Access MORTGAGE
News
Flaherty concerned by mortgage lending ...Feb 03, 2012
Finance Minister Jim Flaherty said he shares the concern of Canada's top banking regulator that lenders are loosening their mortgage standards too much, but said any problems in the system are being corrected. ... read moreIs a 2.99% mortgage too good to be true? ...Jan 18, 2012
Bank of Montreal made headlines with the 2.99 per cent five-year mortgage it unveiled last week. Most of the other big banks have followed suit, but before signing on the dotted line you should read the fine print. These mortgages have restrictions that you won't find on other products. ... read moreCanadian commercial real estate market stable ...Jan 18, 2012
Benefiting from strong fundamentals, Canada's commercial real estate markets continued to enjoy stability and growth in 2011 despite global economic uncertainty, says a report released Wednesday by Avison Young. ... read moreGovernments brace for higher debt costs ...Jan 12, 2012
Canadian governments are bracing for major changes to banking rules in the U.S. that would make it more difficult and expensive for them to borrow money, at a time when many need greater access to international investors to finance their debts. ... read moreThat low credit score can cost you big bucks ...Jan 12, 2012
If a lending institution perceives that you are a credit risk, then your borrowing terms and conditions will be more onerous, and that could cost you thousands of dollars over the life of a loan, according to Tom Reid, director of consumer relations for TransUnion.ca. ... read more2012, Gains in Canadian home prices predicted ...Jan 12, 2012
Canada's housing market will continue to be strong this year, with rising property values expected in all major markets, real estate brokerage firm Royal LePage said Thursday. ... read moreRBC, BMO warn on housing ...Jan 10, 2012
The heads of Royal Bank of Canada and Bank of Montreal told an investor conference in Toronto Tuesday morning that a softer housing market is a concern across the country, with particular focus on the condo markets in Toronto and Vancouver, where capacity is significantly overbuilt. ... read moreHighlights from strong December housing starts ...Jan 10, 2012
Much of the surge in housing starts in the latest period can be attributed to the much-maligned condo market, with the volatile urban multiples component leading the way with a robust 14.5% increase to 111,300 units. Single-unit dwelling starts, by contrast, only increased by 3.8% to 70,600 units while rural starts dropped 10.3% to 18,300 units. Condos still king in 2011. ... read moreDebt still rising, but lower credit card debt ...Jan 10, 2012
Canadians are paying off more of their credit card debt as they cope with a weaker economy and some restrictions on credit expansion. The latest national credit trends report from Equifax Canada, released early Tuesday, says the average credit card debt fell in 2011 by 3.4 per cent. ... read moreMortgage rules should be stricter : TD chief ...December 15, 2011
Less than a year after Ottawa forced the banking sector to cut back on risky mortgage lending, the head of one of Canada's biggest banks says the federal government should go even further. ... read moreVacancy rate down in October ...December 15, 2011
It's getting harder to find a place to rent in the Calgary region. The fall rental market survey of the Canada Mortgage and Housing Corp. shows the city's apartment vacancy rate decreased to 1.9 per cent in October compared with 3.6 per cent in October 2011. ... read moreEurope will bring everyone down in 2012 ...December 14, 2011
As the European sovereign debt crisis continues to plague investors around the world, showing no signs of stopping, TD Economics has downgraded its 2012 forecast for global economic growth to 2.5%, a drop of 0.7 percentage points from its previous outlook. ... read moreAnother tumultuous year looms, but don't panic ...December 14, 2011
The looming new year may well bring as much financial turbulence as tumultuous 2011 but global investors reckon "panic" is no longer an option and just protecting your money will require taking on at least some risk. ... read moreBoC holds rates, cites deeper euro crisis ...Decedmber 6, 2011
The Bank of Canada kept its overnight interest rate at 1 percent on Tuesday, as expected, and gave no suggestion of an impending rate cut even though its view of the European debt crisis has clearly darkened. ... read moreHousing market to continue to defy logic ...December 6, 2011
Even one of Canada's leading real estate companies agrees the rising housing market may not appear to make much sense. But appearances are deceiving and Re/Max says both sales and average prices will continue to climb in 2012. ... read moreCanada's building permits soar in October ...December 6, 2011
The value of Canadian building permits unexpectedly soared by 11.9% in October from September, as strength in the populous province of Ontario helped end three consecutive monthly falls, Statscan data indicated on Tuesday. ... read moreFixed-rate mortgage could be your best bet ...Ddeecember 5, 2011
It's a decision that millions of Canadian homeowners struggle with repeatedly during their time as homeowners: Do they choose the security of a fixed-rate mortgage, or opt for the flexibility (and usually lower cost) of a variable rate and hope that rates don't spike higher? But right now, conditions in the mortgage market mean homeowners can actually get the best of both worlds, according to market-watchers. ... read moreHow to qualify for a brand new mortgage ...November 14, 2011
If you have just graduated from university with student debts, the prospect of buying your own home may seem remote. Advisors suggest formulating a plan early on to help get on track to qualify for that mortgage. ... read moreDebt's dirty dozen danger signs ...November 14, 2011
If there's one plaintive cry you tend to hear again and again from credit counsellors, it's this: "If only our clients had come to see us sooner." By the time many people actually ask for help, their debt problems are so huge that their credit ratings are in tatters and some solutions may no longer be an option. ... read moreThe downside of low interest rates ...November 10, 2011
Low interest rates may well represent the best way to stimulate a sluggish economy. But we're just waking up to the downside that can come from a prolonged period of rock-bottom rates. ... read moreBoC could slash rates in a big way next year ...November 10, 2011
As the nail biter in Europe continues this week, two economists are predicting the Bank of Canada will move to cut rates in a big way next year. ... read moreMerged mortgage accounts mean savings ...October 24, 2011
When it comes to finances, many of us are content to go the traditional route and have our mortgage, savings and chequing facilities in separate accounts. However, a number of financial institutions offer all-in-one products in which all these accounts are merged. Such accounts start off as a secured line of credit, advancing up to 80% of the value of the property, and as the mortgage principle is reduced, the available line of credit funds increase ... read moreTo buy or to rent: that is the question ...October 24, 2011
In a report earlier this year, Royal Bank of Canada chief economist Craig Wright suggested home ownership for a growing number of Canadians has become an impossible dream. That's certainly true in Vancouver, where the affordability index is at record highs, with the average home price at nearly 10 times the median income. ... read moreCarney ready to take on the world's banks ...October 24. 2011
Carney, fondly described as "un-Canadian" by one Ottawa official because of a blunt and confrontational style, will replace the Bank of Italy's Mario Draghi, who takes over as president of the European Central Bank on Nov. 1. ... read moreLoonie inches up towards parity ...October 24, 2011
The Canadian dollar edged higher against its U.S. counterpart on Monday as investors bet on a positive outcome to the eurozone debt crisis and data from China came in strongly, spurring gains in riskier assets. ... read moreWealth in Canada rebounds, now 8th in world ...October 20, 2011
According to the report released yesterday, Canada is eighth in the world in a ranking of aggregate household wealth, and 13th in terms of wealth per adult, at $245,000 (U.S.), compared to $248,000 in the United States. That's a sharp reversal from 2000, when Canadian mean wealth was just 56 per cent of the U.S. figure when expressed in U.S. dollar terms. ... read moreThe Mark Carney bubble ...October 20, 2011
It takes guts to stand up in a room full of distinguished men and women and tell them their opinions are ridiculous. This is not a problem for Bank of Canada governor Mark Carney. In late September, he stood in just such a room at Washington's Institute of International Finance and publicly criticized the organization's own report contending that reforms to the financial system were hampering economic growth. ... read morePiece ef Calgary history on sale for $5 million ...October 20, 2011
Owning a unique piece of downtown Calgary history isn't priceless. But it could run you $5 million. That's the asking price for a 50 per cent interest in the Burns Building, now listed on the city's commercial real estate market. ... read moreNo interest rate rise until Q3 of 2012:Analysts ...October 19, 2011
The Bank of Canada will keep rates on hold until the third quarter of next year amid slow global growth and the risk that Europe's debt crisis will linger on, according to a Reuters survey released Tuesday ... read moreCanadian buillding permits plummet ...October 6, 2011
Building permits fell in August for the second straight month, with Ontario seeing the biggest declines in both residential and non-residential activity, Statistics Canada said Thursday. ... read moreRental income, tax breads give REITs stability ...October 6, 2011
As a very wise man once said (I think it was Lex Luthor) stocks may rise and fall, companies may come and go, but people will always need land and real estate. ... read moreFlaherty rules out mortgage rule tightening ...October 6, 2011
"We have seen in the past year some softening in the Canadian housing market, in part due to the tightening of the insured mortgage market rules that we did earlier this yea... That's an appropriate result from that tightening," Flaherty said during a news conference. "It will take clear evidence of a bubble in the housing market in Canada, which we have not seen." ... read moreWall Street protest grows as unions swell ranks ...October 6, 2011
Thousands of anti-Wall Street demonstrators converged on New York's financial district on Wednesday, their ranks swelled by nurses, transit workers and other union members joining the protest over economic inequality and the power of U.S. financial institutions. ... read moreCanadians are hooked on cheap money ...Sept 14, 2011
Canadians still don't seem to be getting the message about carrying excessive household debt. On Tuesday, Statistics Canada reported the ratio of household credit-market debt to personal disposable income inched up from 147% in the first quarter to 149% in the second. ... read moreBC MLS home sales, prices remain steady ...Sept 14, 2011
Home sales in B.C. remained stable in August as low mortgage rates was balanced by high numbers of active listings, the BCREA said Wednesday. According to the latest data, B.C. saw 6,504 MLS residential unit sales last month, up 16.4% from August 2010. The average price also climbed 10.7 per cent to $539,953. ... read moreCould Canada be first to stumble? ...Sept 13, 2011
Canada could become the first developed economy to stumble back into recession as businesses pull back on investment and inventory accumulation in the third quarter, Bank of Nova Scotia economists said on Tuesday. ... read moreCanadians fall deeper in debt ...Sept 13, 2011
Canadian household debt continued to rise in the second quarter as individuals took out more mortgages at historically low rates and obtained consumer loans, Statistics Canada said on Tuesday. ... read moreIncome inequality rising quickly in Canada ...Sept 13, 2011
The gap between the rich and the rest is growing ever wider - with the chasm increasing at a faster pace in Canada than in the United States. ... read moreLoonie slips below parity as investors flee risk ...Sept 12, 2011
The Canadian dollar fell below parity against the U.S. dollar on Monday to its weakest level in more than seven months as risk sentiment continued to deteriorate on growing fears of a Greek default. Canada's dollar fell as low as 99.84 U.S. cents, its weakest level since Jan. 31. ... read moreWhat's in Canada's emergency toolkit? ...Sep 06, 2011
In the six weeks since the Bank of Canada's last meeting, markets have moved from pricing in a 25 basis point rate hike by the end of 2011 to roughly 50% odds of a rate cut. However, the threshold for a rate cut by the central bank remains high, according to Mark Chandler, head of fixed income and currency research at RBC Capital Markets. At the same time, he thinks any plans for "non-traditional" policies are very preliminary. ... read moreRate pause expected, but cut could follow ...Sep 05, 2011
Will a cut follow the pause? The question of how long Mark Carney will wait before he raises interest rates has shifted to include the possibility he could reduce borrowing costs in the face of a global slowdown. ... read moreHome prices predicted to inch up next year ...Aug, 26, 2011
Sluggish economic and job growth will temper both prices increases and the number of sales into 2012, says the B.C. Real Estate Association. ... read moreTo dream the impossible dream ...Aug 26, 2011
It's no secret that Vancouver has the highest cost of housing in Canada, so the release this week of Royal Bank of Canada's affordability index only confirmed what we already know. ... read moreCMHC expects condo vacancies to rise in 2012 ...Aug 25, 2011
The number of newly built condos sitting empty in Montreal is expected to rise next year, following record-breaking levels of construction in 2010, the Canada Mortgage and Housing Corp. said Wednesday. ... read moreCondo market paces Montreal sales in July ...August 15, 2011
While most types of properties throughout Canada in July took a dip in value from June, Montreal condos gained 3.7% to reach a median of $232,000 over the past month, according to the latest statistics from the Greater Montreal Real Estate Board (GMREB). ... read moreHousing prices expected to show dip in July ...August 15, 2011
The Canadian Real Estate Association reports monthly housing sales numbers for July on Tuesday, but it's the national association's long-term forecast that may provide greater clues into the state of the Canadian housing market. ... read moreBMO cuts forecast for U.S. ...August 15, 2011
The Bank of Montreal has trimmed its economic forecast for the United States for the second time in two weeks, citing a slew of factors including the recent debt downgrade, confidence concerns and market volatility, but fell short of forecasting a double-dip recession. ... read moreCalgary housing starts on the rise ...Augsut 15, 2011
Short-term and long-term expectations for housing starts in the Calgary region are positive, says the Conference Board of Canada. In its Metropolitan Monthly Monitors report released Friday, the board said the seasonally-adjusted annual rate for housing starts for the Calgary census metropolitan area was 5,977 units in July. ... read moreBanks shifting rate hike views in to 2012 ...August 2012, 2011
Canadian banks, which only last month expected the Bank of Canada to resume tightening this fall, are pushing rate hike forecasts into next year following some of the worst financial market turmoil since 2008. ... read moreInterest rates calm in turbulent times ...August 12, 2011
