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Legend of the Fall - Is a Correction On the Horizon?

The Canadian Imperial Bank of Commerce came out with a report Wednesday on the heels of a Royal Bank of Canada study suggesting that Canada’s real estate market is already heading towards a correction. Figures published in the The Financial Post say that Canadian house prices are 14 percent above their fair market value, with BC and Alberta homes being the most overpriced.  The average ...

Put On Your Seat Belts – We’re In for a Mortgage Ride

As we head into the Victoria Day long weekend, Canada’s major banks have announced that they are lowering five-year rates on mortgages – for the second time this month – effective today. Rates started out the month at 6.25% and have since dropped by 26 bases points, according to a Canadian Press report published Thursday by major media outlets. In an interview with ...

Fixed or Variable Rate Mortgage?

How about both? According to the annual RBC Homeowners Survey released this week, 40 percent of people surveyed who are planning on buying a home in the next two years would opt for a combination mortgage. This is a stark rise above the 32 percent who chose this option last year. Not surprisingly, 16 percent of those surveyed say they would opt for a variable rate mortgage in 2010 down ...

Canadians in More Debt than Greeks?

The Certified General Accountants of Canada (CGA) released a study today showing a trend by Canadians toward investing in riskier assets, leaving them more prone to market fluctuations and financial stress. The study reveals a steady decline in investments by Canadians in ‘safe’ assets over the past 20 years. For example, stocks and mutual funds accounted for 19.2% of all household assets in 2009 ...

Rising Consumer Confidence in Real Estate Market

A TNS Vibe survey released today by TNS Canadian Facts – a marketing, opinion and social research organization – suggests that intentions among Canadians to buy a house or condo have risen to 14% from 11% last September. The survey, which interviewed more than 1,000 Canadians online between March 18 and 25, 2010, also shows that despite those who indicated their intentions to buy six months ago, ...

The Score in the 2009 Tax Refund Game

Debt Reduction 1, Blowing the Cash 0 According to a recent survey, 48 percent of Canadians expecting tax refunds this year plan to use them to pay off credit cards and other bills. Only four percent of those surveyed plan to use tax refunds to pay down their mortgages.  The Leger Marketing survey was commissioned by BMO Nesbitt Burns. Of those surveyed: 21% plan to reinvest their ...

Mass Retirements to Lower Boom on Economic Growth

A report released today by the Conference Board of Canada suggests that the exodus of the baby boomers from the labour market will slow Canada’s long-term economic growth after 2014. Until then, the report predicts that Canada will undergo an interim period of robust economic growth, during which time the national unemployment rate will fall below 6 percent and real GDP growth will be in the ...

Canada’s Core Inflation Rate Dips in March

A surprising drop in Canada’s inflation rate for March is raising hopes that the Bank of Canada will hold interest rates steady. According to Reuters, Canada's annual core inflation rate dropped to 1.7 percent in March from 2.1 percent. Part of the drop is attributed to a drop in travel and accommodation prices following the Winter Olympics. Rate watchers had predicted the core rate would drop ...

How Do New Mortgage Rules Affect You?

New mortgage restrictions announced in February by Finance Minister, Jim Flaherty, are now in effect. They are: •Borrowers must now qualify for five-year fixed mortgage rates even if they are applying for shorter-term, variable rates. •The maximum amount that Canadian home owners can withdraw for mortgage refinancing drops to 90% from 95% of the value of their properties. •To qualify for government-backed ...

Canadian Financial Institutions to Fight Global Bank Tax

Canada is holding its stance against an International Monetary Fund proposal that would introduce a global bank tax to hedge against future financial meltdowns. The proposal calls for taxes on bank profits and compensations, as well as borrowing. In an opinion article for London’s Financial Times, Canada’s leading financial institutions – the Toronto Dominion Bank, Bank of Montreal, Canadian Imperial ...
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