Dave's Blog

Bank of Canada lowers overnight rate target by 1/2 percentage point to 2 1/2 per cent

2008-10-08T08:19:49Z

Central Banks Announce Coordinated Interest Rate Reductions

Throughout the current financial crisis, central banks have engaged in continuous close consultation and have cooperated in unprecedented joint actions such as the provision of liquidity to reduce strains in financial markets.

Inflationary pressures have started to moderate in a number of countries, partly reflecting a marked decline in energy and other commodity prices. Inflation expectations are diminishing and remain anchored to price stability. The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability.

Some easing of global monetary conditions is therefore warranted. Accordingly, the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, Sveriges Riksbank and the Swiss National Bank are today announcing reductions in policy interest rates. The Bank of Japan expresses its strong support of these policy actions.

Bank of Canada lowers overnight rate target by 1/2 percentage point to 2 1/2 per cent

The Bank of Canada today announced that it is lowering its target for the overnight rate by 1/2 percentage point to 2 1/2 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 2 3/4 per cent.

The intensification of the global financial crisis is having a marked impact on all countries. In recent weeks conditions in global financial markets have deteriorated sharply, the U.S. economy has weakened further, and commodity prices have fallen abruptly.

As a result of these developments, credit conditions in Canada have tightened significantly, despite the relative health of our financial institutions. Weaker growth in the United States and other important trading partners will increase the drag on the Canadian economy coming from net exports. The deterioration of our terms of trade will act to moderate the growth of domestic demand. While the recent depreciation of the Canadian dollar will help cushion the effects of the weaker global outlook on the domestic economy, it will not completely offset them.

Below-potential growth in aggregate demand through 2009, combined with a lower profile for commodity prices, will significantly ease inflation pressures in Canada. Inflation expectations remain well anchored.

In view of these developments, the Bank of Canada decided to join other major central banks and lower its target for the overnight rate by 50 basis points today. This action will provide timely and significant support to the Canadian economy. The Bank will continue to monitor carefully economic and financial developments, along with the evolution of risks, in judging whether any further action might be required to achieve its 2 per cent inflation target over the medium term.

Information note:
The Bank of Canada's next scheduled date for announcing the overnight rate target is 21 October 2008. A full update of the Bank's outlook for growth and inflation, including risks to the projection, will be set out in the Monetary Policy Report, to be published on 23 October 2008.

Bank of Canada keeps overnight rate target at 3 per cent

2008-09-03T09:16:21Z

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 3 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 3 1/4 per cent.

The three global developments highlighted in the July Monetary Policy Report Update continue to have a major influence on the Canadian economy. Two of them - the course of the U.S. economy and the ongoing turbulence in global financial markets - have evolved broadly in line with the Bank's expectations. However, there is an increased risk of a more pronounced interplay between weakness in the U.S. economy and tightness in credit conditions that could affect the U.S. outlook for 2009.

With respect to the third highlighted development, the sharp increases in commodity prices, the risk identified in July that these prices could be weaker than assumed has materialized. This has been largely due to the impact of slower global growth on the demand for energy. Given tight inventories, commodity prices can be expected to remain volatile. The reduction in commodity prices has been a significant factor in the decline of the Canadian dollar against the U.S. dollar. The weaker global growth and the decline of the Canadian dollar will have opposing effects on the demand for Canadian goods and services.

In Canada, domestic demand has slowed modestly but remains strong. It continues to be supported by financial conditions that remain significantly better than those in most other major economies and by income gains stemming from past improvements in the terms of trade. Overall, the level of economic activity is slightly lower than expected in July but still close to the economy's production capacity.

Global inflationary pressures remain elevated, with potential implications for import prices and the dynamics of inflation in Canada. While total CPI inflation has moved above 3 per cent, core inflation has stayed at 1.5 per cent as expected. The temporary factors affecting both of these measures should dissipate over the coming quarters, and the Bank continues to expect that total and core inflation will converge on 2 per cent in the second half of 2009. However, the recent decline in both spot and futures prices for energy means that the spike in total CPI inflation expected between now and the first quarter of 2009 will be lower than projected in July.

Given these developments, the Bank judges that the current level of the target for the overnight rate remains appropriately accommodative. The Bank will continue to monitor carefully economic and financial developments in the Canadian and global economies, together with the evolution of risks, and set monetary policy consistent with achieving the 2 per cent inflation target over the medium term.

Information note:

The Bank of Canada's next scheduled date for announcing the overnight rate target is 21 October 2008. A full update of the Bank's outlook for growth and inflation, including risks to the projection, will be set out in the Monetary Policy Report, to be published on 23 October 2008.

Government of Canada Moves to Protect, Strengthen Canadian Housing Market

2008-07-09T17:40:59Z

The Government of Canada today announced adjustments to the rules for government guaranteed mortgages aimed at protecting and strengthening the Canadian housing market. The new measures include:

Fixing the maximum amortization period for new government-backed mortgages to 35 years;

Requiring a minimum down payment of five per cent for new government-backed mortgages;

Establishing a consistent minimum credit score requirement; and

Introducing new loan documentation standards.

Today's announcement marks a responsible and measured approach by the Government to ensure Canada's housing market remains strong and to reduce the risk of a U.S.-style housing bubble developing in Canada.

The new limits are planned to take effect October 15, 2008. This would allow existing mortgage pre-approvals with the common 90-day duration to be used or expire. Certain exceptions would also be permitted after October 15. The Government will work closely with all stakeholders to ensure timely and effective implementation of these measures.

As these measures relate only to new, government-backed insured mortgages, Canadians who already hold mortgages will not be affected by this announcement.

The measures announced today will build on the strength of Canada's housing market. According to the International Monetary Fund, the increase in house prices in Canada is based on sound economic factors such as low interest rates, rising incomes and a growing population. A recent Statistics Canada report concluded that home ownership is at record levels, with over two-thirds of Canadians owning their own home.

Mortgage arrears-overdue mortgage payments-have also remained low. In recent years, the percentage of mortgages in arrears for three months or more continues to be at low levels not seen since 1990.