House hunters worried about being pushed out of the market by higher mortgage rates received a little good news this week. The turmoil inflicted on world financial markets over the last two weeks is taking the pressure off bankers to raise interest rates, something that was expected to happen this fall. ... read moreWave of new stores tightens available space ...August 12, 2011
The wave of U.S. retailers expanding into Calgary will continue to grow, further tightening available retail space in the city, states a new report. ... read moreBank of Canada faces interest rate dilemma ...August 11, 2011
Canada's central bank is due to make an announcement on rates in September, on the heels of the recent decision by the U.S. Federal Reserve Bank to keep interest rates south of the border low and stable for two years. ... read moreVictoria housing tilts toward buyers ...Aug 03, 2011
For house hunters, Victoria has become more of a buyers' market, according to statistics released Tuesday by the Victoria Real Estate Board. ... read moreScrap the property transfer tax ...Aug 03, 2011
Originally intended to be a "wealth" tax when it was introduced in 1987, the British Columbia property transfer tax (PTT) is now charged on the majority of home purchases. In fact, 86 per cent of homes purchased in the province are subject to the highest tax rate of two per cent. ... read moreAvoid your own personal debt ceiling ...Aug 03, 2011
The global economy may have temporarily dodged a bullet with the 11th-hour raising of America's US$14.3-trillion debt ceiling, but individuals should draw some salutary lessons for their personal financial health. ... read moreUnderstanding The Implicatons Of Land Transfer taxes Across Canada ...Jly 22, 2011
Understanding The Implicatons Of Land Transfer taxes Across Canada ... read moreHeritage homes can be hassles ...Jul 20, 2011
When it comes to house hunting, many focus on just that - the house - but for some, location is key. You may wish to buy a piece of land to build your dream home, or move a heritage home to the piece of land you have just purchased. ... read moreRate rises will be gradual, BoC signals ...Jul 20, 2011
The recent jump in Canada's inflation rate should be temporary and price levels will remain subdued even with a gradual reduction in monetary stimulus, the Bank of Canada said on Wednesday. ... read moreDissecting teh BoC statement: A firmer tone ...Jul 19, 2011
As widely expected, the Bank of Canada announced Tuesday it will maintain its overnight rates at 1% for another month. However, parsing through the comments of Mark Carney, Bank of Canada governor, there are definite signs that the central bank is taking a firmer stance on plans to remove monetary stimulus sooner rather than later. ... read moreToronto condo market soars higher ...Jul 19, 2011
New condominium sales in the Greater Toronto Area climbed 62% higher in June from a year earlier, according to Building Industry & Land Development Association. ... read moreWill the housing boom last indefinetly? ...July 8, 2011
Every time it seems the Canadian real estate market is about to be torpedoed by higher interest rates, events around the world conspire to keep a lid on increases and spur a new round of furious buying among house hunters. ... read moreHousing correction coming: Sharp or slow? ...July 8, 2011
The Canadian housing market is due for a correction, but it will likely be a slow decline rather than a sharp drop, says a report from the Canadian Imperial Bank of Commerce. ... read moreCanadian employment grows in June ...July 8, 2011
Economists, including Enenajoran, Ferley and Porter, said June's jobs data provide another reason to think the Bank of Canada will raise interest rates later this year. ... read moreHome price appreciation seen slowing in H2 ...July 7, 2011
The period of big rises in Canadian home prices has ended and appreciation in the second half of the year will be more moderate, the country's leading real estate broker said on Thursday after reporting a jump in prices in the second quarter. ... read moreWill Canada's 145th year be a good one? ...June 30, 2011
Canadians celebrating Canada Day 2012 will almost certainly be facing higher mortgage and other interest rates. Remember, a two percentage point rise on a 4% mortgage is essentially a 50% rise. As a result, many borrowers have been locking in their mortgages at fixed rates. ... read moreCottage sales cool off amid grey days ...Jne 30, 2011
In Muskoka, real estate agents are just starting to see an improvement after a very slow start to the cottage-buying season. "I think the weather has played havoc with our market this year," says broker Anita Latner of Anita Latner Realty Inc. ... read moreCanada's growth stalls in April ...June 30, 2011
The Bank of Canada has held its trendsetting lending rate at 1% - a low level by historical standards - since last September. The central bank meets again in July to decide whether to hold the rate at its current level or begin raising borrowing costs - a move that analysts believe could begin soon. ... read moreAmericas 15 worst housing markets ...June 30, 2011
If you bought a home in Miami in 2005, we're sorry: over the following six years it depreciated in value by more than 54.3%. And the rebound, if there is a rebound, won't come soon. ... read moreHST causing construction dip ...Jun 16, 2011
Developers and construction workers in Nanaimo and across the province hope that new housing sales will pick up once the fate of the Harmonized Sales Tax is decided. ... read moreWill housing market go the way of the Canucks ...Jun 16, 2011
Mark Carney came as close as any central banker ever could on Wednesday to saying some parts of the Canadian housing market are in a bubble. He also basically said there's not much the Bank of Canada can do to stop the frenzy. ... read moreVancouver red hot in tepid market ...Jun 15, 2011
The Canadian real estate industry says the housing market looks like something out of Goldilocks because it's not "too hot and not too cold," but don't tell that to Vancouver buyers. ... read moreVancouver housing pulls prices higher ...Jun 15, 2011
Prices climbed 8.6 per cent from a year earlier, but the Canadian Real Estate Association (CREA) said the national average of $376,817 was skewed by strong sales in "selected pricey" areas of Vancouver and broad price increases in Toronto, where supply is still tight given demand. ... read moreStrung out on a line ...Jun 06, 11
n the past decade, lines of credit have grown to become the largest chunk of our debt. A study released this month from credit-rating agency TransUnion found lines of credit were almost 41.5% of the average Canadian debt load of $25,597, not including mortgages. ... read moreSave thousands by selling your own home ...Jun 06, 11
For most people, a decision to sell their home is followed by a call to a real estate agent. But according to a recent poll, many Canadians aren't thrilled about making that call. ... read moreBuildiing permits plunge in April ...Jun 06, 11
The value of building permits plunged much more than expected in April, led by a big drop in Ontario activity, Statistics Canada said Monday. The federal agency said permits dropped 21.1 per cent during the month to $5.3 billion, following a revised 16.8 per cent increase in March and a 9.8 per cent rise in February. ... read moreHousing affordibilaty erodes, bound to get worse ...May 20, 2011
Housing affordability began slipping from the grip of many Canadians in the first quarter of 2011 following two back to back periods of improvement, RBC Economics Research said Friday. ... read moreSave for a big mortgage down payment ...May 20, 2011
When purchasing a house, most buyers have to finance the majority of the purchase price with a mortgage. The amount of money you put down upfront determines the size of the mortgage. Knowing how much of a down payment to save up for can be a tough decision. The larger the down payment, the longer you'll have to wait to own a home. However, there are several benefits to waiting to purchase until you have a substantial down payment. ... read moreHouse prices expected to grow 5% to 7% ...May 20, 2011
Short-term year-over-year price growth for Calgary's housing market is expected to be in the five to seven per cent range, says the Conference Board of Canada. ... read moreIt's not BoC's jobto guide markets on rates ...May 20, 2011
The Bank of Canada is scheduled to make its next interest rate announcement on May 31, and my understanding is that the consensus of opinion among private sector analysts is that interest rates will remain unchanged, because there was no explicit warning of an increase in its April 12 decision. ... read moreHome equity considered a forced savings ...May 19, 2011
The 18th annual RBC home ownership study, released recently, found younger Canadians are more likely to purchase a home than other age groups, as 43% (aged 18-34) are looking to buy in the next two years compared with the national average of 29%. ... read moreDemand for luxury homes booming ...May 18, 2011
One of Canada's largest networks of real estate agents says demand for luxury homes is booming in several cities. Re/Max says the Greater Vancouver Area led the way with 747 properties sold in the luxury category in the first four months of this year. ... read moreWorld's most active real estate investors ...May 17, 2011
Canadian real estate investors were among the most active in the world in the first quarter, according to a study into capital flows from international brokerage Jones Lang LaSalle. ... read moreFive fastest ways to save for a down payment ...May 09, 2011
Saving money for a down payment on a home takes time, effort and patience. Having a large down payment can save thousands of dollars over time because the home owner will carry a smaller mortgage. A down payment over 20 per cent will also prevent a mortgage company requiring that you pay mortgage insurance premiums, an added expense that often gets amortized into the cost of the mortgage. ... read moreDon;t be tempted by U.S. fire sale ...May 09, 2011
Canadians have a piggy bank with a lot of money in it, making the fire sale going on in the United States housing market a great temptation. ... read moreEasing the tax hit for investment property owner ...Apr 21, 2011
Whether it's a duplex, a cottage or a Florida getaway, a second property can be a rewarding investment over time. But if you're not careful, it can prove taxing as well. A little planning goes a long way. ... read moreNew real estate protectionism is misguided ...Apr 21, 2011
In the last two months, we've sold over 700 condos in Toronto. Sixty per cent went to Mainland Chinese buyers. In meccas like Richmond, 98 per cent of the hundreds of homes we've sold are to buyers who are Chinese. Even in White Rock, we sold 35 per cent of a new condo tower to buyers from Mainland China. For a new market like White Rock, that's a shocking number. ... read moreGas prices 'sucking energy' out of Canadian households ...Apr 11, 2011
The long upward march in gas prices since late 2010 will be equivalent to a 7% hike on the income tax bills of Canadians in 2011, CIBC World Markets says ... read more70 or bust! The case for raising the retirement age to 70 ...Apr 11, 2011
Society reaps three advantages by raising the retirement age: workers get more years of relatively higher wages; the government gets all that extra tax revenue while paying out less in benefits; and the economy grows faster ... read moreCanada's unemployment rate slips to 7.7% ...Apr 09, 2011
Canada's unemployment rate was little changed in March as gains in full-time work were offset by declines in part time positions. ... read moreCanada's first 2011 rate hike now seen in July ...Apr 08, 2011
The Bank of Canada is widely expected to make its first interest rate hike of 2011 in July, as it balances rising economic growth against tame inflation and a high-flying Canadian dollar ... read moreHousing starts jump in March: CMHC ...Apr 08, 2011
Canada's house construction jumped in March helped mostly by an increase in rural building. ... read moreRBC's U.S. retail bank may fetch $3.7B ...Apr 08, 2011
Royal Bank of Canada, Canada's largest lender, may get as much as $3.7 billion in the sale of its U.S. consumer bank, a fraction of what it invested in the money-losing business, analysts said. ... read moreCalgary house pricees headed for peak levels ...Apr 08, 2011
A commodity boom could see average home prices in Calgary flirt with record 2007 levels within two years, says a real estate industry analyst. Don Campbell, president of the Real Estate Investment Network, said price increases of five to seven per cent this year and another five to seven per cent in 2012 aren't out of the question if the economy produces a hot sellers' market. ... read moreHome sales fall but prices rise ...Apr 06, 2011
First-time homebuyers looking to avoid higher interest rates and tighter mortgage rules have helped to prop up the real estate market, says a new report. ... read moreFirst-time buyers helping to fuel real-estate ...Apr 05, 2011
First-time buyers are helping to fuel strong gains in t he property market as they seek to get a rung on the housing ladder before interest rates rise, according to a report by RE/MAX. ... read moreReal estate market braces for TMX-LSE merger ...Apr 05, 2011
The potential merger of the TMX Group, operator of the Toronto Stock Exchange, and the London Stock Exchange Group has sparked hot debate throughout the Canadian business community. ... read moreTenants snap up office space in first quarter ...March 28, 2011
Vacancy rates improved in Canada's office and industrial markets in the first quarter of the year, according to CB Richard Ellis. The national vacancy rate for office space dropped to 9.3 per cent, compared to 10.1 per cent last year. Tenants leased 704,431 square feet of space, compared to 441,310 last year. ... read moreWorld would do weell to heed Carney's advice ...March 28, 2011
# Despite the geopolitical turmoil of recent months accompanied by renewed fears regarding the potential pace of economic growth slowing down - either as a result of inflationary pressures or the possibility of a deepening of the financial crisis in Europe - Bank of Canada Governor Mark Carney remains optimistic commodity prices will remain strong. # Canadian stores seen as ... read moreCanadian stores seen as takeover targets ...March 28, 2011
Well-known Canadian clothiers Le Chateau, Jacob and Reitmans could become takeover targets as a wave of U.S. retailers follows Target Corp's lead and seeks opportunities north of the border. There are plenty of reasons why Canadian retailers have become so appealing: the country's robust retail market, a healthy economy, proximity to the huge U.S. market, a common language and lower valuations of Canadian companies. ... read moreCommon mistakes first time home buyers ...March 26, 2011
Applying for a mortgage and becoming a home buyer can seem overwhelming, especially if it's your first time. I have put together a blueprint of the most common pitfalls and how to deal with them, so that you can feel confident and prepared to take the first steps towards homeownership. Here are some of the pitfalls a mortgage specialist can help you avoid. ... read moreThe CMHC: Canada's mortgage monster ...Mar 24, 2011
It's a familiar-sounding story to American ears. "The Canadian government mortgage apparatus echoes uncannily our experiences down here with Fannie and Freddie" says Jim Grant, author of the widely read Grant's Interest Rate Observer newsletter. "CMHC has distorted the housing market by making homes, especially ones that are on the pricier end of the spectrum, more affordable and encouraged a lot of people to get in over their heads." ... read moreBoC likely to keep rates low until summer ...Mar 24, 2011
