CAAMP Stats

December 2009 Welcome to the December issue of CAAMP Stats. CAAMP recently released its fall annual report on the state of the residential mortgage market in Canada. For a copy of the report - click here For further information visit www.caamp.org Jump to a Section Bank of Canada Interest Rate Bank Prime Lending Rate US Federal Reserve Board Discount Rate Exchange Rate Government of Canada Bonds Total New Housing Starts Average MLS resale price for local markets Housing Affordability Index Bank of Canada Interest Rate September 10, 2009 0.25% October 20, 2009 0.25%* December 8, 2009 Next meeting date Source: Bank of Canada *Bank of Canada statement included reference to hold rate to end of second quarter 2010 Top of Page Bank Prime Lending Rate September 11, 2009 2.25% October 21, 2009 2.25% December 9, 2009 Next meeting date Source: Bank of Canada Top of Page US Federal Reserve Board Discount Rate September 22, 2009 0.00% – 0.25% November 4, 2009 0.00% – 0.25% December 15, 2009 Next meeting date Source: US Federal Reserve Top of Page Exchange Rate $CDN($US) October 30, 2009 .9243 November 13, 2009 .9519 November 27, 2009 .9421 Source: Bank of Canada Top of Page Government of Canada Bonds Bond Type October 28, 2009 November 12, 2009 November 25, 2009 1 year Treasury Bill 0.60% 0.54% 0.48% 3 year Benchmark Bond Yield 1.90% 1.87% 1.62% 5 year Benchmark Bond Yield 2.70% 2.70% 2.41% 10 year Benchmark Bond Yield 3.45% 3.51% 3.25% Source: Bank of Canada Top of Page Total New Housing Starts (Seasonable adjusted and annualized) Province August 2009 August 2008 September 2009 September 2008 October  2009 October 2008 Newfoundland/Labrador 2,400 3,100 2,800 3,200 2,900 3,100 PEI  1,000 700 700 500 1,200  600 Nova Scotia 4,200 3,300 4,500 4,400 4,000 4,300 New Brunswick 3,700 3,800 2,900 4,500 3,600 5,000 Quebec 47,300 43,300 41,300 70,100 37,200 48,400 Ontario 44,200 89,800 50,200 84,200 57,600 82,600 Manitoba 5,000 5,400 4,400 5,600 4,200 5,800 Saskatchewan 5,100 5,300 3,700 6,400 3,600 4,900 Alberta 18,400 22,900 22,600 57,300 25,000 24,700 British Columbia 19,200 33,500 16,200 43,900 18,200 32,300 Canada 150,500 211,100 149,300 281,300 157,400 211,800 Source: CMHC Housing Now – November 2009 and November 2008. This seasonally adjusted data goes through stages of revision at different times of the year. Top of Page Average MLS resale price for local markets City October 2008 October 2009 Halifax $224,607 $235,465 Saint John, NB $151,709 $178,632 Quebec $198,357 $219,719 Montreal $257,242 $284,024 Ottawa $280,870 $320,561 Toronto $353,018 $403,507 Hamilton/Burlington $254,004 $296,253 Winnipeg $190,374 $210,618 Saskatoon $285,310 $274,759 Calgary $388,565 $399,679 Edmonton $317,744 $318,969 Vancouver $556,682 $638,948 Victoria $469,243 $481,500 Source: Canadian Real Estate Association Top of Page Housing Affordability Index Standard Two-Storey Average Price Qualifying Income($) Affordability Measure Region Q3 2009 ($) Y/Y % ch. Q3 2009 Q3 2009 (%) Q/Q Ppt. ch. Y/Y Ppt. ch. Avg. since '85 (%) Canada 344,100 -0.3 79,100 45.8 1.2 -5.8 43.3 British Columbia 557,400 -1.2 113,600 67.6 2.9 -8.5 53.7 Alberta 368,200 -4.9 82,200 37.9 1.3 -7.5 38.5 Saskatchewan 305,500 -0.8 73,200 44.0 1.0 -4.6 37.6 Manitoba 244,900 3.5 61,300 37.5 0.3 -3.4 37.5 Ontario 362,100 -0.3 85,300 45.2 1.0 -5.8 44.0 Quebec 240,100 2.8 59,000 40.4 1.2 -3.7 39.0 Atlantic 210,000 1.3 55,000 35.9 0.4 -4.7 38.7 Toronto 522,600 0.2 115,300 57.8 1.9 -7.5 53.7 Montreal 305,800 0.7 71,300 47.4 0.8 -5.5 41.3 Vancouver 678,900 -1.9 135,500 74.2 4.3 -10.2 61.7 Ottawa 320,800 1.0 81,000 40.5 0.4 -4.4 39.5 Calgary 414,600 -4.7 88,100 38.5 2.0 -8.1 40.0 Edmonton 365,300 -2.6 83,100 38.9 0.9 -6.7 36.8 Top of Page Standard Condominium Average Price Qualifying Income($) Affordability Measure Region Q3 2009 ($) Y/Y % ch. Q3 2009 Q3 2009 (%) Q/Q Ppt. ch. Y/Y Ppt. ch. Avg. since '85 (%) Canada 205,700 -1.0 47,600 27.6 0.5 -3.6 26.9 British Columbia 275,600 -0.3 57,100 34.0 1.2 -3.9 28.0 Alberta 219,300 -7.9 48,700 22.4 0.5 -5.2 22.1 Saskatchewan 186,200 -8.7 44,600 26.8 0.8 -4.7 24.1 Manitoba 130,100 4.8 33,400 20.5 0.3 -1.6 20.9 Ontario 217,200 -0.9 51,800 27.4 0.5 -3.6 27.9 Quebec 170,300 1.2 40,700 27.8 0.1 -3.0 27.0 Atlantic 149,800 4.8 37,700 24.6 0.3 -2.5 24.7 Toronto 292,700 -1.5 65,400 32.8 1.0 -4.7 31.2 Montreal 204,500 3.9 47,100 31.3 0.9 -2.8 29.0 Vancouver 351,500 0.4 70,600 38.7 1.7 -4.4 31.4 Ottawa 209,000 1.3 51,600 25.8 0.3 -2.8 23.6 Calgary 249,500 -7.3 52,700 23.0 0.3 -5.5 22.8 Edmonton 206,000 -6.8 46,800 21.9 0.5 -4.7 18.1 Source: RBC Financial Group Housing Affordability Index, November 2009. 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 a 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.