For more information: http://www.fin.gc.ca/news08/08-051e.html

Interbay Funding Corp. ceases lending in Canada

2008-07-03T10:39:31Z

TORONTO, ON - InterBay Funding Corp., a national wholesale lender specializing in small commercial real estate financing, announced today it will no longer originate commercial mortgages in Canada.

Dean West, Vice President Canadian Division, says the move to cease commercial lending is a result of the continuing weakness in the Capital Markets.

"The typical process of originating loans and selling the loan in a security instrument has changed dramatically since the fall of 2007.

Despite high demand for small commercial mortgage financing and a combination of favourable conditions (strong real estate values, low interest rates, strong employment stats, and performing mortgages) the investment markets remain sensitive to the sub-prime problems that have touched markets worldwide." West said.

"With that disconnect, and the prospect of a lengthy recovery, it was decided that originations should cease."

"I am extremely proud of our Canadian Interbay team and the sequent loss of these talented people is a very sad occasion."

Ancillary department, Interbay Loan Servicing Corporation will continue servicing operations from the Toronto office.

Mortgage Intelligence Achieves Early Compliance of New Mortgage Industry Act for Ontario

2008-07-03T08:31:02Z

Mortgage Intelligence's consultants now fully compliant with Ontario's new Mortgage Brokerages, Lenders and Administrators Act, 2006 -

June 30, 2008, Toronto, ON - Mortgage Intelligence is pleased to announce that as of June 15, 2008 the organization and its network of 397 independent consultants in Ontario are fully compliant with the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), which comes into effect on July 1, 2008.

"Our achievement of early compliance truly demonstrates Mortgage Intelligence's commitment to set the standard for best practices within the Canadian mortgage brokerage industry," said Mark Moreau, President of Mortgage Intelligence. "We continue to equip our consultants with best-in-breed compliance tools and processes so they can remain focused on their top priorities - their clients."

The new act, which replaces the current Mortgage Brokers Act, will improve consumer protection through new licensing and supervision requirements for mortgage brokers and agents. The four types of licences being issued by the Financial Services Commission of Ontario (FSCO) under the new act include:

• Mortgage Brokerage licence - a corporation, partnership or sole proprietorship that has a Mortgage Brokerage licence, allowing it to carry on the business of dealing and trading in mortgages in the province of Ontario.

• Mortgage Broker licence - a person who deals or trades in mortgages for a Mortgage Brokerage.

• Mortgage Agent licence - a person who deals or trades in mortgages for a Mortgage Brokerage, under the supervision of a licensed Mortgage Broker.

• Mortgage Administrator licence - an organization that receives mortgage payments from borrowers and sends them to investors.

Over the past several months, Mortgage Intelligence worked closely with FSCO and the Canadian Association of Accredited Mortgage Professionals (CAAMP) to execute a comprehensive education and licencing program to enable Mortgage Intelligence consultants in Ontario to obtain the appropriate Mortgage Broker or Mortgage Agent licenses prior to the July 1, 2008 deadline.

For more information on this and other Industry News: www.FreeMortgageReports.ca

David Yeoman, AMP
Mortgage Broker, Accredited Mortgage Professional
www.OntarioMortgageTeam.com/yeoman.aspx

Bank of Canada keeps overnight rate target at 3 per cent

2008-06-10T08:34:28Z

OTTAWA - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 3 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 3 1/4 per cent.

Since the April Monetary Policy Report (MPR), economic developments have been broadly in line with expectations. However, the balance of risks to the Bank's April projection for inflation in Canada has shifted slightly to the upside. Although the composition of U.S. growth has not been favourable for demand for Canadian goods and services, overall, global growth has been stronger and commodity prices have been sharply higher than expected. At the same time, many of the downside risks to inflation identified in the April MPR have eased, while the evolution of credit conditions has been in line with expectations. The risk remains that potential growth will be weaker than assumed.

With the decline in first-quarter GDP, the Canadian economy is judged to have moved into excess supply, which is expected to increase this year. Consistent with the April MPR, the Bank continues to project that economic growth will pick up this year and accelerate in 2009, owing in part to a firming of U.S. demand and accommodative monetary policy in Canada.

If current levels of energy prices persist, total CPI inflation will rise above 3 per cent later this year. However, with the Canadian economy operating in excess supply, core inflation is expected to remain below 2 per cent through 2009. Both total and core inflation should converge on 2 per cent in 2010 as the economy returns to balance.

Against this backdrop, the Bank now judges that the current stance of monetary policy is appropriately accommodative to bring aggregate demand and supply into balance and to achieve the 2 per cent inflation target. There continue to be important downside and upside risks to inflation in Canada, which the Bank will monitor closely.

Information note:The Bank of Canada's next scheduled date for announcing the overnight rate target is 15 July 2008. The Bank will publish an updated projection for the economy and inflation, and its assessment of the risks, in the Monetary Policy Report Update on 17 July 2008.

For more information on how today's announcement will impact mortgage rates visit: www.OntarioMortgageTeam.com

First-time buyers of resale homes to benefit from new tax measure

2008-06-03T10:29:01Z

It's Now the Law - Land Transfer Tax Rebate for Resale Homes

In the 2007 Ontario Economic Outlook and Fiscal Review, the government proposed to expand the Land Transfer Tax Refund Program to include first-time homebuyers of resale homes for agreements of purchase and sale entered into after December 13, 2007.

This measure was included in Bill 44, Budget Measures and Interim Appropriation Act, 2008, and, having received Royal Assent on May 14, 2008, is now law.

As a result of this change, first-time homebuyers of resale homes may now be able to receive a refund from the provincial government of up to $2,000 of the land transfer tax paid.

Click Here, for more information including the Land Transfer Tax Rebate Affivdavit(s) for both Resale and New Homes

NOTE: if you or your clients have purchased and closed their real estate transaction any time after December 14, 2007 they may qualify for the rebate.