The potential federal election is good news in one sense -- it likely ensures Canadians will enjoy super-low interest rates until at least the summer and possibly the fall. Many economists believe Bank of Canada governor Mark Carney was unlikely to move on interest rates at the next announcement date in April anyway, but say a federal campaign likely settles the question. ... read moreGlobal stocks recover quake lossess ...Mar 24, 2011
Global stocks inched higher on Thursday and are now higher than when Japan's earthquake and tsunami struck, buoyed by confidence that the world economic recovery remains on track. ... read moreExpect 5-7% short-term year-over-year growth ...Mar 23, 2011
Short-term year-over-year price growth is expected to be in the five to seven per cent range for Calgary, according to the Conference Board of Canada. In releasing its monthly Metro Resale Index on Wednesday, the board said Calgary's real estate market is currently classified as being under balanced conditions. ... read moreForeign buyers juice resale housing market ...Mar 16, 2011
Wealthy buyers in Toronto and Vancouver are propping up the Canadian resale market, as their toughly fought multimillion-dollar bidding wars push prices higher even as sales of more ordinary homes slow across the country. ... read moreBMO offers green mortgage ...Mar 15, 2011
Starting today, Bank of Montreal will reward eco-friendly homeowners with a competitive new mortgage rate. BMO's Eco Smart Mortgage will offer a 3.89% fixed five-year rate for Canadians who choose energy efficient homes. ... read moreList prices on Calgary homes too high ...Mar 04, 2011
Sellers of residential property in Calgary need to adjust their expectations when they list their homes for sale and potential buyers, waiting for a U.S. style housing crash, won't see it happen, says a leading North American real estate expert. ... read moreA beginner's guide to U.S property ownership ...Mar 04, 2011
Most Canadians buying into the depressed housing market across much of the United States have little idea about different ways to own U.S. property, U.S. and Canadian income tax on rental income, Canadian capital gains tax on property that isn't a principal residence, and U.S. estate tax. ... read moreNearing bubble territory, but cool-off expected ...Mar 04, 2011
Canada's housing market is reaching the limits of sustainability and could tumble if there is no moderation, the Bank of Montreal says. ... read moreMarket sees 19% jump in sales volume ...Mar 03, 2011
Nanaimo's real estate market saw a 19% jump in year over year sales volumes in February, but the average selling price dipped slightly. Vancouver Island Real Estate Board reports month-end sales of 96 units for February, up from 81 sales reported by the proprietary multiple listing service in the same month a year ago. ... read moreFinancial literacy has its limits ...Mar 03, 2011
Financial literacy has become a huge catchphrase, the one idea upon which consumer advocates and bankers, borrowers and lenders, even governments agree upon ... read moreYour home is not a cash register ...Mar 03, 2011
The Canadian government is concerned about a financial crisis similar to the one in the United States, where people were borrowing more than their homes were worth, paying for mortgages that exceeded the value of their home. ... read moreNew rules prompt rise in home sales ...Mar 02, 2011
Single-family home sales and average prices were up in February compared with a year ago. According to the Calgary Real Estate Board, sales in the singlefamily market hit 1,169 transactions last month for an average sale price of $461,786. In February 2010, there were 1,035 sales for an average price of $458,254. ... read moreCREA cautions Ottawa on mortgage rules ...Feb 15, 2011
The Canadian Real Estate Association cautioned the federal government to stay out of the mortgage market until the effects of recent changes can be gauged, as it suggested buyers raced to secure 35-year mortgages in January before they are banned in late March. ... read moreHome sales pace hits 9-month high ...Feb 15, 2011
Home sales in Canada increased 4.5 per cent in January over the previous month, their highest seasonally adjusted point since last April. The Canadian Real Estate Association said Tuesday the Vancouver and Toronto markets led the way, but there were gains in more than half of all local markets during the month. ... read moreHousing market will be stable next two years ...Feb 10, 2011
A stronger economy will offset the effects of higher mortgage rates and keep Canadian house prices stable over the next two years, according to the Royal Bank of Canada. ... read moreNew home prices still risiing ..... barely ...Feb 10 , 2011
New housing prices edged up 0.1 per cent in December, led by gains in Winnipeg, Halifax, Toronto and Oshawa, Statistics Canada reported Thursday. That compared with a rise of 0.3 per cent in the agency's new housing price index in November. ... read moreRein in spending with debt management ...Feb 10, 2011
Believe it or not, debt isn't always a bad thing. Without debt, most people would never be able to buy their homes or vehicles. A lot of people couldn't afford to go to university to get their dream jobs. To better manage your spending, it's important to understand how debt works and how to use it to your advantage. ... read moreMortgages for New Canadian Immigrants ...Feb 09, 2011
If you are a new immigrant to Canada, welcome! As a former world traveler, I know how daunting it can be to get settled in a new country, and if purchasing a new home is high on your list of priorities, today's post should help familiarize you with what's involved in securing a Canadian mortgage. ... read moreAverage home prices here take marked drop ...Feb 04, 2011
The average sale price of a single-family house in Nanaimo has dropped 6%, from $363,093 to $340,492, from the same period last year, according to a report from the Vancouver Island Real Estate Board. ... read moreWhat's so great about Canadian jobs ...Feb 04, 2011
Markets were hit with positive dose of economic news as Canadian jobs data for January, a gain of 69,200 jobs, surged past all expectations (nearly 4.5 times greater than market consensus). Government of Canada bond yields climbed, with the 10-year note hitting a seven-month high. The Canadian dollar also traded higher ... read moreUsing your RRSps to buy a house ...Feb 02, 2011
For couples like Jodi and Julian Echakowitz in Toronto, getting the down payment to purchase their first home was a matter of using their RRSP funds to their best advantage. In their case, it was withdrawing funds from their registered retirement savings plan to take part in the federal government's Home Buyers' Plan. ... read moreWhy a rate won't be a blow to most ...Feb 01, 2011
Bank of Canada Governor Mark Carney and other policy makers have no doubt been scaring the pants off consumers who have loaded up on debt like there's no tomorrow. Well, there is a tomorrow, and that was their aim. ... read moreEconomy grows quickest in 8 months ...Jan 31, 2011
The Canadian economy grew 0.4 per cent in November, the fastest pace in eight months, driven by expansion in the oil and gas, retail, real estate and financial sectors. ... read moreLenders Expand Mortgage Options ...Jan 31, 2011
Most mortgage contracts allow homeowners the chance to skip a payment under these kinds of circumstances, but usually only once. Some allow a yearly deferral and others go as far as granting a four-month break, but only in a hardship scenario. Now, however, as banks, credit unions, monolines and other lenders vie for a piece of Canada's mortgage market, homeowners have a choice of increasingly flexible options. ... read moreTime to Leash the CMHC ...Jan 31, 2011
The federal government should limit tax payer exposure to potential problems in the housing market by winding back the role of the Canada Mortgage and Housing Corp. in the provision of mortgage insurance, according to a new report by the CD Howe Institute. ... read moreWhy do we keep working after 65? ...Jan 31, 2011
About 40% of those who choose to keep working after the age of 65 say they do so because they haven't saved enough, a new Statistics Canada report on retirement has found. More than one-third of working seniors still had a mortgage on their homes, data from the 2009 Canadian Community Health Survey shows. That compares to one-quarter of partially retired Canadians with mortgage debt and 11% of fully retired. ... read moreCanada a magnet for global investors ...Jan 28, 2011
"Canada has what the world wants, quite frankly. That is stability, good governance, transparency and safety and those add up to a potent combination," said Grant Berry, managing director of government finance for RBC Capital Markets, ranked No. 1 in terms of Canadian investment banks in closing government-debt deals. ... read morePotential buyers sit on sidelines - Calgary ...Jan 28, 2011
For several months now, potential homebuyers have been sitting on the sidelines. According to the Calgary Real Estate Board, as of Friday morning, there have been 710 MLS single-family home sales for an average price of $445,736 in the last 30 days. Current active listings numbered 3,079. Also there have been 263 condo sales in the last 30 days at an average price of $288,390 - the average being buoyed by the $4.1 million sale of a luxury penthouse in Eau Claire. Current active listings for condos stands at 1,613. ... read moreMortgage deal revives stalled securities market ...Jan 27, 2011
Canada's moribund commercial mortgage backed securities market is awakening from a three-year slumber. Two major real estate companies are tapping the market for $206 million in the first deal of its kind since 2007, signaling that investors are returning to a sector they had abandoned over worries about the health of the country's commercial real estate market. ... read moreNew mortgage rules: how you might lose out ...Jan 21, 2011
Joe is retired, 77 years old, living off small savings and government pensions. Joe also happens to live in a $1-million house with no debt. He and his wife love the house, they have been there 40 years, and don't want to move. He still remembers paying $100,000 for his house in 1971. Joe may not realize it, but the latest moves from the Minister of Finance, Jim Flaherty, have hurt his chances of meeting his retirement goals. ... read moreResale house prices expected to climb 5-7% ...Jan 21, 2011
CALGARY - Short term year-over-year price growth expectations for Calgary's resale housing market is in the five to seven per cent range, according to the Conference Board of Canada. ... read more"We're done witht he Canadian pes": Flaherty ...Jan 21, 2011
Canadian Finance Minister Jim Flaherty said on Friday he sees no return to the days of the "Canadian peso", saying the strong currency reflects confidence in the country's economy. ... read moreWill new mortgage rules trigger winter buying? ...Jan 17, 2011
The Canadian Real Estate Association is concerned that changes to mortgage rules will force Canadians to buy homes through the traditionally slow winter market rather than waiting until the spring. ... read moreFlaherty details new mortgage rules ...Jan 17, 2011
Concern over rising consumer debt levels is prompting Ottawa to make three new changes to Canada's mortgage rules. Finance Minister Jim Flaherty announced Monday that new federal rules will reduce the maximum amortization period to 30 years from 35 years for government-backed insured mortgages with loan to value ratios of more than 80 per cent. ... read moreNon-resident spending continues to rise ...Jan 17, 2011
Investment in non-residential construction rose two per cent to $10.5 billion in the fourth quarter from the previous three-month period, Statistics Canada said Monday. ... read moreAverage BC home price hits record high ...Jan 13, 2011
The average price for a home in British Columbia reached a record high of $505,178 in 2010, the B.C. Real Estate Association says. Home sales fell 12 per cent last year to 74,640. The BCREA cited fewer active listings and increased consumer demand in a news release this morning. ... read moreEconomy expected to grow over next two years ...Jan 13, 2011
The road out of the recession has been an uphill but by no means steady climb for Calgary's economy. But oil prices recovering to pre-recessionary levels, strong recent indicators of foreign direct investment and commercial real estate absorption rates are positive factors that will boost the economy. ... read moreUS banks repossess 1 million home in 2010 ...Jan 13, 2011
The bleakest year in foreclosure crisis has only just begun. Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006. About 5 million borrowers are at least two months behind on their mortgages and more will miss payments as they struggle with job losses and loans worth more than their home's value, industry analysts forecast. ... read moreXceed posts loss, won't accept new mortgages ...Jan 13, 2011
Xceed Mortgage Corp. said it would no longer accept new mortgage applications after posting an annual loss of $17.6-million, focusing instead on managing the $1.6-billion of loans already on its books ... read moreThe $65,000 summer home ...January 4, 2011
When the North American housing market collapsed in 2008, Florida turned into foreclosure alley. With the loonie riding high against the U.S. dollar, housing prices in free fall and Canadian bank branches blooming all over the Sunshine State, real estate-savvy, vitamin D-deprived Torontonians smelled opportunity. Great bargains and warm weather aren't the only reasons Florida is turning into Toronto South: the recent buyers we talked to discovered there's much more to the state than strip malls, track suits and theme parks. ... read moreOffice Market Rises Above Global Malaise ...January 4, 2011
It wasn't long ago that some industry experts were predicting challenging times for Calgary's downtown commercial real estate market. But a surprising thing happened this past year, companies were taking up space at a record amount. ... read moreFinancial Need Delays Retirement Plans ...January 4, 2011
Seven in 10 Canadians plan to keep on working during retirement, with 38 per cent saying they'll keep toiling because they can't afford not to. But as the country's work force ages, that's not the only reason why people are staying on the job longer, according to a Bank of Nova Scotia poll released Tuesday. Of those who plan to work after retirement, 72 per cent say they want to remain mentally active, while 57 per cent want to stay socially connected. ... read moreEstate Tax Rises From The Dead ...December 31, 2010
If you're a wealthy U.S. citizen or a wealthy Canadian who owns property in the United States or holds significant U.S. equities in your stock portfolio, you may want to be extra wary of who's pouring your eggnog at Friday's New Year's Eve party. That's because in less than 24 hours, the dreaded U.S. estate tax will resurrect itself from the grave. In other words, die before midnight tonight, no U.S. estate tax. Die on January 1, 2011 or later and your heirs may face an estate tax of 35%. ... read moreFlaherty Named 2010 Business Newsmaker ...January 2, 2011
Canada's solid economic performance in 2010 helped make Finance Minister Jim Flaherty The Canadian Press business newsmaker of the year. With Flaherty at the helm, Canada's economy outperformed most others last year. ... read moreHow Savers Can Find The Best Interest Rates ...January 3, 2011
Make it a priority to take advantage of tax breaks provided by vehicles as RRSPs and Tax-Free Savings Accounts. Shop around for the best savings rates and special accounts that help you accomplish your goals. Above all, escape the downward debt spiral. That means using your cash to pay off your credit cards and paying down your mortgage and other loans. ... read moreYear Marked Tale of Two Markets ...January 3, 2011
