Housing Affordability Across Generations - Then & Now - Across Canada - ReMax Nova Halifax real estate

Published 30 April 13 08:32 AM | Merv Edinger 

Housing Affordability Across Generations - Then & Now - Across Canada

A chart of " then " & " now " affordability of housing prices across the country. *Provided by NSAR April/13.

Now for a comparison of Mortgage Interest Rates rates in 1983 compared with those currently available in 2013. Please also, keep in mind that a 5% down payment option was unheard of in 1983.

These statistics are copyright © Friday, 15-Jan-2010 05:30:38 PST by HSH Associates, Financial Publishers. They may be copied and distributed with full source credit.

National Monthly Averages, 1983

DateFixed Rate 
Mortgage
Adjustable Rate 
Mortgage
Jan-8313.40%12.71%
Feb-8313.35%12.49%
Mar-8313.05%12.08%
Apr-8312.90%11.75%
May-8312.74%11.51%
Jun-8312.97%11.50%
Jul-8313.52%11.71%
Aug-8313.95%11.85%
Sep-8313.84%11.80%
Oct-8313.61%11.60%
Nov-8313.52%11.49%
Dec-8313.48%11.45%
Source: HSH Associates www.hsh.com
Averages shown reflect the interest rate. Points and fees are not included in this series; they are available indifferent statistical series. HSH can supply detailed statistical series with rates, points, averages of other fields, calculated APRs, and more. Click here for details. Our mortgage rate histories go back 20 years -- the most complete and comprehensive archive available.

Current Available Mortgage Rates, April 2013 - Courtesy of www.NovaMortgage.ca

Bank RatesTermOUR RATES
4.60 %6 month convertable4.60 %
3.00 %1 year closed2.74 %
3.85 %2 year closed2.69 %
3.85 %3 year closed2.79 %
4.39 %4 year closed2.99 %
4.99 %5 year closed2.99 %
6.35 %7 year closed3.59 %
6.29 %10 year closed3.94 %

Variable Rate: 3.00% (Bank Prime)WOW!! Quite the difference wouldn't you say? Rates are low, homes are still affordable, prices are continuing to rise locally on average 4+% ( depending upon style of property & neighborhood, some are increasing significantly higher ) per year. Buying a home is still a great investment. The National Bank of Canada only offers 0.02% interest on a traditional savings account ( The top banks in Canada are offering between 0.02-1.2% ). Since you will have to live somewhere, you may as well invest into your own future & make a good financial decision.

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