David Yeoman, AMP
Accredited Mortgage Professional

Member: Independent Mortgage Brokers Association and
Canadian Association of Accredited Mortgage Professionals

Mortgage Intelligence Inc.
Leading the way to a better mortgage.
Purchase * Refinance * Renewal * Investment

FREE Mortgage Information and Apply On-Line at:
www.OntarioMortgageTeam.com/yeoman.aspx

phone: 705-725-7757
fax: 705-735-4939
email: yeoman@OntarioMortgageTeam.com

Bank of Canada lowers overnight rate target by 1/2 percentage point to 3 per cent

2008-04-22T08:55:07Z

OTTAWA - The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 3 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 3 1/4 per cent.

Growth in the global economy has weakened, reflecting the effects of a sharp slowdown in the U.S. economy and ongoing dislocations in global financial markets. Growth in the Canadian economy has also moderated as buoyant growth in domestic demand, supported by high employment levels and improved terms of trade, has been substantially offset by the fall in net exports. While both total and core CPI inflation were running at about 1.5 per cent at the end of the first quarter, the underlying trend of inflation is judged to be about 2 per cent, consistent with an economy that was operating just above its production capacity.

The Bank is now projecting a deeper and more protracted slowdown in the U.S. economy. This has direct consequences for the Canadian economic outlook, with declining exports projected to exert a significant drag on growth in 2008. In addition, tightening credit conditions and softening sentiment are expected to moderate business investment and consumer spending. Nevertheless, domestic demand is projected to remain strong, supported by firm commodity prices, high employment levels, and the effect of cumulative easing in monetary policy.

The Bank projects that the Canadian economy will grow by 1.4 per cent this year, 2.4 per cent in 2009, and 3.3 per cent in 2010. Consistent with this growth profile, the economy moves into excess supply in the second quarter of 2008, and spare capacity continues to increase through early next year. However, a gradual recovery in the U.S. economy, a return to more normal credit conditions, and accommodative monetary policy should generate above-potential growth and bring the economy back into balance around mid-2010.

The recent price-level adjustments for automobiles and the effect of past changes in indirect taxes will keep measured inflation below target through 2008. The emergence of excess supply in the economy should keep downward pressure on inflation through 2009. Both core and total inflation are projected to move up to 2 per cent in 2010, as the economy moves back into balance. There are both upside and downside risks to the Bank's new projection for inflation; these risks appear to be balanced.

In line with this outlook, some further monetary stimulus will likely be required to achieve the inflation target over the medium term. Given the cumulative reduction in the target for the overnight rate of 150 basis points since December, the timing of any further monetary stimulus will depend on the evolution of the global economy and domestic demand, and their impact on inflation in Canada.

A full analysis of economic and financial developments, trends, and risks will be set out in the Bank's Monetary Policy Report, to be published on 24 April 2008.

Information note: The Bank's next scheduled date for announcing the overnight rate target is 10 June 2008.

For information on this and how it will impact the mortgage rate market visit:

David Yeoman, AMP
Accredited Mortgage Professional

Member: Independent Mortgage Brokers Association and
Canadian Association of Accredited Mortgage Professionals

Mortgage Intelligence Inc.
Leading the way to a better mortgage.
Purchase * Refinance * Renewal * Investment

FREE Mortgage Information and Apply On-Line at: http://www.freemortgagereports.ca/

phone: 705-725-7757
fax: 705-735-4939
email: yeoman@OntarioMortgageTeam.com

Because knowing more about mortgages can save you thousands of dollars

2008-04-14T20:00:16Z

www.FreeMortgageReports.ca offers the Canadian Consumer access to all the information they need to you know about mortgages, because knowing more about mortgages can save you thousands of dollars.

Unlike some mortgage websites where they provide similar reports, only to harvest your name, phone number and email address, I am pleased to provide these mortgage reports free of charge and without obligation.

Why? I am confident that once you have reviewed some of the valuable information available, you will not hesitate to refer family, friends and co-workers to our website and our mortgage services.

Whether you are looking to purchase a resale or your first home, mortgage renewal or renovating, improving your monthly cash flow by consolidating debts, purchasing a cottage or investment property, I am confident you will find these Free Mortgage Reports of value to you.

You have a dream of home ownership. I make sure that dream doesn't come at too high a cost.

I look forward to being of service to you.

David Yeoman, AMP
Accredited Mortgage Professional

Member: Independent Mortgage Brokers Association and
Canadian Association of Accredited Mortgage Professionals

Mortgage Intelligence Inc.
Leading the way to a better mortgage.
Purchase * Refinance * Renewal * Investment

FREE Mortgage Information and Apply On-Line at: www.FreeMortgageReports.ca

phone: 705-725-7757
fax: 705-735-4939
email: yeoman@OntarioMortgageTeam.com

A complete summary of the Canadian money, mortgage & real estate market last month

2008-04-04T12:08:46Z

April 4, 2008

Welcome to the April issue of CAAMP Stats.

Bank of Canada Interest Rate

January 22, 2008	4.00%
March 4, 2008	3.50%
April 22, 2008	Next meeting date

Source: Bank of Canada

Bank Prime Lending Rate

January 23, 2008	5.75%
March 5, 2008	5.25%
April 23, 2008	Next meeting date

Source: Bank of Canada

US Federal Reserve Board Discount Rate
January 30, 2008	3.00%
March 18, 2008	2.25%
April 30, 2008	Next meeting date

Source: US Federal Reserve

Exchange Rate ($CDN/$US)

Exchange Rate ($CDN/$US)
$CDN/$US	February 29, 2008	1.0158
$CDN/$US	March 14, 2008	1.0140
$CDN/$US	March 28, 2008	0.9790

Source:Bank of Canada

Government of Canada Bonds

Bond Type	February 27, 2008	March 12, 2008	March 26, 2008
1 Year Treasury Bill	3.18%	2.65%	2.55%
3 Year Benchmark Bond Yield	3.17%	2.71%	2.67%
5 Year Benchmark Bond Yield	3.40%	2.97%	2.93%
10 Year Benchmark Bond Yield	3.81%	3.52%	3.46%

Source: Bank of Canada

Total New Housing Starts (Seasonable adjusted and annualized)

Province	December 2007	January 2008	February 2008
Newfoundland/Labrador	2,900	2,400	2,900
PEI	600	500	1,000
Nova Scotia	4,400	3,300	4,400
New Brunswick	4,500	4,500	3,600
Quebec	39,200	47,900	57,600
Ontario	51,700	72,700	83,800
Manitoba	4,600	5,800	5,200
Saskatchewan	5,000	6,000	5,700
Alberta	37,900	41,700	38,700
British Columbia	33,900	38,900	54,100
CANADA	184,700	222,700	256,900

Source: CMHC Housing Now - March 2008. This seasonally adjusted data goes through stages of revision at different times of the year.