The only constant in Calgary's new homes market in 2010 was its tendency toward inconsistency. Talk to single-family home builders and, to a person, they will detail how erratic the year was in terms of sales and construction starts. ... read moreCarney Warns About Consumer Debt ...December 10, 2010
Mark Carney is issuing his starkest warning yet about the troubling levels of debt that households have piled up amid near record low borrowing costs. Many Canadians are increasingly vulnerable to shocks such as higher interest rates and job losses, in turn putting the wider financial system and economy at greater risk, the Bank of Canada Governor and his rate setting panel say in a semi-annual report. ... read moreOpening Bell: Markets rise on U.S. exports ...December 10. 2010
U.S. and Canadian stock markets continue to remain in positive territory on Friday, bolstered by good economic news out of both the U.S. and China. ... read moreMontreal Condo Sales Through The Roof ...December 10, 2010
It's not just new condominiums that are selling briskly these days in Montreal. Condo resales set a record for November, up three per cent from the same month in 2009, the Greater Montreal Real Estate Board said yesterday. ... read moreUse 'Some Caution' on Issuing Consumer Loans ...December 9, 2010
The Bank of Canada said Thursday the risk of a shock to Canada's financial system increased over the past six months, led by sovereign debt worries and widening trade imbalances, and warned record household-debt levels are "likely to deteriorate further" in coming quarters as wage growth stalls amid a slowing recovery. ... read moreBank of Canada maintains overnight rate target at 1 per cent ...Dec 07, 2010
... read moreHousing market to see 'greater stability' ...Dec 07, 2010
Not a single Canadian city will see house prices fall in 2011, according to a market forecast by Re/Max, as low inventories prop up prices. The residential real estate brokerage said there will be "greater stability" in the market in 2011, with the national average price forecast to rise by 3 per cent to $350,000. It expects sales to stall, however, with the same number of homes changing homes in 2011 as in 2010 - about 441,000. ... read moreDeveloping new measure of real estate's health ...Dec 07, 2010
The Canadian Real Estate Association is developing a new way to measure the health of the country's housing market as it seeks to replace its decades-old method of reporting average sale prices with something that more accurately reflects market conditions. ... read moreIt's a tough time to sell a Condo ...Dec 02, 2010
Calgary's housing market continued to show signs of stagnation in November, with MLS sales down in both the single-family home and condominium markets compared with a year ago. The last few months have been a tough time to sell a property in the city. ... read moreWhy Florida loves Canada ...Dec 02, 2010
Every year thousands of Canadians travel to Florida for a little fun under the sun. Yet with the U.S. housing market still sputtering from the fallout of the mortgage crisis, and the loonie at near parity with the greenback, more and more Canadians aren't simply heading south for a holiday: they're going to buy cheap property. ... read moreMontreal's recovery #1 in Canada, #27 in world ...Dec 02, 2010
Istanbul was Constantinople and now the former capital of the Roman Empire has emerged at the forefront of global economic recovery. A new ranking of 150 cities reveals the urban centres that have made the best rebounds from the global financial crisis that began in 2008. ... read moreHome affordability improves: RBC ...Nov 29, 2010
It became more affordable to own a home in Canada in the third quarter after a year of rising costs, according to a new report. RBC Economics Research found that lower mortgage rates and falling house prices in some places brought home-ownership within reach for more Canadians. The third quarter improvement in affordability reverses two-thirds of the damage accumulated in the past four quarters with affordability returning to 2009 levels, RBC said. ... read moreMaking a return on your mortgage ...Nov 29, 2010
The 5 per-cent return on safe investments is back. It happened last week when major banks increased their posted mortgage rates. If you were lending money out for mortgages like a bank, you could get the same return. Here's how: Just use the money in your registered retirement savings plan to finance your mortgage ... read moreCanada tops commercial rental property taxes ...Nov 29, 2010
Commercial rental property owners in this country pay higher taxes than anywhere else in the world, according Taxand. The Luxemburg based tax advisory firm found Canadians spend on average "a massive" 53.85% of their rental income on taxes. ... read moreWhen older is not always wiser ...Nov 28, 2010
You may think your nest egg shrank because of the subprime mortgage disaster. Or maybe it was the general myopia, or a lack of oversight, in the financial industry. But have you considered that your investments took a hit because your portfolio manager is getting a little long in the tooth? ... read moreOECD forecasts sluggish growth for two years ...Novemebr 18, 2010
The slow North American recovery will chug along over the next two years, the Organization for Economic Co-operation and Development says, while warning that a weakening real estate market in both Canada and the U.S. poses a downside risk to the rebound. ... read moreToronto homes that get an A- ...November 19, 2010
There's a new incentive for buying a house right now. A school with an International Baccalaureate diploma. Anecdotal evidence suggests that IB schools are behind a recent spate of bidding wars erupting in the GTA. Widely perceived as a private school perk, academically elite IB programs are increasingly on offer through the public system, and houses in neighbourhoods with IB schools already in place are reaping the benefits. ... read moreLook before you leap at cheap U.S homes ...Novemebr 19, 2010
What's not to like about U.S. house prices? With the loonie near par, giving you 28 per cent more purchasing power than in March 2009, median home prices in Phoenix coming in around $120,000 in September, but prices apparently firming up and new home sales the highest in four years, a lot of factors that scream "bargain!" are in place ... read moreWays to capitalize on a sluggish housing market ...November 18, 2010
As the U.S. housing sector crashed, a handful of investors made billions of dollars because they had the foresight to short the market. Good luck trying that in Canada, where lending has been more conservative and banks tend to hold onto their loans rather than selling them off. But that doesn't mean that there aren't other ways to bet against the housing market. ... read moreHow take on your bank and win ...Nov 12, 2010
aking on one of Canada's huge banks is a daunting prospect for the average consumer. But it can be done, and done successfully, if you know how the system works and follow the step by step path for moving your complaint up the line. ... read moreLook before you leap at cheap U.S. homes ...Nov 19, 2010
What's not to like about U.S. house prices? With the loonie near par, giving you 28 per cent more purchasing power than in March 2009, median home prices in Phoenix coming in around $120,000 in September, but prices apparently firming up and new home sales the highest in four years, a lot of factors that scream "bargain!" are in place. ... read moreWays to capitalize on a sluggish housing market ...Nov 18, 2010
As the U.S. housing sector crashed, a handful of investors made billions of dollars because they had the foresight to short the market. Good luck trying that in Canada, where lending has been more conservative and banks tend to hold onto their loans rather than selling them off. But that doesn't mean that there aren't other ways to bet against the housing market ... read moreTogether, but with separate bank accounts ...Nov 12, 2010
One of the most popular questions I get from people is about how to arrange bank accounts for a couple. Should they be separate? Should you just have one joint account? ... read moreCanadian mortgages top $1 trillion ...Nov 08, 2010
A new report says Canadian mortgage debt has spiked to over $1 trillion, largely as a result of high home prices and low interest rates. The Canadian Association of Mortgage Professionals says in its annual report that the value of outstanding mortgages is now 7.6 per cent higher than it was last year. ... read moreCalgary multi family starts soar ...Nov 08, 2010
Multi-family starts in the Calgary census metropolitan area soared in October to a level more than 90 per cent higher than a year ago. According to data released today by Canada Mortgage and Housing Corp., there were 438 multi-family units that began construction last month, up from 230 units in October 2009. ... read moreDollar breaches 99cents (US) ...November 2, 2010
Several factors are pushing the loonie higher. Crude oil futures rose 1.4 per cent to their highest level in almost a month, while prices for other commodities such as copper also climbed. The Federal Reserve is mulling whether to increase quantitative easing, loosening monetary policy while the Bank of Canada is not. And investors widely expect the Canadian government will soon give a go-ahead for takeover of Potash Corp. of Saskatchewan Inc. ... read moreCalgary experienced development 'binging' ...November 2, 2010
Slowing, steady growth and decent prospects for Canadian real estate investors are in store for 2011 as long as the U.S. economy does not drag them down, according to the Emerging Trends in Real Estate 2011 report, released today by PwC and the Urban Land Institute. But the report says "Calgary must hope to recuperate from cooled demand and a touch of development binging." ... read moreCondos to provide good investment in 2011 ...November 2, 2010
Condominiums and greenbelt space will provide among the best investment opportunities in Canadian real estate next year, with the overall outlook remaining positive as long as U.S. woes don't spill over the border, a report found. It may also be the time to consider selling low-yielding assets in favour of buying properties in the U.S. as the market there recovers, the report by PricewaterhouseCoopers and the Urban Land Institute found. ... read moreThe reverse mortgage quandry ...November 1, 2010
On the surface, reverse mortgages seem like the ideal solution for cash-strapped seniors. You can tap the equity in your home, you don't have to make any interest or principal payments, and the mortgage only comes due when you die, sell your house or move out permanently ... read moreThe mortgage quandary ...Nov 01, 2010
On the surface, reverse mortgages seem like the ideal solution for cash-strapped seniors. You can tap the equity in your home, you don't have to make any interest or principal payments, and the mortgage only comes due when you die, sell your house or move out permanently. ... read moreHow much will my home really cost? ...Nov 01, 2001
Once you know what kind of mortgage you want and the price of the house you can afford, you should add up all of the other costs involved in buying a house so that you know the true cost of buying your home. When you buy a house, it isn't only the cost of the house that you need to save for. Don't forget these other costs: ... read moreReal estate renovated ...Oct 31, 2010
It's akin to a land rush. But instead of land up for grabs, it's the right to sell land that is about to attract prospective real estate agents from far and wide. And why not? Total sales activity through the Canadian Real Estate Association's Multiple Listing Service was $150-billion in 2009. Even at a modest 4% commission - I sure didn't get a rate that low last time I sold my house - that's $6-billion worth of fees for the taking. ... read moreOwn home affordable to most ...Oct 28, 2010
Many people are often surprised to learn that the costs of owning a home can be substantially lower or comparable to those of renting. There are also many financing options and a wide variety of choices that can make owning a home more affordable for first-time buyers. ... read moreHousing correction? Maybe - but not major ...Oct 28, 2010
It is no secret that Bank of Canada governor Mark Carney is concerned about a potential decline in home prices. However, cycles of declining home prices are far from unusual in Canada. In fact, there have been three during the past two decades, ranging from -6% to -12% at the national level, according to Stefane Marion, chief economist and strategist at National Bank Financial. ... read moreMore homebuyers turn to mortgage brokers ...Oct 27, 2010
The percentage of Canadians using mortgage brokers to buy their homes has increased significantly, according to a report released today. "Over the last decade, an increasing number of viable options for borrowers have surfaced," said the report. "In addition to branch-based lenders, borrowers can now consult with the banks' own mobile mortgage specialists as well as independent brokers, while also conducting their own research online. ... read moreHome prices up 10% a year in August ...Oct 27, 2010
Canadian home prices rose just 0.2 per cent in August from July in the latest sign that prices are moderating across the country, according to the latest Teranet-National Bank composite home price index. ... read moreDeducing mortgage intrest takes fortitude ...October 22, 2010
There is a controversial tax strategy known as the Smith Manoeuvre that some people mistake for an investment strategy. While some financial institutions bar their advisers from advertising it, other advisers base all their marketing on it. So what's the deal? ... read moreForclosures could spark, "mortgage mahem" ...OCtober 22, 2010
hree years after the U.S. housing meltdown, after mega-writedowns and bailouts, many of the largest banks are still buried in bad mortgages. A new report by Florida-based bank analyst Martin Weiss shows that JPMorgan Chase, Wells Fargo and Bank of America each have at least $20-billion (U.S.) in single family home mortgages that are in foreclosure proceedings. ... read moreCondo lifestyle choice for boomers and retirees ...October 22, 2010
According to the TD Canada Trust Condo Poll, almost half (48 per cent) of people 55 plus said that if they were to think about purchasing a new home, they would be very likely to consider a condominium. While a condo can be more affordable than a house, that is not the reason people over 55 choose condos. ... read moreTough love for overspending, undersaving ...October 22, 2010
A common reluctance of both politicians and financial advisers these days has been in delivering bad news, that we could face lower standards of living and investment returns respectively. At least federal Finance Minister Jim Flaherty served notice that transfer payments to provincial governments for health care, education and social programs will be reduced to curb federal spending. ... read moreCanadian consumer confidence drops in Q3 ...Oct 21, 2010
Canadian consumer confidence declined for the third straight quarter with fewer people secure about their job prospects, feeling better off and expecting house prices to rise, a poll found. ... read moreOwn home affordable to most ...Oct 20, 2010
Many people are often surprised to learn that the costs of owning a home can be substantially lower or comparable to those of renting. There are also many financing options and a wide variety of choices that can make owning a home more affordable for first-time buyers. ... read moreBank of Canada rate cust not ruled out ...Oct 20, 2010
The Bank of Canada said Wednesday it doesn't rule out interest rate cuts in the future, but it said they would need to be "carefully considered." In its latest monetary policy report, the central bank said the economic outlook for Canada has changed. ... read moreMortgages more complex for self-employed ...Oct 20, 2010
