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Real Estate Continues to Edge Toward Buyers' Market

A report released by the Real Estate Board of Greater Vancouver this week shows a 2.6 percent decline in residential property sales since July, and a whopping 36 percent decline compared to August 2009 – the second hottest August market on record. Board president Jake Moldowan states in the REBGV release, “We’re seeing moderate demand, low interest rates and a healthy but slowing stream of ...

Mortgage Wars - Beware of Averages

We’ve heard of gasoline price wars, but what about mortgage rate wars?  For the third time since the beginning of August, major financial institutions have cut their fixed-term lending rates for five-year mortgages. The latest reductions have BMO, CIBC and Laurentian Bank lowering their five-year rates by ten basis points to 5.39%. Despite lagging sales activity, a report by the Conference ...

Commercial Real Estate Investment in Canada Booms

A new survey by CB Richards Ellis shows that investment in commercial real estate in Canada is strong – despite media reports of an opposite trend in residential real estate. According to the CBRE report, commercial deals done in the first half of 2010 totalled $7.8 billion as opposed to $4.9 billion for the same period in 2009 – a 60 percent increase. Because last year’s sales were hampered ...

Anti-HST Petition Continues to Gain Momentum in B.C.

Ending a week of anticipation among anti-HST campaigners in British Columbia, a B.C. Supreme Court judge ruled today that the anti-HST petition led by former Premier Bill Vander Zalm is constitutionally valid. The petition is inked with more than 700,000 voter signatures. The debate for and against the HST, or harmonized sales tax, continues to rage in the province. The tax is unpopular among ...

RBC Lowers Mortgage Rates – Inventory Rises in B.C. and Ontario

Today, Royal Bank of Canada announced that it will lower fixed, multi-year closed mortgage rates by ten basis points, effective August 17. There will be no change to six-month convertible or one-year closed mortgages. In Canada, it is typical for one bank’s mortgage rate announcement to set off counter moves by competitors. Watch for other major financial institutions to follow RBC's lead. ...

Will I Be Able to Afford My Mortgage in Five Years?

As interest rates creep upward, first-time home buyers might wonder if getting into a mortgage is a good idea. What if rates rise during my mortgage term, and how will I make the increased payments? There is a smart way to avoid being faced with an inescapable increase in payments should you have to renew your mortgage at a higher interest rate – and that is to pay down as much of ...

Bank of Canada Raises Overnight Lending Rate

Canada’s central bank raised its key interest rate by 25 basis points to .75 percent today, in response to signs of a strengthening economy in this country.  However, the bank stated that continued instability in world markets could preclude another rate hike on September 8, when it makes its next rate announcement. In its accompanying statement, the Bank of Canada also revised ...

Canadian Employers Optimistic: Survey Shows

The latest Bank of Canada Business Outlook Survey reveals optimism, despite economic turmoil in Europe and a slow recovery in the U.S. The survey was conducted with senior managers of 100 businesses selected in accordance with the composition of Canada's gross domestic product. Survey highlights include: 49 percent of those surveyed say that their firms’ sales volumes ...

Mortgage Rates Drop Again - More Inventory for Home Buyers

Today, benchmark five-year mortgage rates declined to 5.79 percent at the Canadian Imperial Bank of Commerce, Bank of Nova Scotia, Laurentian Bank and Desjardins Group.  They rival recent rate reductions by the Bank of Montreal, Toronto Dominion Bank and Royal Bank of Canada. In housing market news, sales activity in some of Canada’s hottest markets dropped sharply in June. ...

HST On New Homes in Effect in BC and Ontario

Canadians living in B.C. and Ontario woke up on Canada Day to the inevitable reality of the Harmonized Sales Tax (HST). Homebuyers taking out mortgages for new properties now have to factor in HST on purchases over $400,000 in Ontario and $525,000 in B.C.; however, they can still qualify for rebates. If you’re looking for a home with that ‘lived-in’ feel – you’re in luck.  The ...
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