Average MLS resale price for local markets

City	February 2007	February 2008
Halifax	$213,327	$223,579
Montreal	N/A	N/A
Ottawa	$264,928	$283,199
Toronto	$368,687	$382,048
Hamilton/Burlington	$272,953	$276,297
Saskatoon	$187,515	$264,270
Calgary	$313,307	$415,017
Edmonton	$321,307	$338,347
Vancouver	$531,688	$623,517

Source: Canadian Real Estate Association (CREA)

Canadian Major Market Residential MLS Summary*

	Seasonally Adjusted February 2008	Seasonally Adjusted January 2008	Unadjusted Data February 2008	Unadjusted Data February 2007
Dollar Volume ($ millions)	8,796.4	9,582.7	8,613.2	9.049,9
Unit Sales	26,588	28,396	26,302	29,090
Average Price ($)			327,477	311,101
New Listings	50,405	51,840	51,113	45,835

Source: Canadian Real Estate Association * Includes totals for 25 major markets in Canada

Housing Affordability Index

Standard two-storey
Region	Average Price		Qualifying Income ($) Q4 2007	Affordability Measure (%)
Region	Q4 2007 ($)	Y/Y % ch.	Qualifying Income ($) Q4 2007	Q3 2007 (rev)	Q4 2007
*Canada	348,969	9.6	86,612	47.5	48.1
British Columbia	563,312	12.3	128,760	70.9	74.1
Alberta	406,708	11.1	96,276	45.5	43.6
Saskatchewan	280,500	51.2	70,678	41.9	42.3
Manitoba	225,477	13.5	60,412	35.6	36.1
Ontario	349,964	6.5	88,387	43.8	44.3
Quebec	268,783	6.9	71,681	44.7	46.1
Atlantic	210,444	12.3	56,433	37.6	38.3
Toronto	475,888	6.5	115,833	53.4	53.4
Montreal	300,981	5.0	78,364	47.2	47.8
Vancouver	648,592	12.1	146,739	75.4	79.2
Ottawa	320,031	4.6	83,433	37.4	38.0
Calgary	461,811	8.5	106,252	46.9	45.5
Edmonton	354,060	11.7	86,337	41.8	39.5

Source: RBC Financial Group Housing Affordability Index based on a 25% down payment and a 25 year mortgage loan at a five year fixed rate. The higher the index, the more difficult it is to afford home. An affordability index of 50 means that homeownership costs including mortgage payments, utilities and property taxes take up half of a typical household's monthly pre-tax income.

4 avril, 2008

Bienvenue aux lecteurs de ce numéro d'avril de Statistiques ACCHA.

Taux de la Banque du Canada

22 janvier 2008	4,00 %
4 mars 2008	3,50 %
22 avril 2008	Prochaine réunion

Source : Banque du Canada

Taux directeur

23 janvier 2008	5,75 %
5 mars 2008	5,25 %
23 avril 2008	Prochaine réunion

Source : Banque du Canada

Taux d'escompte de la Réserve fédérale américaine
30 janvier 2008	3,00 %
18 mars 2008	2,25 %
30 avril 2008	Prochaine réunion

Source : Réserve fédérale américaine

Taux de change ($CA/$US)

Taux de change ($CA/$US)
$CA/$US	29 février 2008	1,0158
$CA/$US	14 mars 2008	1,0140
$CA/$US	28 mars 2008	0,9790

Source: Banque du Canada

Bons et obligations du Canada

Type	27 février 2008	12 mars 2008	26 mars 2008
Bons du Trésor, 1 an	3,18 %	2,65 %	2,55 %
Obligations, 3 ans	3,17 %	2,71 %	2,67 %
Obligations, 5 ans	3,40 %	2,97 %	2,93 %
Obligations, 10 ans	3,81 %	3,52 %	3,46 %

Source: Banque du Canada

Mises en chantier (désaisonnalisées et annualisées)

Province	Décembre 2007	Janvier 2008	Février 2008
Terre Neuve /Labrador	2 900	2 400	2 900
IPE	600	500	1 000
Nouvelle-Écosse	4 400	3 300	4 400
Nouveau-Brunswick	4 500	4 500	3 600
Québec	39 200	47 900	57 600
Ontario	51 700	72 700	83 800
Manitoba	4 600	5 800	5 200
Saskatchewan	5 000	6 000	5 700
Alberta	37 900	41 700	38 700
Colombie-Britannique	33 900	38 900	54 100
CANADA	184 700	222 700	256 900

Source : Actualités habitation de la SCHL - mars 2008 Ces données désaisonnalisées sont révisées à divers moments de l'année.

Prix de revente moyen, par marché, selon le SIA

Ville	Février 2007	Février 2008
Halifax	213 327 $	223 579 $
Montréal	N/A	N/A
Ottawa	264 928 $	283 199 $
Toronto	368 687 $	382 048 $
Hamilton/Burlington	272 953 $	276 297 $
Saskatoon	187 515 $	264 270 $
Calgary	313 307 $	415 017 $
Edmonton	321 307 $	338 347 $
Vancouver	531 688 $	623 517 $

Source : Association canadienne de l'immeuble (ACI)

Sommaire SIA des principaux marchés résidentiels canadiens*

	Désaisonnalisé février 2008	Désaisonnalisé janvier 2008	Brut février 2008	Brut février 2007
Volume en dollars (millions)	8 796,4	9 582,7	8 613,2	9 049,9
Unités vendues	26 588	28 396	26 302	29 090
Prix moyen ($)			327 477	311 101
Nouvelles inscriptions	50 405	51 840	51 113	45 835

Source : Association canadienne de l'immeuble * Inclut les totaux pour 25 grands marchés au Canada