Securing a great mortgage deal can take a bit of work and planning, but if you are a salaried employee then you will be taking a well-trodden path. Experts and friends and family alike will all be there to offer advice and tell you about their experiences. However, if you are self-employed, the process can be more complex. ... read moreMoney is on sale! ...Oct 15, 2010
Borrowing costs are lower than any time in modern history. This represents an incredible opportunity for those with the foresight (or fortitude) to take advantage. ... read moreSeptember home prices steady, sales down ...Oct 15, 2010
The Canadian Real Estate Association said Friday that sales activity was up three per cent over August's level, but almost 20 per cent below the high volumes seen in September 2009. ... read moreDollar edges near parity ...Oct 13, 2010
The currency's latest surge comes as prices for gold approaches a record while oil rose for a third day. Finance Minister Jim Flaherty's comments Tuesday are also lifting the loonie - he expects Canada will be the first G7 country to erase its deficit. Meantime, the U.S. dollar continued to slide after minutes yesterday from the Federal Reserve showed new stimulus will be needed to kick-start growth.. ... read moreNew home prices edge higher ...Oct 13, 2010
Prices of newly built homes rose by an average of a 10th of a per cent in the month of August, Statistics Canada said Wednesday, surprising analysts who had expected a drop of that size. Statistics Canada said new home prices were unchanged in 10 of 21 metropolitan markets. ... read moreCanadians finding it difficult to save ...Oct 13, 2010
Saving money is becoming increasingly more difficult for Canadians. An RBC Savings poll released today says 38 per cent of Canadian are unable to save either because they have nothing left over after paying bills (30 per cent) or because they are impulse spenders (eight per cent). ... read moreFlaherty to present fiscal update Tuesday ...Oct 12, 2010
Finance minister Jim Flaherty will release the government's fall fiscal update Tuesday in Mississauga, laying out Ottawa's expectations for government revenue during a recovery that's proving to be slower than predicted. ... read moreHousing starts dip slightly in September ...October 08, 2010
Housing starts slipped to an annual rate of 186,400 units in September, down less than 3,000 from August's figure, Canada Mortgage and Housing Corp. said Friday. The drop was mainly due to fewer single-family homes being started, the agency said. ... read moreNine signs you can't afford your mortgage ...October 08, 2010
While plenty of individuals live from paycheck to paycheck, most consumers know they should be saving money and reducing debt. The recession has drummed that concept into everyone's head as people have watched their neighbours and friends lose jobs and sometimes their home. Many people say that money worries keep them awake at night, but that doesn't necessarily translate to imminent bankruptcy. How do you know when you are truly teetering on the edge of a financial disaster versus simply needing to do a little belt-tightening? ... read moreRecovery still 'modest': Carney ...October 07, 2010
At a speech in Windsor, Ont., Carney said Canadians should brace for months of "modest" economic growth, acknowledging this will be reflected in the bank's revised forecast to be released Oct. 20, in which third and fourth-quarter estimates would be lowered. Any additional increases to interest rates in this environment would warrant "caution," he added. ... read moreBuilding perms plunge 9.2%it ...October 07, 2010
Contractors took out $5.7-billion in building permits in August, down 9.2 per cent from July, due to decreases in the non-residential sector, which outweighed increases in the residential sector. Statistics Canada reports municipalities issued $2.2-billion worth of non-residential permits, down 22.9 per cent from July. ... read moreTown and acreage MLS sales fall ...October 07, 2010
The residential MLS market outside the city of Calgary experienced a sharp decline in sales in September compared with year-ago levels. According to the Calgary Real Estate Board, sales in the towns outside the city fell by 33.42 per cent from September 2009 and sales in the country residential (acreage) market were down by 50.5 per cent. ... read moreLoonie tops 99 cents as greenback swoons ...October 07, 2010
The continuing slide in the U.S. dollar has pushed the loonie above 99 cents US for the first time in just over five months. The Canadian dollar has gained more than 5.5% against the U.S. currency since September alone. The greenback, meanwhile, has been on a sharp decline for the past four months as the U.S. economy has weakened and the market began to price in further quantitative easing by the U.S. Federal Reserve, expected in November. ... read morePending U.S. home sales rise 4.3% ...October 4, 2010
The number of Americans who signed contracts to buy homes rose in August for the second straight month but remained far below last year's pace. The weak economy and fears that prices will fall are keeping many consumers away from the housing market. ... read moreTD to build more U.S. branches ...October 4, 2010
After a string of acquisitions this year, TD Bank retail operations are now bigger in the United States than in Canada. But even if the pace of deals begins to slow in 2011, the bank's U.S. expansion will not, TD's chief executive officer says. Canada's second-largest bank expects to continue expanding in the U.S. by adding the equivalent of one small-scale bank a year through new branches TD plans to open itself. ... read moreLuxary home sales boom in Calgary ...Ocober 4, 2010
The sale of luxury homes remains a "bright spot" in Calgary's real estate market, says a report released today by Re/Max. The Re/Max Market Trends Report Fall 2010 said year-to-date (until the end of August) sales of homes over $1 million surged 25 per cent ahead of 2009 levels, 242 units versus 194 units, "as buyers take advantage of the current window of opportunity." ... read moreFall housing market to improve ...October 5, 2010
Canada's housing market should return to "more normal" conditions this fall following a summer slowdown, a report from real estate firm Re/Max said Tuesday. The company, which overseas real estate agents throughout the country, said despite some improvement in the housing sector this fall, sales in most markets are unlikely to return to the brisk pace seen late last year. ... read moreMortgage scammer guilty of 14 charges ...September 29, 2010
A man who helped orchestrate a massive mortgage scam in rural Alberta was found guilty this week of 14 fraud-related charges. James Keith Steinhubl, 47, was part owner of a company called Canadian Best Homes (also known as Canada Best Homes) that was found to have defrauded mortgage lenders between 2000 and 2002. ... read moreGDP shrinks, frist time in 11 months ...September 30, 2019
The Canadian economy shrank for the first time in 11 months in July, another clear sign of a slowdown, as factories, home builders and consumer activity all posted declines. The country's real gross domestic product contracted 0.1 per cent in the month, the first monthly drop since last August, Statistics Canada said Thursday. ... read moreNew national realtity mortgage show premiering ...September 29, 2010
A new reality show called Burn My Mortgage is debuting Tues. Oct. 5 on the W Network. The program puts overspending families through a series of physical challenges designed to show a mortgage isn't a life sentence. ... read moreTD to build more U.S. branches ...October 04, 2010
After a string of acquisitions this year, TD Bank retail operations are now bigger in the United States than in Canada. But even if the pace of deals begins to slow in 2011, the bank's U.S. expansion will not, TD's chief executive officer says. Canada's second-largest bank expects to continue expanding in the U.S. by adding the equivalent of one small-scale bank a year through new branches TD plans to open itself. ... read morePending U.S. home sales rise 4.3% ...October 04, 2010
The number of Americans who signed contracts to buy homes rose in August for the second straight month but remained far below last year's pace. The weak economy and fears that prices will fall are keeping many consumers away from the housing market. ... read moreFlaherty may lift 2010 Canada revenue forecast ...October 04, 2010
Canadian Finance Minister Jim Flaherty's next budget update may increase forecasts for 2010 revenue, giving the governing Conservatives scope to pay for additional stimulus measures. Canada's economy will expand 3% this year, according to a Bloomberg survey of 13 of the 14 forecasters that Flaherty consults for the fiscal update. That's up from a 2.6% forecast in the March budget and would produce about US$20-billion more in output than earlier projected. ... read moreMortgage tightening in works: Source ...October 04, 2010
The federal government is once again looking at tightening rules in the Canadian mortgage market, says a source close to the situation. Finance officials are set to meet in Ottawa today with some of the country's leading economists for pre-budget discussions and the subject of whether to tighten housing regulations may come up. ... read moreThe Fed's second bubble ...September 29, 2010
At the recent Federal Open Market Committee meeting, Federal Reserve Board Chairman Ben Bernanke signalled that he plans to keep interest rates effectively at zero for as long as possible, and that he's ready to stand by with more quantitative easing (i.e. printing money) if necessary. ... read moreThe Fed's second bubble ...September 29, 2010
At the recent Federal Open Market Committee meeting, Federal Reserve Board Chairman Ben Bernanke signalled that he plans to keep interest rates effectively at zero for as long as possible, and that he's ready to stand by with more quantitative easing (i.e. printing money) if necessary. ... read moreNew national realty mortgage show premiering ...September 29, 2010
A new reality show called Burn My Mortgage is debuting Tues. Oct. 5 on the W Network. The program puts overspending families through a series of physical challenges designed to show a mortgage isn't a life sentence. ... read moreCost of home ownership on the rise, report ...September 27, 2010
A new report says the cost of owning a home is increasing in markets across Canada, putting homeowners under duress as their mortgage rates rise. RBC Economics Research says higher housing prices and mortgage rates have been the driving forces behind the decline in housing affordability in the second quarter of 2010. ... read moreDownton Calgary vacancy rate highest ...September 27, 2010
Calgary's downtown vacancy rate has climbed to the highest level in the country among major markets but the commercial real estate sector also experienced significant activity in the third quarter "with a frenetic pace of leasing." ... read moreMore Canadians shopping on Net ...September 27, 2010
The recession may have dented traffic at the malls, but it didn't daunt online shoppers. Four in 10 Canadians aged 16 and over used the Internet to place more than 95 million orders last year, up by a third from 2007 levels when they placed 70 million orders, Statistics Canada said Monday. ... read moreOfice vacancy rates continue to climb ...September 23, 2010
Vacancy rates for office space across the country continued to climb during the third quarter, says a new report from CB Richard Ellis Ltd. The real estate company says the current improving market conditions are ideal for real estate investors. "The combination of limited new construction, available mortgage funds and low interest rates created near-perfect conditions for the commercial real estate investor to reenter Canada's market, bolstering both the office and industrial sectors," CB Richard Ellis said. ... read moreCalgary climbing out of recession ...September 23, 2010
It may not feel like the heady days of 2007, but Calgary is set to take back its spot as the nation's leader in economic growth. That's according to a Conference Board of Canada report Wednesday which predicts that, after being battered and beaten in 2009, Calgary's economy will be the country's growth leader from 2011 to 2014. ... read moreTips for buying or selling your home ...September 23, 2010
Buying a home is not something to rush into; neither is selling. Yet, even after the latest slowdown in the pace of sales, there may be times when you will lose if you snooze. ... read moreHousing stocks: A m?oney pit ...September 23, 2010
Despite the steady drumbeat of negative headlines about the U.S. housing industry, a handful of the sector's stocks have sprung to life in recent days. But the lingering housing morass south of the border suggests some of the companies may be traps for the unwary. ... read moreBubble or not, markets in anew awakening ...September 24, 2010
The Bank of Canada's decision to embark on a series of interest rate hikes is already throttling back on growth. Thanks to those hikes, we have a Canadian dollar that is at least a nickel above any realistic estimate of its fair value, and a pace of overall economic activity that is now falling at a surprising rate. ... read moreForcast adds ato rosy outlook for Calgary ...September 24, 2010
Calgary's economic growth in the next few years will outshine even the nation-leading forecast released by the Conference Board of Canada this week, says the chief economist for the TD Bank. Craig Alexander, after addressing the Calgary Economic Development 2011 economic outlook event in downtown Calgary, told reporters the board's forecast may be too conservative, if anything. ... read moreU.S. weaknessof "concern" to Canada ...September 24, 2010
Bank of Canada Governor Mark Carney says that weakness in the U.S. economy is of "some concern" to Canada, even though the domestic market is returning to pre-recession peaks in both output and employment. The governor appeared on U.S. financial network CNBC to discuss Canada's economic position, and outlined concerns that growth here could be hurt by further U.S. weakness, mostly because its Canada's biggest trading partner. ... read moreInflation rate dips to 1.7 per cent in August ...September 21, 2010
Canada's annual inflation is beginning to track lower again after an extraordinary spike in July that accompanied the introduction of a new harmonized sales tax in three provinces. Underlying core inflation, which the Bank of Canada uses to gauge price pressures in the country, was unmoved at 1.6 per cent, well below the central bank's two percent target. ... read moreU.S. housing starts hit 4-month high ...September 21, 2010
Construction of homes and apartments in the United States grew by 10.5 per cent in August, the Commerce Department reported Tuesday. The news comes a day after the U.S. National Bureau of Economic Research declared that the "Great Recession" had officially ended a year ago, Jennifer Lee, a senior economist with BMO Capital Markets, noted in a commentary. ... read moreRecession may have ended, but economy still in a big hole ...September 20, 2010
Two years removed from what many feared would be the total collapse of the world economic and financial systems, Canadians may be forgiven for asking, "What was the big deal?" The most severe global recession in six decades fizzled into a run of the mill slump in Canada lasting three quarters and costing just over 400,000 jobs, a mere 2.4 per cent of the labour force. ... read moreCanada's debt continues to mount ...September 20, 2010
Sure, we may not have riots in the streets like the ones Greece has experienced over the last year or so. True, the Harper government continues to tell Canadians that compared to many other countries we are doing much better. But that doesn't mean Canada is in great shape. "We're the least ugly contestant in the beauty contest," said William Robson, president of the C.D. Howe Institute. ... read moreSofter inflation figures support stimulus ...September 20, 2010
