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The Greg Nowik Team

Mortgage Planning since 1989

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June 2011 ... CAAMP Statistics

Bank of Canada Interest Rate

April 12, 2011

1.00 %

May 31, 2011

1.00 %

July 19, 2011

Next meeting date

Source: Bank of Canada


Bank Prime Lending Rate

April 13, 2011

3.00 %

June 1, 2011

3.00 %

July 20, 2011

Next meeting date

Source: Bank of Canada


Conventional Mortgage - 5 Year Rate*

April 11, 2011

5.69 %

May 18, 2011

5.69 %

May 29, 2011

5.59 %

Source: Bank of Canada
*Determinant for high ratio mortgage variable qualifying rate


US Federal Reserve Board Discount Rate

March 15, 2011

0.00 % - 0.25 %

April 27, 2011

0.00 % - 0.25 %

June 22, 2011

Next meeting date

Source: US Federal Reserve


Exchange Rate $CDN($US)

April 28, 2011

1.0515

May 13, 2011

1.0323

June 1, 2011

1.0249

Source: Bank of Canada


Government of Canada Bonds

Bond Type

April 27, 2011

May 11, 2011

May 25, 2011

1 year Treasury Bill

1.43 %

1.38 %

1.27 %

3 year Benchmark
Bond Yield

2.11 %

2.03 %

1.91 %

5 year Benchmark
Bond Yield

2.65 %

2.54 %

2.40 %

10 year Benchmark
Bond Yield

3.27 %

3.22 %

3.08 %

Source: Bank of Canada


Total New Housing Starts (Seasonally adjusted and annualized)

Province

February
2011

February
2010

March
2011

March
2010

April
2011

April
2010

Newfoundland/Labrador

3,100

3,600

4,200

6,100

2,300

3,100

PEI

500

400

600

300

700

400

Nova Scotia

4,100

5,400

3,200

4,200

3,900

3,600

New Brunswick

1,000

2,400

1,300

3,700

2,600

3,600

Quebec

42,800

47,800

50,400

55,600

44,900

53,700

Ontario

66,200

70,100

74,800

63,200

68,100

64,700

Manitoba

5,400

4,900

4,100

3,900

4,800

3,400

Saskatchewan

9,300

4,600

5,300

4,000

6,000

4,200

Alberta

22,400

27,300

20,800

34,900

21,100

35,700

British Columbia

25,600

30,100

20,000

25,000

24,600

28,300

CANADA

180,400

196,600

184,700

200,900

179,000

200,700

Source: CMHC Housing Now - May 2011 and May 2010. This seasonally adjusted data goes through stages of revision at different times of the year.


Average MLS® Resale Price for Local Markets

City

April 2011

April 2010

Halifax

$ 263,269

$ 247,168

Saint John

$ 183,992

$ 166,836

Quebec

$ 251,791

$ 232,245

Montreal

$ 312,624

$ 293,310

Ottawa

$ 352,029

$ 333,854

Toronto

$ 477,406

$ 437,566

Hamilton/Burlington

$ 339,573

$ 317,909

Winnipeg

$ 240,655

$ 236,574

Saskatoon

$ 315,866

$ 299,214

Regina

$ 269,061

$ 256,871

Calgary

$ 411,875

$ 395,847

Edmonton

$ 327,805

$ 339,712

Vancouver

$ 815,252

$ 673,579

Victoria

$ 508,005

$ 518,536

Source: Canadian Real Estate Association


Quarterly Housing Affordability Index


Standard Two-Story

Region

Average Price

Qualifying
Income ($)
Q1 2011


RBC Housing Affordability Measure

Q1 2011
($)

Y/Y
% ch.

Q1 2011
(%)

Q/Q
Ppt. ch.

Y/Y
ppt. ch.

Avg. since
'85 (%) 

Canada*

383,200

4.2

84,500

46.2

0.2

-0.9

43.6

British Columbia

653,700

5.5

126,900

67.9

1.2

-0.7

54.1

Alberta

363,000

-3.0

80,800

34.2

-0.2

-3.7

39.0

Saskatchewan

321,200

-0.2

73,900

39.4

-0.7

-2.7

37.9

Manitoba

279,400

7.3

65,800

36.8

0.0

-0.2

37.7

Ontario

396,900

2.9

90,500

44.6

-0.6

-0.8

44.2

Quebec

282,300

10.0

64,800

43.2

1.3

0.7

39.1

Atlantic

230,900

4.7

58,300

37.1

0.7

0.2

38.5

Toronto

566,700

1.8

120,700

55.6

-0.9

-1.9

54.0

Montreal

365,800

12.7

80,500

53.7

2.8

2.0

42.1

Vancouver

821,900

7.7

156,000

80.4

2.5

0.6

62.6

Ottawa

371,200

9.5

88,800

40.9

0.4

1.1

39.3

Calgary

410,900

-4.9

87,000

36.8

-0.2

-4.8

40.9

Edmonton

367,700

0.0

82,600

35.8

0.4

-2.9

37.3


Detached Bungalow

Region

Average Price

Qualifying
Income ($)
Q1 2011


RBC Housing Affordability Measure

Q1 2011
($)

Y/Y
% ch.

Q1 2011
(%)

Q/Q
Ppt. ch.

Y/Y
ppt. ch.

Avg. since
'85 (%) 

Canada*

338,700

4.3

74,100

40.5

0.7

-0.8

39.2

British Columbia

578,300

3.0

112,400

60.2

1.8

-1.9

48.8

Alberta

339,500

0.3

73,900

31.3

0.4

-2.6

36.4

Saskatchewan

311,100

1.7

69,500

37.1

-0.7

-2.0

36.5

Manitoba

256,800

3.8

61,000

34.1

0.1

-1.0

36.8

Ontario

352,500

4.9

79,700

39.3

0.5

-0.2

40.6

Quebec

232,200

7.4

53,300

35.6

1.1

0.1

33.1

Atlantic

206,900

6.2

50,700

32.2

0.9

0.4

32.0

Toronto

486,900

4.0

103,000

47.5

0.8

-0.7

48.6

Montreal

290,700

12.3

64,600

43.1

2.0

1.5

37.1

Vancouver

736,000

6.3

139,900

72.1

3.4

-0.3

57.3

Ottawa

364,300

9.4

84,500

39.0

0.4

1.1

36.9

Calgary

413,400

-1.4

85,000

35.9

0.9

-3.6

40.3

Edmonton

325,400

4.5

72,600

31.5

0.5

-1.4

34.1

Source: RBC Quarterly Housing Affordability Index, May 2011
Our standard RBC Housing Affordability Measure captures the proportion of median pre-tax household income requried to service the cost of a mortage on an existing housing unit at going market prices, including principal and interest, property taxes and utilities; the modified measureused here includes the cost of servicing a mortgage, but excludes property taxes and utilities due to data constraint in the smaller CMAs. This meaure is based on a 25% down payment, a 25-year mortgage loan at a five-year fixed rate and is estimated on a quarterly basis. The higher measure, the more difficult it is to afford a house.



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