Indice d'accessibilité de l'habitation

Standard à deux étages
Région	Prix Moyen		Revenu nécessaire ($) T4 2007	Indice d'accessibilité (%)
Région	T4 2007 ($)	% var. ann.	Revenu nécessaire ($) T4 2007	T3 2007 (rév.)	T4 2007
*Canada	348 969	9,6	86 612	47,5	48,1
Columbie-Britannique	563 312	12,3	128 760	70,9	74,1
Alberta	406 708	11,1	96 276	45,5	43,6
Saskatchewan	280 500	51,2	70 678	41,9	42,3
Manitoba	225 477	13,5	60 412	35,6	36,1
Ontario	349 964	6,5	88 387	43,8	44,3
Québec	268 783	6,9	71 681	44,7	46,1
Atlantique	210 444	12,3	56 433	37,6	38,3
Toronto	475 888	6,5	115 833	53,4	53,4
Montréal	300 981	5,0	78 364	47,2	47,8
Vancouver	648 592	12,1	146 739	75,4	79,2
Ottawa	320 031	4,6	83 433	37,4	38,0
Calgary	461 811	8,5	106 252	46,9	45,5
Edmonton	354 060	11,7	86 337	41,8	39,5

Source : Indice d'accessibilité à l'habitation, Groupe financier RBC. Indice basé sur un acompte de 25 % et un prêt hypothécaire de 25 ans avec 5 ans à taux fixe. Plus l'indice est élevé, plus il est difficile de se payer une habitation. Un indice de 50 signifie que les coûts de possession, y compris les versements hypothécaires, les services publics et les impôts fonciers, accaparent la moitié du revenu avant impôt d'un ménage typique.

For a complete unbiased assessment of how this information impacts you contact:

David Yeoman
Accredited Mortgage Professional

phone: 705-725-7757
email: yeoman@OntarioMortgageTeam.com
web: www.OntarioMortgageTeam.com/yeoman.apsx

A complete summary of the Canadian money, mortgage & real estate market last month

2008-04-04T12:08:44Z

April 4, 2008

Cliquez ici pour la version française

Welcome to the April issue of CAAMP Stats.

Bank of Canada Interest Rate

January 22, 2008	4.00%
March 4, 2008	3.50%
April 22, 2008	Next meeting date

Source: Bank of Canada

Bank Prime Lending Rate

January 23, 2008	5.75%
March 5, 2008	5.25%
April 23, 2008	Next meeting date

Source: Bank of Canada

US Federal Reserve Board Discount Rate
January 30, 2008	3.00%
March 18, 2008	2.25%
April 30, 2008	Next meeting date

Source: US Federal Reserve

Exchange Rate ($CDN/$US)

Exchange Rate ($CDN/$US)
$CDN/$US	February 29, 2008	1.0158
$CDN/$US	March 14, 2008	1.0140
$CDN/$US	March 28, 2008	0.9790

Source:Bank of Canada

Government of Canada Bonds

Bond Type	February 27, 2008	March 12, 2008	March 26, 2008
1 Year Treasury Bill	3.18%	2.65%	2.55%
3 Year Benchmark Bond Yield	3.17%	2.71%	2.67%
5 Year Benchmark Bond Yield	3.40%	2.97%	2.93%
10 Year Benchmark Bond Yield	3.81%	3.52%	3.46%

Source: Bank of Canada

Total New Housing Starts (Seasonable adjusted and annualized)

Province	December 2007	January 2008	February 2008
Newfoundland/Labrador	2,900	2,400	2,900
PEI	600	500	1,000
Nova Scotia	4,400	3,300	4,400
New Brunswick	4,500	4,500	3,600
Quebec	39,200	47,900	57,600
Ontario	51,700	72,700	83,800
Manitoba	4,600	5,800	5,200
Saskatchewan	5,000	6,000	5,700
Alberta	37,900	41,700	38,700
British Columbia	33,900	38,900	54,100
CANADA	184,700	222,700	256,900

Source: CMHC Housing Now - March 2008. This seasonally adjusted data goes through stages of revision at different times of the year.

Average MLS resale price for local markets

City	February 2007	February 2008
Halifax	$213,327	$223,579
Montreal	N/A	N/A
Ottawa	$264,928	$283,199
Toronto	$368,687	$382,048
Hamilton/Burlington	$272,953	$276,297
Saskatoon	$187,515	$264,270
Calgary	$313,307	$415,017
Edmonton	$321,307	$338,347
Vancouver	$531,688	$623,517

Source: Canadian Real Estate Association (CREA)

Canadian Major Market Residential MLS Summary*

	Seasonally Adjusted February 2008	Seasonally Adjusted January 2008	Unadjusted Data February 2008	Unadjusted Data February 2007
Dollar Volume ($ millions)	8,796.4	9,582.7	8,613.2	9.049,9
Unit Sales	26,588	28,396	26,302	29,090
Average Price ($)			327,477	311,101
New Listings	50,405	51,840	51,113	45,835

Source: Canadian Real Estate Association * Includes totals for 25 major markets in Canada

Housing Affordability Index

Standard two-storey
Region	Average Price		Qualifying Income ($) Q4 2007	Affordability Measure (%)
Region	Q4 2007 ($)	Y/Y % ch.	Qualifying Income ($) Q4 2007	Q3 2007 (rev)	Q4 2007
*Canada	348,969	9.6	86,612	47.5	48.1
British Columbia	563,312	12.3	128,760	70.9	74.1
Alberta	406,708	11.1	96,276	45.5	43.6
Saskatchewan	280,500	51.2	70,678	41.9	42.3
Manitoba	225,477	13.5	60,412	35.6	36.1
Ontario	349,964	6.5	88,387	43.8	44.3
Quebec	268,783	6.9	71,681	44.7	46.1
Atlantic	210,444	12.3	56,433	37.6	38.3
Toronto	475,888	6.5	115,833	53.4	53.4
Montreal	300,981	5.0	78,364	47.2	47.8
Vancouver	648,592	12.1	146,739	75.4	79.2
Ottawa	320,031	4.6	83,433	37.4	38.0
Calgary	461,811	8.5	106,252	46.9	45.5
Edmonton	354,060	11.7	86,337	41.8	39.5

4 avril, 2008

Bienvenue aux lecteurs de ce numéro d'avril de Statistiques ACCHA.