Inflation numbers due Tuesday may spark another round of discussion on what the Bank of Canada should do next time it's required to make a call on interest rates. Economists polled by Bloomberg have a median forecast for a year to year gain of 1.9 per cent in Statistics Canada's consumer price index for August, up from 1.8 per cent in July. ... read moreThe best bankers ...September 20, 2010
Dull, gray, boring, almost as colourless as the Finns ... at least according to some surveys. So Canadians might not be first on the invitation list to your next kegger. But if you are going to run a good bank, you want Canadians. You want grey flannel suits, people who think adding up a column of figures is fun, who parse your assets and income so that you will be able to pay off your mortgage and the bank will get its money. Bankers are the mayonnaise of business entrepreneurialism. ... read moreCanadian outlook is largely about commodities ...September 17, 2010
Canada and the U.S. have been in recovery since the third quarter of 2009. However, the pace of growth has slowed in both countries. Canada had its strongest recent quarter in the first three months of this year, at 5.8%, although the gain in fourth-quarter 2009 was also solid, at 4.9%. In this year's second quarter, Canadian GDP growth fell back to 1.6%, a similar pattern of deceleration as occurred south of the border ... read moreHome economics ...Sep 17, 2010
Housing has an enormous economic impact. Not only is a house likely to be our single largest purchase, it becomes almost a life-long financial burden. Rock-bottom interest rates, created to ease the Debt Crisis of 2007-08, have prompted Canadians to jump into the housing market. Accordingly, household debt levels have risen to almost alarming heights. A collapse of the Canadian housing market is unlikely, but, even if rates simply return to historical levels, it could spell problems for many people. ... read moreHow to show a property with renters ...September 17, 2010
When it comes time to show your home to potential buyers, you will likely have it in the best possible shape. Perhaps you sent the kids to their grandparents, or left your yappy dog with a neighbour during viewings. However, if you are selling a rental property, you can't ask the tenants to ship out their kids or pets every time you give them 24-hours' notice that a potential buyer will come knocking. ... read moreSlumping Market and tougher mortgage rules ...September 17, 2010
Federal Finance Minister Jim Flaherty said Thursday he is not concerned about slumping housing sales in some Canadian markets and has no plans to reverse mortgage restrictions imposed earlier this year. Housing sales plunged dramatically last month in cities such as Calgary, Victoria and Greater Vancouver compared with one year ago. ... read moreCanada and household debt ...September 16, 2010
Much has been said recently about how Canadian families are ringing up huge amounts of debt, and consumers have been warned repeatedly that they may be in over their heads as interest rates rise. A snapshot of the developed countries by Scotia Capital today shows just where Canada ranks in terms of leverage: As a share of total household assets, Canadian families are carrying more debt than those in five of the G7 countries. Only the United States ranks higher, and American consumers are beginning to get their act in gear after the recession ... read moreTop five signs of a bad real estate agent ...September 16, 2010
f your home is listed for sale and it just won't sell, it may not be your real estate agent's fault. However, there are many ways to gauge if your agent is doing a good job. Here we look at some of the top signs of a bad real estate agent. ... read moreHome prices sag in August ...September 15, 2010
Average resale prices deflated in August, marking the third drop in a row, though housing activity unexpectedly picked up in the month. Resale prices fell to $324,928 in August from $330,351 in July, the Canadian Real Estate Association said Wednesday, and are now 6.3 per cent lower than the record levels they reached in May. ... read moreWhy it's crucial to check your credit report ...September 15, 2010
You don't want to hear bad news while in the midst of negotiating a time-sensitive loan. So, you should know what secrets might be lurking in your credit files. Under provincial laws, you have the right to check the credit reports in your name held by Canada's two credit reporting agencies, Equifax and TransUnion. You don't have to pay a fee and you can do it as often as you like, as long as you ask for the report to be delivered in the mail ... read moreTen habits of highly effective investors ...September 14, 2010
Real estate has long been regarded as a sound investment. Wholesaling and property management of commercial and residential property are just a few of the ways investors can profit from real estate, but it takes a little savvy to become successful in this competitive arena. ... read moreRoad to recovery filled with economic potholes ...September 14, 2010
The economy may be on the slow road to recovery, but the effects of last year's recession linger. Several economic reports released Monday indicate Albertans and Canadians are not out of the woods yet, particularly on a personal level. ... read moreOf health and houses: Think again ...September 14, 2010
For people and for countries, a particularly dangerous time is when you're patting yourself on the back for avoiding the dumb mistakes your neighbour just made. That's true of Canadians, just now, as we bask in the relief of having largely dodged the twin bullets of banking and housing crises that continue to weigh heavily on the U.S. economy. ... read moreHousing market remain vulnerable ...September 13, 2010
Bloated debts and rising interest rates threaten to force a growing number of families to cut back and prompt Ottawa to intervene again to cool down the mortgage market. Canadians have spent the past year rushing into a housing market fuelled by low mortgage rates, despite prices many could not afford if rates were to rise to more historically normal levels. About 375,000 homeowners are already being forced to cut spending in other areas, despite ultra low rates, the Canadian Association of Mortgage Professionals said in a recent report. A further 475,000 would find themselves in the same position if rates were to climb to 5.25 per cent. ... read moreCanada's housing market to slow, not stop ...September 09, 2010
Canada's housing market will stall in the coming months but not tumble anywhere close to what occurred in the United States during the recent recession, according to a new report from the Conference Board of Canada. That is because valuations and activity in Canada's residential market grew at a blistering pace over the past decade and were due for some sort of short-term decrease, commonly referred to as a correction. ... read moreHousing start, prices fall in summer ...September 09, 2010
New building and price data out Thursday underscores just how quickly the Canadian real estate market is cooling, with economists cautioning the softness is here to stay and is likely to drag on economic growth. August saw a 3% drop in nationwide building activity after prices dipped 0.1% in July. ... read moreCalgary housing starts supass 2009 levels ...September 09, 2010
Total housing starts in the Calgary census metropolitan area so far this year have surpassed production levels for the entire 2009. According to data released today by Canada Mortgage and Housing Corp., total housing starts in the Calgary region reached 858 units in August, up from 548 units in the previous year. To the end of August, total housing starts increased from 3,284 units in 2009 to 6,641 units in 2010, surpassing all of last year's annual production. ... read moreTSX climbs on good news from U.S. ...September 09, 2010
Markets opened higher on positive economic news from the U.S., despite worse than expected housing and trade numbers north of the border. "Cooling housing markets are a big part of why domestic economic activity is slowing in Canada," Pascal Gauthier, senior economist at TD Bank Financial Group said in a note."We expect residential investment to drag on real GDP for the next five to six quarters before picking back up in 2012." ... read moreHousing: Bubble or no bubble? ...September 08, 2010
As Canada's housing market softens, the question for many homeowners is how much prices might decline. The Conference Board of Canada waded into the debate Wednesday, saying there will not be a "free fall" in the market but rather a pause in what has been, in recent years, rapid price increases. ... read moreCarney hikes rates, cites uncertainty ...September 08, 2010
Bank of Canada Governor Mark Carney raised his benchmark interest rate for the third straight time Wednesday, but left himself room to pause at his next scheduled decision by saying that while borrowing conditions in Canada remain "exceptionally stimulative," the overall economic climate is fraught with "unusual uncertainty." ... read moreNot too late to block tax hike ...September 07, 2010
Like millions of school-aged children across Canada, Members of Parliament are returning from vacation to find a stack of information waiting for them. With any luck, it won't be about running in the halls of Parliament and the dress code for Question Period, but instead will contain an earful from entrepreneurs and working people worried about the Harper government's first major tax increase. ... read moreCalgary Housing Sales tumble ...September 2, 2010
An increase in active listings, combined with a cooling in housing demand, has started to push prices down in Calgary's residential real estate market. Data released Wednesday by the Calgary Real Estate Board show single-family home sales fell by just over 32 per cent in August compared with a year ago while condominium transactions plunged by more than 42 per cent. ... read moreThe end of Canadian real estate insanity ...September 2, 2010
A New York Times headline caught my eye the other week: Housing Fades as a Means to Build Wealth, Analysts Say. The article went on to report that, while most real-estate experts believe the U.S. housing market will recover from falling off the cliff, many also feel that home ownership will never again produce the rich rewards enjoyed in the second half of the 20th century. There was something about the piece that made me think: Maybe this isn't all bad. But is it true? And does it apply to Canada? ... read moreCondo prices slice under six figures ...Swptember 1, 2010
A slew of Calgary condominiums are selling for less than $100,000. For the first seven months of this year, 17 condos sold for less than that. Not one property went for that low a price in the same period last year. "That's cheaper than rent," real estate agent Dal Dhillon told CBC News on Tuesday in a boxy one-bedroom condo listed at $103,000 and expected to go for less. ... read moreBuyers gainthe edge in local resale housing ...September 1, 2010
Expect a buyer's market for Edmonton-area resale homes in the remainder of 2010 with more balanced conditions next year, says a new report released Tuesday by Canada Mortgage and Housing Corp. CMHC forecasts Edmonton area MLS sales to slide to 17,000 in 2010, with the average sale price at $333,000, up from $320,378 last year, says CMHC's second quarter Housing Market Outlook. ... read moreHousing starts will slow: CMHC ...August 31, 2010
he growth rate for housing construction will slow over the last six months of the year, Canada Mortgage and Housing Corporation said Tuesday in its second-quarter outlook. The federal agency, which bases its outlook starting in June, also forecast the rate of housing starts in 2011 will stabilize and grow at the same rate as the population. ... read moreHousing bublle threatens in six cities: Report ...August 31, 2010
A perfect storm has created a housing bubble in Canada that could lead to a drop in property value of nearly 40% in some markets, according to a report by the Canadian Centre for Policy Alternatives. For the first time in 30 years, house price increases have climbed faster than historic comfort levels in Toronto, Vancouver, Calgary, Edmonton, Montreal and Ottawa, the think-tank said. ... read moreBoomers upsizing their downsiziing plans ...August 31, 2010
While some baby boomers have their sights on the simpler, "lock and leave" condo lifestyle, others are finding that life doesn't always work the way they planned, says Laura Parsons, area manager specialized sales for BMO Financial Group in Calgary. ... read moreEconomy sputters in second quarter ...August 31, 2010
Economic growth slowed more in the second quarter than the Bank of Canada and most analysts had anticipated, as imports increased faster than exports, and spending by consumers and governments slowed. ... read moreThe four rules of the family CFO ...August 24, 2010
# In Your Life & Your Money, Scott Feher explains how to get your family to agree on a financial plan. Once you have a mission statement, you can start acting as your family's CFO. The job has many dimensions, of course, but there are four basic rules. ... read moreBMO posts Q3 profits below ...August 24, 2010
# Bank of Montreal today posted third quarter results that were below analyst expectations amid poor performance from its capital markets operations and rising loan loss provisions at its U.S. subsidiary. For the three months ended July 31, BMO had net income of $669-million, or $1.13 a share, up 20% from a year ago. ... read moreU.S. home sale diive roils markets ...August 24, 2010
Sales of previously owned U.S. homes dropped more steeply than expected in July to their lowest pace in 15 years, an industry group said Tuesday, implying further loss of momentum in the economic recovery. ... read moreSeven must-have real estate contract conditions ...August 23, 2010
When you formally make an offer on a home you want to buy, you'll fill out a lot of paperwork specifying the terms of your offer. Aside from such obvious things as the address and purchase price of the property on which you're making an offer, there are some items you should be sure to include in your real estate purchase contract. ... read moreInvestors focus moves to bank earnings ...August 23. 2010
Investors will likely find few reasons to send stock markets higher this coming week as U.S. economic growth data at the end of the week will likely serve as a reminder of how conditions in the world's biggest economy are deteriorating. There are high hopes from a slew of earnings coming from the big Canadian banks. But while they're expected to hand in solid numbers, it could be a stretch for them to improve or even meet the results from the previous two quarters. ... read moreLife insurance can provide tool to many things ...August 23, 2010
Life insurance can be a tool to provide for everything from paying final expenses, retiring a mortgage, income replacement, to a tax sheltered investment, and everything in between. Life Insurance can provide individuals with piece of mind, whether it be protecting their family, estate planning or solving a tax problem. There are many uses for business owners whether it be protecting against the loss of a key person to funding buy-sell provisions of shareholder agreements. Often insurance is the least costly solution to a problem. ... read moreEven experts dazed by mortgage confusion ...August 21, 2010
Last year, mortgage rates were predicted to start rising this year, which resulted in higher than expected homes sales. But, fixed rates have been on the decrease for the past seven weeks, with Canada's major bank staking them down another 0.10% this week. ... read moreMajor banks announce cuts to mortgage rates ...August 17, 2010
