$CDN/$US August 31, 2007 0.9468
$CDN/$US September 19, 2007 0.9850
$CDN/$US September 28, 2007 1.0052
Source:Bank of Canada


Government of Canada Bonds

Bond Type
August 29, 2007

September 12, 2007

September 26, 2007
1 Year Treasury Bill
4.25%

4.30%

4.29%
3 Year Benchmark Bond Yield
4.27%

4.22%

4.25%
5 Year Benchmark Bond Yield
4.30%

4.23%

4.29%
10 Year Benchmark Bond Yield
4.38%

4.33%

4.41%
Source: Bank of Canada


Total New Housing Starts (Seasonable adjusted and annualized)

Province
June 2007

July 2007

August 2007
Newfoundland/Labrador
2,400

2,400

2,300
PEI
800

600

600
Nova Scotia
4,600

3,900

5,200
New Brunswick
3,900

4,500

4,700
Quebec
54,900

49,300

49,000
Ontario
62,000

64,700

67,300
Manitoba
5,100

5,100

6,700
Saskatchewan
7,500

6,100

5,200
Alberta
45,700

44,000

47,900
British Columbia
38,400

35,000

37,500
CANADA
225,300

215,600

226,500
Source: CMHC Housing Now � September 2007


Average MLS resale price for local markets

City August 2006 August 2007
Halifax $205,485 $218,665
Quebec City $152,564 $165,088
Montreal $210,964 $228,006
Ottawa $262,607 $267,765
Toronto $338,192 $361,898
Hamilton/Burlington $253,659 $270,893
Saskatoon $161,922 $253,240
Calgary $365,732 $423,801
Edmonton $270,246 $345,809
Vancouver $520,686 $587,483
Source: Canadian Real Estate Association (CREA)




Canadian Major Market Residential MLS Summary*



Seasonally Adjusted
August 2007

Seasonally Adjusted
July 2007

Unadjusted Data
August 2007

Unadjusted Data
August 2006


Dollar Volume
($ millions)

9,799.4 10,379.6 9,728.5 8,242.5

Unit Sales

29,717 31,381 29,853 28,137

Average Price ($)
325,881 292,941

New Listings
48,817 49,556 49,399 47,783

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




Standard two-story Housing Affordability Index



Region

Average Price

Qualifying
Income ($)
Q2 2007

Affordability Measure (%)

Q2 2007 ($)

Y/Y % ch.

Q1 2007 (rev)

Q2 2007
Canada*
340,341

11.0

81,785

43.2

46.2
British Columbia
252,562

7.5

116,608

64.0

68.2
Alberta
420,470

39.3

95,465

39.6

44.8
Saskatchewan
263,972

49.7

65,140

34.6

40.2
Manitoba
214,560

8.2

56,397

33.1

34.5
Ontario
346,499

7.1

84,416

40.4

42.9
Quebec
258,846

4.0

67,402

42.4

43.9
Atlantic
206,806

12.5

53,401

33.3

36.6
Toronto
475,625

7.3

111,345

48.6

52.0
Montreal
295,331

4.1

74,659

44.3

46.1
Vancouver
609,092

8.1

133,584

68.0

73.3
Ottawa
316,222

5.0

79,717

35.2

36.8
Calgary
465,678

38.2

103,043

39.6

45.7
Edmonton
376,060

33.0

87,377

38.5

41.4

Source: RBC Financial Group Housing Affordability Index, September 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.