Taux de la Banque du Canada

22 janvier 2008	4,00 %
4 mars 2008	3,50 %
22 avril 2008	Prochaine réunion

Source : Banque du Canada

Taux directeur

23 janvier 2008	5,75 %
5 mars 2008	5,25 %
23 avril 2008	Prochaine réunion

Source : Banque du Canada

Taux d'escompte de la Réserve fédérale américaine
30 janvier 2008	3,00 %
18 mars 2008	2,25 %
30 avril 2008	Prochaine réunion

Source : Réserve fédérale américaine

Taux de change ($CA/$US)

Taux de change ($CA/$US)
$CA/$US	29 février 2008	1,0158
$CA/$US	14 mars 2008	1,0140
$CA/$US	28 mars 2008	0,9790

Source: Banque du Canada

Bons et obligations du Canada

Type	27 février 2008	12 mars 2008	26 mars 2008
Bons du Trésor, 1 an	3,18 %	2,65 %	2,55 %
Obligations, 3 ans	3,17 %	2,71 %	2,67 %
Obligations, 5 ans	3,40 %	2,97 %	2,93 %
Obligations, 10 ans	3,81 %	3,52 %	3,46 %

Source: Banque du Canada

Mises en chantier (désaisonnalisées et annualisées)

Province	Décembre 2007	Janvier 2008	Février 2008
Terre Neuve /Labrador	2 900	2 400	2 900
IPE	600	500	1 000
Nouvelle-Écosse	4 400	3 300	4 400
Nouveau-Brunswick	4 500	4 500	3 600
Québec	39 200	47 900	57 600
Ontario	51 700	72 700	83 800
Manitoba	4 600	5 800	5 200
Saskatchewan	5 000	6 000	5 700
Alberta	37 900	41 700	38 700
Colombie-Britannique	33 900	38 900	54 100
CANADA	184 700	222 700	256 900

Source : Actualités habitation de la SCHL - mars 2008 Ces données désaisonnalisées sont révisées à divers moments de l'année.

Prix de revente moyen, par marché, selon le SIA

Ville	Février 2007	Février 2008
Halifax	213 327 $	223 579 $
Montréal	N/A	N/A
Ottawa	264 928 $	283 199 $
Toronto	368 687 $	382 048 $
Hamilton/Burlington	272 953 $	276 297 $
Saskatoon	187 515 $	264 270 $
Calgary	313 307 $	415 017 $
Edmonton	321 307 $	338 347 $
Vancouver	531 688 $	623 517 $

Source : Association canadienne de l'immeuble (ACI)

Sommaire SIA des principaux marchés résidentiels canadiens*

	Désaisonnalisé février 2008	Désaisonnalisé janvier 2008	Brut février 2008	Brut février 2007
Volume en dollars (millions)	8 796,4	9 582,7	8 613,2	9 049,9
Unités vendues	26 588	28 396	26 302	29 090
Prix moyen ($)			327 477	311 101
Nouvelles inscriptions	50 405	51 840	51 113	45 835

Source : Association canadienne de l'immeuble * Inclut les totaux pour 25 grands marchés au Canada

Indice d'accessibilité de l'habitation

Standard à deux étages
Région	Prix Moyen		Revenu nécessaire ($) T4 2007	Indice d'accessibilité (%)
Région	T4 2007 ($)	% var. ann.	Revenu nécessaire ($) T4 2007	T3 2007 (rév.)	T4 2007
*Canada	348 969	9,6	86 612	47,5	48,1
Columbie-Britannique	563 312	12,3	128 760	70,9	74,1
Alberta	406 708	11,1	96 276	45,5	43,6
Saskatchewan	280 500	51,2	70 678	41,9	42,3
Manitoba	225 477	13,5	60 412	35,6	36,1
Ontario	349 964	6,5	88 387	43,8	44,3
Québec	268 783	6,9	71 681	44,7	46,1
Atlantique	210 444	12,3	56 433	37,6	38,3
Toronto	475 888	6,5	115 833	53,4	53,4
Montréal	300 981	5,0	78 364	47,2	47,8
Vancouver	648 592	12,1	146 739	75,4	79,2
Ottawa	320 031	4,6	83 433	37,4	38,0
Calgary	461 811	8,5	106 252	46,9	45,5
Edmonton	354 060	11,7	86 337	41,8	39,5

For a complete unbiased assessment of how this information impacts you contact:

David Yeoman
Accredited Mortgage Professional

phone: 705-725-7757
email: yeoman@OntarioMortgageTeam.com
web: www.OntarioMortgageTeam.com/yeoman.apsx

Spring-cleaning your debt could save you thousands

2008-03-30T09:36:34Z

Wouldn't spring-cleaning be so much more gratifying if - somewhere under dusty barbecue parts and outgrown hockey skates - you found an envelope with, say, $5000 in cash? Wouldn't that make spring-cleaning worthwhile? Of course it would!

Well, you may not uncover a financial windfall when you're cleaning the garage this spring, but a little time and attention to the task of spring-cleaning your financial house can be very rewarding. This spring, dust away the cobwebs and take a hard look at your debt servicing costs.

Are you continuously carrying a large monthly balance on your credit card? Or are you making regular use of your overdraft protection at the bank? Worst of all, could it be that you're carrying a balance on a high interest department store card? Take some comfort in knowing that you're not alone. However, this particular kind of financial clutter - ongoing, unsecured consumer debt - is both confusing and costly. Guess what? It's time to spring-clean your debt!

Begin by making a quick list of any loans, credit cards or other unsecured debts. In addition, make a note of the interest rates charged on any outstanding balances. Finally, do a quick calculation of what you have paid in debt servicing costs this winter. Has the tax man sent you a bill? Don't forget to include that debt in your spring-cleaning project.

Next, take a look at the going mortgage rates, and make an appointment with a mortgage professional. By rolling your other debt into a mortgage-either new or existing-you can reduce the number of payments you're making each month, you can save big on interest charges, and you can improve your cash flow.