One day after a report showed Canadian housing sales were down 30 per cent, most major banks announced they were cutting mortgage rates. Most banks trimmed mortgage rated by one tenth of a percentage point, effective Tuesday morning. The move brings the five-year closed rate down to 5.49 per cent. ... read moreU.S. needs to reset mortgage mess ...August 17,2010
Washington faces a mortgage market conundrum. A conference today hosted by the U.S. Treasury is supposed, finally, to start addressing what to do with Fannie Mae and Freddie Mac. But the bunch of fixes proposed by regulators and lawmakers in attempts to make private home loans safer is causing other problems. ... read moreProposed changes to business mortgage terms ...August 17, 2010
Canada's finance minister is proposing legislation that would make it easier for businesses to negotiate mortgages terms with lenders. Finance Minister Jim Flaherty wants to tweak the Interest Act to reflect companies in all shapes and sizes more favourably. Under the act, only corporations and joint stock companies can negotiate with lenders the penalty for paying off a long-term mortgage sooner than agreed. ... read moreHouse prices now forecast to stagnate ...August 16, 2010
Canada's housing market is sinking, as expected, having surged in the first half of the year as real estate staged a spectacular post-recession comeback. Sales of existing homes fell 30 per cent in July from a year earlier, while the average resale price dipped 3.5 per cent, the Canadian Real Estate Association said today. ... read more5 questions for your estate representative ...Aug 12, 2010
Selecting a real estate representative to assist in the largest financial transaction a person will likely ever make is a critical part of the home selling process. In a challenging economic environment where competition among real estate companies is on the rise, choosing the agent that's right for you can be a confusing task. ... read moreBMO call on government to spend ...Aug 12, 2010
Bank of Montreal says the global economy is too fragile for governments to lock into deficit-tightening agendas. The chartered bank says in a new report that most industrialized nations should continue pumping money to support the recovery. The bank says the U.S. is definitely in that camp, and even Canada's federal government should not be so adamant about a hard deadline for ending its stimulus programs. ... read moreAppreciate your house, but don't expect it to appreciate a lot ...Aug 12, 2010
Recently, the real estate industry has dominated the headlines. Mark Carney, Governor of the Bank of Canada, raised warning flags about the impact of higher interest rates on those Canadians who are already stretching to carry their mortgages. There's been coverage of the dispute between the Competition Bureau and the real estate industry over proposals that would allow greater price competition among real estate agents ... read moreHousing Starts Slip in July ...August 10,2010
The annual rate of housing starts across the country slipped to 189,200 last month. Canada Mortgage and Housing Corp. reports that's a 1.6 percent decline after the agency revised June rate upward to 192,300 from 189,300. The agency blamed the decline on a decrease in urban single starts and a reduction in rural starts. ... read moreGlobal housing rebound loses steam ...August 10, 2010
The real estate rebound that lifted property values around the world is losing momentum, Bank of Nova Scotia says in a new report. Housing demand and prices slipped in the second quarter, senior economist Adrienne Warne wrote in the bank's Global Real Estate Trends Report Tuesday. The market was sideswiped by moderating global growth, volatility in financial markets and weak job creation. ... read moreMarkets await Federal Reserve rate decision ...August 10,2010
The U.S. Federal Reserve was being closely watched Tuesday for its latest take on where the American economy is headed. The central bank's policy-making group, the Federal Open Market Committee, was due to release its latest statement on monetary policy at 2:15 p.m. ET. ... read moreWhy real estate slowdown is 'most dramatic' ...Auhust 10, 2010
The recent slowdown in Canada's real estate market is the "most dramatic" of a general global softening, Bank of Nova Scotia said today. While Canada and Australia led a post-recession surge as world housing markets entered 2010, activity seems to have cooled again amid softer demand and prices that came with moderating economic growth, financial market turmoil and a sluggish rebound in labour markets, economist Adrienne Warren said in a new report. ... read moreBuying a home: New or previously owned? ...Jul 29, 2010
Unless you have unlimited funds, buying a house always involves compromise. Maybe you trade a longer commute for more space, or accept outdated decor to live in a more established neighbourhood with better schools. One major choice that home-buyers often have to consider is whether to buy a brand new home (or build one) or move into a previously owned house. ... read moreHouse prices now 4.2% over peak ...Jul 28, 2010
Canadian house prices rose 1.3 per cent in May from a month earlier, and now stand 4.2 per cent above their pre-recession peak, according to a Teranet-National Bank composite house price index. It marked the 13th straight month of increases and the second that prices rose in each of the six regions it covers. National Bank economist Marc Pinsonneault contrasted that to the real estate market in the United States, where prices are down almost 30 per cent from their peak. In Canada, year over year, the index is up 13.6 per cent. The index differs from the measure used by the Canadian Real Estate Associatio ... read moreVariable may no longer win ...Jul 28, 2010
Not that there are a lot of people buying houses these days, but the answer to the age-old question of whether to go long or short on your mortgage is unclear yet again. The Bank of Canada's second quarter of a point rate increase in the past two months is likely not going to do much to boost a real estate market that saw sales drop almost 20% across the country in June from a year ago. ... read moreWill the Euro Rally Last? ...Jul 16, 2010
It’s a “euro story” today, since the single unit’s flying higher and higher each day, while the rest of the currencies, save but a few, lose ground to the dollar. New Zealand GDP printed softer (0.3%) than previously forecast (0.5%), which sent kiwi lower by over 1-cent. Canadian manufacturing posted a positive number for the eighth time in the past nine months, but the price of oil is weaker, thus pushing the loonie lower today ... read moreCanadians feeling optimistic and a little gloomy ...July 02, 2010
Canadians are more optimistic than they were three months ago, but there are a few things weighing on their minds, like the prospect of higher interest rates, which are putting a damper on their expectations. RBC's quarterly Consumer Outlook Index, released Friday, suggests more Canadians are feeling optimistic and there are fewer who are worried about their jobs than there were in March. More than half, 55%, believe the national economy will improve in the next 12 months. ... read moreCanada's economy stalls in April ...Jun 30, 2010
Canada's economy was unchanged in April after seven straight months of growth, reflecting the more sluggish expansion that policy makers have warned would start in the second quarter, as retail and manufacturing dropped. ... read moreDupuis: Federal tax on new home out of whack ...Jul 02, 2010
In many ways, the HST is more complicated for builders than it is for buyers, particularly as homes and condos under construction as of July 1 are subject to tax adjustments based on the stage of completion of the unit or building as of the effective date. From a homebuyer standpoint, given that virtually every builder will be including HST in the sales prices of the home or condo, it's really about comparing builder to builder and new homes to resale homes on a bottom-line basis ... read moreHome ownership: Headaches - and tax breaks ...Jul 02, 2010
The fact is, home ownership can be the best investment you'll ever make - despite the regular headaches. If you're in the market to buy a home, think about a few tax tips that could save you a bundle in taxes. ... read moreAlbertains investing more in home building ...June 25, 2010
"In the spring of 2009 if you look at all the housing statistics, the housing starts and the housing prices, that really was the low ebb," said Todd Hirsch, senior economist at ATB Financial in Calgary. "So if we're comparing that period of 2009 to where we're at now it wouldn't be surprising to see a pretty big jump." ... read moreG8/G20: Let's not have a revolution ...June 25, 2010
The last time the leaders of the Group of 20 met, in Pittsburgh in September of last year, there was comparatively little disagreement. The world was still reeling from the shock of the 2008 financial crisis, and the unity of purpose the group had found at its first meeting in Washington that calamitous autumn was still in evidence. But now it's 2010, and the G20 will likely discover its members, without a worldwide crisis to lash them together across their vastly different cultures, interests, ideologies and economic circumstances, are less likely to agree on a common approach. ... read moreG20 must agree on deficit-cutting targets: Manley ...June 25, 2010
John Manley, the former finance minister and now chief lobbyist for Canadian chief executives, said Friday that the Group of 20 must agree to some form of deficit-cutting targets, otherwise "very little" would be accomplished at the leaders' summit in Toronto. ... read moreRead the mortgage fine print ...June 24, 2010
This week, Credit Canada and the CAAMP Foundation, the charitable arm of Canada's national mortgage industry association, announced a joint agreement to provide Canadians with the education they need to make wise decisions about mortgages. Phase one is an online initiative, with tutorials, mortgage calculators and interactive tools. Phase two is getting that information into classrooms across Canada. ... read moreU.S. new-home sales at record low ...Jun 23, 2010
Sales of new homes collapsed in May, sinking 33 per cent to the lowest level on record as potential buyers stopped shopping for homes once they could no longer receive government tax credits. New-home sales in May fell from April to a seasonally adjusted annual sales pace of 300,000, the government said Wednesday. That was the slowest sales pace on records dating back to 1963. And it's the largest monthly drop on record. Sales have now sunk 78 per cent from their peak in July 2005. ... read moreHST won't kill real estate ...June 23, 2010
When it comes to the HST and real estate, consumer uncertainty reigns supreme. But the much despised tax will likely not impact the real estate market much, despite the widely held perception on the part of consumers that the HST is pure evil. During a market analysis session at the Kamloops head offices of the Bank of Montreal Tuesday, BMO economist Michael Gregory said the HST, set to come into effect July 1 in both B.C. and Ontario, has already had some impact on real estate markets. ... read moreBank taxes 'reek of moral hazard': Carney ...June 23,2010
Bank taxes being implemented by countries such as Britain, Germany and France reek of moral hazard, Mark Carney, Governor of the Bank of Canada said on Wednesday. That is why Canada will push hard for its peers to focus on the core issues of capital, liquidity, resolution mechanisms for firms in distress and the structure of the financial system at the G8, G20 summit. ... read more7 reasons Canada is rated as 'bastion of stability' ...June 23, 2010
Economist David Rosenberg describes Canada as the True North strong and "free of the dramatic fiscal retrenchment and tax rate increases that are going to be plaguing much of the rest of the industrial world." In a report today, the chief economist of Gluskin Sheff and Associates cites seven reasons behind the fact that Canada "has basically been re-rated coming out of the credit crisis as a bastion of stability in an increasingly unstable world." ... read moreInflation tame, interest rates are heading higher ...Jun 22, 2010
The Canadian inflation figures due out Tuesday are expected to be tame, but at healthy enough levels to keep the Bank of Canada on its rate-hiking schedule when it meets on July 20, economists say. ... read moreU.S. home sales dip ...Jun 22, 2010
Sales of previously occupied homes dipped 2.2 per cent in May, suggesting government home buying incentives are winding down earlier than anticipated. The National Association of Realtors said Tuesday that last month's sales fell from the previous month to a seasonally adjusted annual rate of 5.66 million. ... read moreCanada's fiscal smarts on show ...Jun 21, 2010
Unscathed by the global economic snarls of recent years, and as host of G8 and G20 summits later this month, Canada is presenting itself as a model of sound fiscal management and banking regulation. After a short, but pronounced recession in late 2008 to mid-2009, the Canadian economy has rebounded heartily and is expected to post the largest growth among G7 nations this year and the next. ... read moreDebt is central bank's biggest fear ...Jun 21, 2010
Risks to Canada's financial stability have gone up over the past six months because of the possibility that the European debt crisis and "severe tensions" in global markets could threaten the worldwide recovery, the Bank of Canada said Monday. ... read moreHome sales sputter in May ...Jun 16, 2010
Housing sales slipped in May, as Canada's resale housing market sputtered after more than 18 months of solid gains. After hitting recessionary lows in late 2008, the market had been on a sharp upward climb. CREA said the pullback in sales was "a departure from the normal seasonal pattern," and attributed the fall to tighter mortgage regulations and the threat of higher mortgage rates. ... read moreNational rental apartment vacancy up this year ...Jun 15, 2010
Canada's average rental apartment vacancy rates in 35 major centres increased by 0.2 per cent to 2.9 per cent in April 2010 from 2.7 in April 2009, according to Canada Mortgage and Housing Corporation's spring Rental Market Survey released today. "Rental construction and competition from the condominium market added upward pressure on vacancy rates and historically low mortgage rates attracted renter households towards homeownership over the last year," said Bob Dugan, chief economist at CMHC's Market Analysis Centre. ... read moreFixed vs Variable ...Jun 12, 2010
With today's prime rate being very low (2.50%) plus a discounted below prime (up to prime less .75%) rate, the adjustable-rate mortgage seems very appealing. Is it for all mortgage consumers, though? When comparing the monthly mortgage payment only with the adjustable versus the fixed rate, the adjustable will always win (because the rate is lower). The variable rate is a higher risk product whereas the fixed rate is a guarantee for a set term. Most of us are aware that with investments, risk is usually the higher-profit option. This is the same with mortgages. The adjustable rate offers a higher risk but has proven to be most cost effective. ... read moreBuyers still enjoy exceptional rates ...Jun 12, 2010
It's far from panic, but there is concern in the marketplace regarding resale housing, and much of this concern is around rising mortgage rates at a time when selling prices are in flux. I've said this before and I'll say it again: home buyers today have it exceptionally good when it comes to mortgage rates. ... read more8 ways to make money with real estate ...Jun 14, 2010
