The Bank of Canada will cut interest rates at its Sept. 9 meeting, National Bank Financial says, becoming the first major bank to call for a cut amid signs market turmoil threatens an economic recovery.
Ottawa, ON, August 12, 2015 - The Canadian Real Estate Association (CREA), on behalf of its 110,00 REALTOR® members across the country, welcomes today’s announcement by Prime Minister Stephen Harper to increase the Home Buyers’ Plan (HBP) withdrawal limit from $25 000 to $35 000.
June proved to be a busy month for the new housing market with RealNet Canada reporting an increase in both sales and prices. According to numbers released Wednesday, the surge wasn’t just limited to low-rise homes, which have typically outperformed the new condo market in recent months.
The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.
Canadians added to their mortgage debt amid continued bargain-basement borrowing rates in May, but the overall trend in household debt continued its recent moderation in the month, new Bank of Canada statistics show.
Toronto Real Estate Board President Paul Etherington announced 11,706 sales reported by Greater Toronto REALTORS® in May 2015. This result was up by 6.3 per cent in comparison to 11,013 sales reported in May 2014. For the TREB market area as a whole, sales were up for all major housing types. However, in the City of Toronto, where the supply of low-rise listings has been constrained, sales were down for detached homes.
The head of Canada’s largest private mortgage insurer says the hot housing markets in Toronto and Vancouver are not about to crash. Stuart Levings, head of Genworth MI Canada, will be speaking to investors in the US following data showing a 9.4 per cent rise in prices in Vancouver in the year to May.
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