How much difference will it really make? Well it can be as good - or better - than finding the $5000 envelope of cash in your garage. Why? As an example, if you have a $160,000 mortgage at 5.99%, high interest credit cards and other loans of say $33,000; your total monthly payment could be $2,014.

Now if you took that $193,000 and added on an approximate $3,000 penalty (if necessary) to refinance your mortgage, you may be able to potentially roll that $196,000 into a 5.35% mortgage (OAC, rates subject to change) that could reduce your overall monthly payment to $1,150. That's a monthly savings of $835.

Your monthly payment has been reduced, you're saving on interest charges, and all of your high interest credit card debts are gone. Imagine if you funneled some of that cash flow back into your mortgage!

If you have equity in your home -- preferably more than 25% equity - you may want to consider taking advantage of attractive mortgage rates and rid yourself of your financial clutter. Regardless of where you are in the life of your mortgage, talk to a mortgage professional who can analyze your situation and outline your spring cleaning options.

So as you polish the windows, shake out the carpets and clear out the garage, don't forget the most rewarding task of all: spring-cleaning your debt. Your financial house will enjoy the fresh beginning, too!

~~~~~~~~~~~~~~~~~

David Yeoman
Accredited Mortgage Professional

Ontario Mortgage Team
Mortgage Intelligence Inc.

Leading the way to a better mortgage.
Purchase * Refinance * Renewal * Investment

FREE Mortgage Information and Apply On-Line at:
http://www.ontariomortgageteam.com/yeoman.aspx

Bank of Canada lowers overnight rate target by 1/2 percentage point

2008-03-05T18:49:12Z

OTTAWA - The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of one percentage point to 3 1/2 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 3 3/4 per cent.

Information received since the January Monetary Policy Report Update (MPRU) indicates that economic growth in Canada through the four quarters of 2007 was broadly in line with expectations. Domestic demand has remained buoyant, as rising commodity prices and high employment have continued to support income growth. Canada's net exports weakened further in the fourth quarter, reflecting the slowing U.S. economy and the impact of the past appreciation of the Canadian dollar. Overall, the Canadian economy remained above its production capacity at year-end. Core and total CPI inflation - at 1.4 per cent and 2.2 per cent, respectively, in January - have also been consistent with the Bank's expectations.

At the same time, there are clear signs that the U.S. economy is likely to experience a deeper and more prolonged slowdown than had been projected in January. This stems from further weakening in the residential housing market, which is adversely affecting other sectors of the U.S. economy and contributing to further tightening in credit conditions. The deterioration in economic and financial conditions in the United States can be expected to have significant spillover effects on the global economy. These developments suggest that important downside risks to Canada's economic outlook that were identified in the MPRU are materializing and, in some respects, intensifying.

The Bank now judges that the balance of risks around its January projection for inflation has clearly shifted to the downside, and, as a result, the Bank is lowering the target for the overnight rate. Further monetary stimulus is likely to be required in the near term to keep aggregate supply and demand in balance and to achieve the 2 per cent inflation target over the medium term.

The Bank will publish a new projection for the economy and inflation, including risks to the projection, in the Monetary Policy Report on 24 April 2008.

Information note:

The Bank of Canada's next scheduled date for announcing the overnight rate target is 22 April 2008.

For more information and an unbiased view on where rates are headed: www.OntarioMortgageTeam.com

Price pressure in the existing home market is the sales-to-new-listings ratio

2008-01-31T16:42:11Z

Sellers' market conditions across Canada continue, but the trend is moving towards more balanced markets, according to the recently released Canada Mortgage and Housing Report "Housing Now" January 2008

An indicator of price pressure in the existing home market is the sales-to-new-listings ratio. New listings are a gauge of the supply of existing homes, while MLS® sales are a proxy for demand.

The sales-to-new-listings ratio for Canada remained in sellers' market territory at 60.7 per cent for December, up from November's 59.6 per cent.

Sellers' market conditions continue to support strong growth in house prices, but the trend is a slow move toward balanced markets.

For the full 11 page report click here...

READY TO REINVENT YOUR SPACE?

2008-01-30T14:33:53Z

Ready to reinvent your space?

The lure of a stunning gourmet kitchen or sparkling spa-style bathroom may have you chomping at the bit to begin a home renovation but if you heed the advice of experienced renovators, pre-planning and advanced preparation are the secrets to renovation success. Here's a helpful checklist to get your renovation started on the right track.

Prepare a realistic budget

Determine how much you are prepared to spend on your renovation. Obtain a few quotes from professional renovators to see if your budget is realistic. As you refine your plans, your budget can be fine-tuned. Remember to boost your budget by at least 10 % for unexpected costs.

Decide what you want to do

For most people, this is the fun part - flipping through magazines and watching home decorating shows to get inspired. But it is also one of the most critical phases in any home renovation. Create a folder with photos and examples of what you hope to achieve and include a list of issues you want your renovation to resolve.

Arrange for financing

Get financing in place early to plan your renovation with confidence. Leveraging the equity in your home is often the best option. As a secured loan, you can usually obtain an attractive interest rate and with flexible repayments, this option can be easy on your cash flow. Other alternatives include refinancing your existing mortgage or arranging for a second mortgage on your home. To obtain the best possible terms, be sure to work with an independent mortgage professional who can shop the market for you.

Select the right team

You'll want to entrust your project to people known for their quality of work. Depending on what your renovation involves, you may need a designer to come up with an overall design and plan. Your contractor, who does the construction or subcontracts it to other trades people, will work with you or your designer to implement your plan. Ask for recommendations from friends and family, interview prospective candidates and always check references.

Stick with your plan

With a sound plan, reasonable budget, financing in place and a team that you trust, your renovation can get off on the right track. To keep it there, minimize changes and make yourself available for decisions so that your renovations can proceed on schedule. Remember to keep your eye on the prize - it won't be long before the dust settles and you can enjoy your amazing new space.