It's a buyer's market in real estate, and mortgage rates are at an all-time low. Maybe you're thinking of diving into the real estate market, or maybe you already own a home or land. Wondering how you can get the most of it? Here are some unexpected ways you can use real estate to boost your finances. ... read moreInterest rates in perspective ...Jun 08, 2010
When the Bank of Canada raised its Bank Rate by 25 basis points to .75 per cent last Tuesday, there were already a few grumblings from Canadians in the housing sector and elsewhere who thought interest rates should remain at an effective rate of almost zero for time immemorial so they could continue to borrow cheaply. That would be unwise and short-sighted for reasons to be explained. ... read moreLatest housing market numbers on the way ...Jun 07, 2010
On Tuesday, Canada Mortgage and Housing Corp. is slated to release housing-start figures for May. On Thursday, Statistics Canada releases its new-home price index for April. The following week, CREA will release figures on sales of existing homes in May. Some local numbers, such as for Vancouver and Calgary, have already been released, showing growing sluggishness. ... read moreManaging debt while rates grow ...Jun 07, 2010
Canadians have taken advantage of extremely low interest rates to overextend themselves. The Bank of Canada wants to try to prevent inflation by raising interest rates to slow the economy down. How will debtors manage? ... read moreApril building permits point to cooling market ...Jun 04, 2010
Commercial projects cranked up the value of building permits sold in April by 5% as residential property building cooled off, government figures released Friday show. The dollar figure associated with building permits hit $6.7 billion in the month, Statistics Canada said. ... read moreLoonie will fly, though not nealy as high ...Jun 04, 2010
OTTAWA — The loonie will still reach parity with the U.S. dollar, but its climb back from the recent round of risk aversion will be a slow one, and its ascent will carry it lower than previously expected, according to BMO Capital Markets. “We judge.. ... read moreCalgary home sales fall 20% ...Jun 02, 2010
Rising interest rates, tighter mortgage lending regulations and financial market instability have dramatically cooled housing demand in Calgary as nervous consumers stayed on the sidelines in May. According to Calgary Real Estate Board data released Tuesday, both single-family home and condominium sales last month plunged by more than 20 per cent from May 2009. At the same time, listings moved upwards, as did average sale prices. ... read moreHouses prices to fall next year ...Jun 02, 2010
A "demand-driven downturn" will drive house prices lower by the end of 2011, the association which represents the country's 100,000 real estate agents said Wednesday. In an updated market forecast, the Canadian Real Estate Association said the national average resale price will reach a record $325,400 by the end of this year, a gain of 1.6 per cent from current levels. ... read moreConsumers expected to re-do calculations ...Jun 02, 2010
A quarter-point bump in the bank rate might seem minor until you couch it in terms of, say, a new couch - the one Barry Nabatian suggests you're now more likely to forego. "In our local economy I would say housing, furniture, some of the home improvement things," says the retail analyst, listing consumer spending areas that could suffer because of rising borrowing costs ... read moreMortgage risk and reward ...May 28, 2010
As the Bank of Canada appears closer to moving away from the historically low rates that have been in place since financial markets melted down in 2008, the inevitable is upon Canadian consumers: interest rates are about to rise. And if you happen to be in the market for a mortgage, the question of what to do, lock in or float, looms large. ... read moreBuilder offers pre-built homes to beat HST ...May 28, 2010
For new home builders, there's precious little harmonizing about the HST - it might just as well stand for Haunting Sales Tax with builders feeling pressed to sell off inventory. The solution, as sought by Conservatory Group, is to offer already built and pre-finished homes, with free finishes and upgrades at low finance rates, deliverable well before July 1. ... read moreBad financial predictions? No, just bad timing ...May 27, 2010
A lot of what you were told would happen in the financial world this year looks kind of, well, wrong. You heard for months about how bonds were a trap. As the stock markets have fallen lately, bonds have been beautiful. You also heard about how interest rates were going to rise. In fact, mortgage rates have fallen twice in the past couple of weeks. ... read moreU.S. style collapse not likely in Canada ...May 27, 2010
Canadian homeowners are unlikely to experience a U.S.-style decline in the value of their homes, says a report released today by the Canadian Real Estate Assocation. Instead, home prices will stabilize and will remain stable for some time, said the report. ... read moreHome prices stuck below pre-recession high ...May 27, 2010
House prices in Calgary have risen from their levels a year ago, but remain below their pre-recession peak. Calgary was the only metropolitan region in the country of the six surveyed in March that has yet to top its pre-recession high. "Its prices are down 10.3 per cent from their peak in August 2007," said the Teranet-National Bank house price index, which was released Wednesday ... read moreBMO profit soars ...May 26, 2010
Bank of Montreal, the first big bank out of the gate with second-quarter earnings, said Wednesday that it made $745-million, up $387-million from a year ago. That easily topped analysts' estimates, as the bank set aside less money for troubled loans than it did a year ago. BMO's cash earnings per share came in at $1.28, while the Street was forecasting cash earnings of $1.10 per share. ... read moreBe careful when buying property for adult children ...May 26, 2010
It's one thing to buy your son or daughter a condominium, it's quite another to have their partner or spouse end up owning half of it. A column earlier this month about a new TD Canada Trust survey that found 10% of Canadians are considering buying a condominium for their adult children, up from 5% a year ago, drew plenty of reaction from readers. ... read moreHome foreclosures don't add up ...May 26, 2010
Why do people default on mortgage and other loans? It turns out that it's not so much the amounts they owe, but that they are unable to do the math that tells them exactly what their financial situation looks like. Lack of ability to add turns out to be a cause of many consumer insolvencies. The damage caused by failure to do sums becomes evident when people find themselves in credit counselling. ... read moreRaise rates 'without delay' ...May 26, 2010
The Bank of Canada should raise interest rates "without delay" and continue to gradually hike throughout this year and next, the OECD said Wednesday. The recommendation comes just six days before central bank officials announce a decision on whether to boost its key lending rate from a record low. ... read moreBanks reduce some mortgage rates ...May 21, 2010
Three Canadian banks announced Thursday that they are lowering their five-year closed mortgage rates for the second time this month, effective today. RBC Royal Bank, TD Canada Trust and Bank of Montreal announced that they would lower their five-year fixed-rate closed mortgages by 11 basis points to 5.99 per cent. The cuts this month follow three increases in April that took five-year, fixed rates from 5.25 per cent to 6.25 per cent. ... read moreCanada's Inflation Rate Quickens ...May 21, 2010
Canada's annual inflation rate accelerated in April, led by car and gasoline prices, giving the central bank more scope to begin raising interest rates as soon as next month. Governor Mark Carney said last month that inflation and economic growth have been faster than expected, and 11 of 12 economists surveyed by Bloomberg this week said the Bank of Canada will start raising its key policy rate from a record-low 0.25 percent on June 1. Inflation will be "slightly higher" than the bank's 2 percent target over the next year, according to the central bank’s quarterly forecast released in April. ... read moreHousing market expected to moderate ...May 19, 2010
Canada's housing market is expected to ease in 2010 and 2011 as the market returns to more balanced conditions, Canada Mortgage and Housing Corporation said Wednesday. "Canadian housing markets have recovered from the low levels posted in early 2009," Bob Dugan, chief economist for CMHC, said in a release. ... read moreBreaking down real estate investment trusts ...May 19, 2010
In the wake of the recent financial crisis, investors are hungry for investments that provide a steady, meaningful yield while minimizing the risk of wild fluctuations in the value of their invested capital. Real estate has been a mainstay of income-seeking investors for hundreds of years, and real estate investment trusts, or REITs, are an excellent option for this class of investment. ... read moreHomebuilder share down ...May 19, 2010
NEW YORK - Homebuilder stocks declined Wednesday after a report showed that mortgage delinquencies hit a high in the first quarter, signaling that the foreclosure crisis is not over. More than 10 percent of homeowners missed at least one mortgage payment in the January-March period, the Mortgage Bankers Association said Wednesday. That number was up from 9.5 percent in the fourth quarter of last year and 9.1 percent a year earlier ... read moreTime to lock in that mortgage rate? ...May 11, 2010
Taking on a mortgage is a big commitment. Every buyer who uses a mortgage has the choice of floating or going with a fixed rate that often costs a couple of percentage points higher per year. Today, for example, one can get variable rates at an average rate of 2.34% while five year closed rates average 5.27%, according to Fiscal Agents Financial Services Group in Oakville, Ontario. Negotiated rates can be lower. ... read moreCanadian household debt soars ...May 11, 2010
Canadian household debt - a perennial worry in recent years - has ballooned to a point where it's now more than double 1989 levels, just as rising borrowing costs are set to squeeze budgets, a national report cautioned Tuesday. Household debt in Canada reached a record $1.41-trillion in December. If that was spread among all Canadians, each person would carry more than $41,740 in outstanding debt - an amount 2.5 times greater than 1989, according to a report by the Certified General Accountants Association of Canada. ... read moreRising mortgage rates, rising trouble ...May 10, 2010
Almost half a million more mortgage holders would be in trouble if their rates hit 5.25 per cent, a national survey showed Monday. Canadian mortgage rates are already climbing ahead of an expected interest-rate hike next month. In light of a rising rate environment, a biannual report by the Canadian Association of Accredited Mortgage Professionals simulated the impact of mortgage-rate increases up to 5.25 per cent. The current average mortgage rate is 4.02 per cent among households that locked-in fixed rates during the past year. ... read moreStarts expected to build on recovery data ...May 10, 2010
"To date, housing starts have risen a massive 80% from their cyclical lows, retracing over half of the peak-to-trough drop," Millan Mulraine, senior strategist with TD Securities, said in a report released on Friday. Mr. Mulraine, who's forecasting a start level of 210,000 for April, attributes some of the current strength to homebuyers looking to avoid the new harmonized sales taxes taking effect in Ontario and British Columbia in July. He also noted that April was warmer than usual, helping along construction efforts. ... read moreCanada adds stunning 108,700 jobs ...May 07, 2010
The Canadian economy created a whopping 108,700 jobs last month - more than four times as many as expected - the largest monthly gain on record as the services sector added to payrolls. The move pushed the Canadian dollar higher. The currency, which plunged more than 2 cents on Thursday amid concerns over Europe's debt crisis, regained more than a cent on Friday. It last traded at 96.12 cents (U.S.). The hot reading makes it more likely the Bank of Canada will start boosting its key lending rate next month. ... read moreHome sales soar in Montreal ...May 07, 2010
Montreal-area real-estate sales were up 16 per cent, year over year, this April, the Greater Montreal Real Estate Board's MLS statistics revealed yesterday. During April, there were 5,513 sales transactions in the Montreal area, according to the Multiple Listing Service. The increase in sales ran across all property categories. ... read moreHousing ffordability: the great quandary ...May 03, 2010
Recently, we've seen lots of headlines suggesting that house prices have run up to an unsustainable level and are due for a correction. In mid March, The New York Times made a rare foray north of the border with a headline that read "Some See a Real Estate Bubble Forming in Canada." A couple of weeks back, Gluskin Sheff star economist David Rosenberg released a report suggesting that Toronto and Vancouver housing prices could drop by 20 per cent. ... read moreEconomic recovery is in eye of beholder ...May 03, 2010
Economists assure us that an economic recovery is underway and have the figures to prove it. Most of the major indicators - gross domestic product, retail sales, merchandise exports, corporate profits, manufacturing, wholesale trade and residential construction - are up. But the latest reading of consumer confidence suggests Canadians aren't convinced. ... read moreHouse-poor can easily turn to house-less ...May 03, 2010
Our friends made a strategic decision almost three months ago: They went to a five-year fixed-rate mortgage from the floating rate they had been enjoying, one that carried an interest rate of just 1.25%, but had risen to 1.75%. They are now locked in at 3.74%, which is well below the bank posted rate of 6.25% and below the 4.25% floating rate they started out with two years ago when they bough ... read moreWomen want simple mortgage ...May 01, 2010
Despite being in fairly strong financial positions, women are less confident when it comes to home buying, say surveys conducted regularly by Genworth Financial Canada. They show that women are consistently more worried and anxious about finances and feel they have less understanding about the homebuying process than men, says a company news release. ... read moreBack off mortgage market, Waugh Warns ...Apr 09, 2010
Global financial reforms under consideration threaten to unravel Canada's unique mortgage market and force lenders to package and sell residential loans much as their U.S. peers did, to great detriment, Bank of Nova Scotia chief executive Rick Waugh warned yesterday. ... read moreHousing market overheating ...Apr 08, 2010
There are signs that some of Canada's major house markets have become overheated, although most others have shown a more healthy rate of moderate growth, according to a national real estate sales organization. ... read moreCanadian economy grows 5%, tops forecasts ...Mar 01, 2010
The Canadian economy expanded by a greater-than-expected 5 per cent in the fourth quarter, raising the likelihood of interest rate hikes later this year. The country's gross domestic product grew at the fastest annualized pace since the third quarter of 2000, Statistics Canada said Monday. ... read more
| Current Rates as of 2012-02-07 | ||
| Duration | Posted Bank Rates | Our Rates |
| 1 year | 3.20 | 2.24 |
| 2 year | 3.55 | 2.44 |
| 3 year | 3.95 | 2.64 |
| 4 Year | 4.64 | 2.84 |
| 5 Year | 5.29 | 3.24 |
| 7 year | 6.35 | 3.95 |
| 10 year | 6.75 | 3.95 |
| 1 Yr - Variable | 3.00 | 3.10 |
| 3 Yr - Variable | 3.00 | 2.90 |
| 5 Yr - Variable | 3.00 | 2.90 |
| New Qualifying rate | 0.00 | 5.29 |