According to the Canada Mortgage and Housing Corporation (CMHC), Canadians spend substantial sums on renovations - they project more than $50 billion will be spent on home improvement projects in 2008. To make sure you get the most for your renovation dollars, follow the lead of experienced renovators and plan ahead for success.

To receive by email a copy of the complete 11 page CMHC Renovation Report visit: www.OntarioMortgageTeam.com

First-time buyers of resale homes to benefit from new tax measure

2007-12-17T13:50:57Z

The McGuinty government is giving all first-time homebuyers a break on land transfer tax by proposing to expand the Land Transfer Tax Refund Program to include purchases of resale homes, Finance Minister Dwight Duncan announced today.

"Expanding this Land Transfer Tax refund is an important part of our government's commitment to helping Ontarians buying their first home," Duncan said.

Effective December 14th , first-time buyers of resale homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.

The expanded Land Transfer Tax Refund Program for First-time Homebuyers is part of a package of new tax initiatives announced in the 2007 Fall Economic Outlook and Fiscal Review that would provide $1.4 billion in provincial tax relief for business and people over three years. The government is making strategic investments in people, communities and infrastructure to strengthen Ontario's economic advantage and help manufacturers and other sectors challenged by current economic conditions.

For more information please visit: http://www.gov.on.ca/

Deck the halls for a warm welcome this holiday season

2007-12-14T16:52:52Z

We all do a little more entertaining over the holiday season. And at this time of year, you want to offer your guests the warmest of holiday welcomes. This year, deck the halls... and your front entrance too. Build a little excitement on your front porch, and then let your warm, welcoming front hall sparkle with the holiday spirit!

Let there be light! But don't be a "Sparky Griswold", swathing everything in sight with mega-watt power. A bit of restraint will often create more mood and mystery than will an over- the- top light display. Hang a string of golden stars above your entry porch, or light up one or two small potted evergreen trees with tiny sparkle lights. Real cedar garland (accented with scarlet bows for the daylight hours) entwined with tiny clear lights looks superb when framing an outside door. Your guests will love the cedar scent, and the glimmer of little lights makes a magical entrance.

Invest in a timer. Don't give your outdoor lights a second thought. Set up a timer to turn them on at twilight and turn them off at bedtime.

Go natural with your front door. This is where guests will notice that special touch. You can gather greenery from your garden onto a wire frame, or bring home a heavenly balsam wreath from a nearby garden centre or tree farm. Tie on a big red ribbon, wire in some pine cones, and you will have the loveliest wreath in the neighborhood!

Add a touch of winter whimsy. Dress up your entryway - inside or out - with a whimsical touch. Perhaps you could hang up some ice skates (red laces of course), or adorn an older wooden sleigh with evergreen and a generous bow?

Bells, bells, bells. You can never have too many jingle bells hanging on doorknobs and over your doors signaling the arrival of family or guests. This is especially true when you are secretly wrapping gifts and need a jingle warning!

Greet your guests with warmth, colour, and fragrance. Place baskets of red tulips and creamy narcissus in front of your hall table mirror. Twist tiny sparkle lights and cedar garland through your banister, and keep a big china bowl filled with bundled cinnamon sticks and handfuls of cloves nearby.

Protect from winter drafts. Take a cue from the Victorians this holiday season. Drape thick claret or olive green velvet curtains over your front door to keep away the chill. During the day, tie them back with velvet ribbon or silky cords.

Enjoy the sound of music. It would be lovely if you could have music softly piped into your entry hall for arriving guests. A jazzy holiday album may suit your taste, or consider some classic English chorale hymns and carols to add serenity and comfort to your holiday season.

Holiday hugs and kisses. For warm holiday greetings, hang a ball of mistletoe from your hall fixture with a shining satin ribbon.

So go ahead and deck the halls... and warm your house with good friends and good cheer this holiday season and do not hesitate to share with us your suggestions on how you "Deck the Halls"

Deck of Cards ~ A Soldiers Story this Holiday Season

2007-12-11T16:15:14Z

It was quiet that day, the guns and the mortars, and land mines for some reason hadn't been heard. The young soldier knew it was Sunday, the holiest day of the week. As he was sitting there, he got out an old deck of cards and laid them out across his bunk.

Just then an army sergeant came in and said, "Why aren't you with the rest of the platoon?"

The soldier replied, "I thought I would stay behind and spend some time with the Lord."

The sergeant said, "Looks to me like you're going to play cards."

The soldier said, "No, sir. You see, since we are not allowed to have Bibles or other spiritual books in this country, I've decided to talk to the Lord by studying this deck of cards."

The sergeant asked in disbelief, "How will you do that?"

"You see the Ace, Sergeant? It reminds me that there is only one God.

The Two represents the two parts of the Bible, Old and New Testaments.

The Three represents the Father, Son, and the Holy Ghost.

The Four stands for the Four Gospels: Matthew, Mark, Luke and John.

The Five is for the five virgins that were ten but only five of them were glorified

The Six is for the six days it took God to create the Heavens and Earth.

The Seven is for the day God rested after making His Creation.

The Eight is for the family of Noah and his wife, their three sons and their wives - the eight people God spared from the flood that destroyed the earth.

The Nine is for the lepers that Jesus cleansed of leprosy. He cleansed ten, but nine never thanked Him.

The Ten represents the Ten Commandments that God handed down to Moses on tablets made of stone.

The Jack is a reminder of Satan, one of God's first angels, but he got kicked out of heaven for his sly and wicked ways and is now the joker of eternal hell.

The Queen stands for the Virgin Mary.

The King stands for Jesus, for he is the King of all kings.

When I count the dots on all the cards, I come up with 365 total, one for every day of the year.

There are a total of 52 cards in a deck; each is a week - 52 weeks in a year.

The four suits represent the four seasons: Spring, Summer, Fall and Winter.

Each suit has thirteen cards - there are exactly thirteen weeks in a quarter.

So when I want to talk to God and thank Him, I just pull out this old deck of cards and they remind me of all that I have to be thankful for."

The sergeant just stood there. After a minute, with tears in his eyes and pain in his heart, he said, "Soldier, can I borrow that deck of cards?"

Please let this be a reminder this holiday season and take time to pray for all of our soldiers who are being sent away, putting their lives on the line fighting for us.