real estate: Bank of Canada lowers overnight rate target by 1/2 percentage point
- 03/05/08 10:49 AM
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 … (0 comments)
real estate: 81 per cent of Canadians satisfied with their mortgages
- 11/08/07 11:50 PM
Canadian Association of Accredited Mortgage Professionals survey shows longer amortization and flexible terms keep mortgage industry buoyant The vast majority of Canadians (81 per cent) are happy with the terms of their mortgages thanks in large measure to "good interest rates" and longer amortization options, according to a report released today by the Canadian Association of Accredited Mortgage Professionals (CAAMP). Significantly, thirty seven per cent of Canadians who have taken out a mortgage in the last year have chosen amortization periods of more than 25 years. The information was gathered by Maritz from an online survey of 2,000 Canadians in late September … (2 comments)
real estate: City of Toronto: New Taxation Measures
- 10/26/07 04:03 AM
Land Transfer Tax ImplementationOn October 22, 2007, Toronto City Council approved a new land transfer tax which takes effect on February 1, 2008. More details on implementation will be available at Executive Committee on October 29, 2007. For all purchasers: one-half of one percent of the value of the consideration on sales up to and including $55,000;one per cent of the value of the consideration on sales exceeding $55,000 up to and including $400,000; two per cent of the value of the consideration of land containing one and/or two single family residences exceeding $400,000;one and a half per cent of the … (3 comments)
real estate: Canadian Boomer Resilience: 84% Not Scared Off Real Estate Despite U.S. Housing Downturn
- 10/25/07 02:13 PM
Canadian Boomer Resilience: 84% Not Scared Off Real Estate Despite U.S. Housing Downturn - 21% of Canadian baby boomers plan to make a real estate purchase in the next three years, according to a recent Mortgage Intelligence survey - Eight out of ten (84%) Canadian baby boomers, aged 41-61, state they are not hesitant to consider a real estate purchase despite U.S. housing market volatility, according to a new online survey by Angus Reid Strategies on behalf of Mortgage Intelligence Inc. In fact, 21% of boomers surveyed anticipate making a real estate purchase in the next three years; 63% are not apprehensive about Canadian … (2 comments)
real estate: As the clock turns: Homeowner’s Autumn Checklist
- 09/14/07 04:35 AM
Whatever the weatherman or the almanac says, we know that the warm season really ends with the changing of the clocks to mark the beginning of standard time again. Mornings are suddenly dark and frigid, and we know that winter is upon us. Protect your home and garden investment - by taking some time to batten down the hatches outdoors before the snow flies! 1. Last chance for repairs: Begin by looking up. Your roof and eaves troughs will need to be in good condition to protect your home in the coming months. In particularly, be sure to clear leaves and debris from … (3 comments)
real estate: Subprime bailout means the stupid won't have to pay
- 09/07/07 12:33 AM
This was a recent headline in a prominent newspaper referring to the current credit crisis in the American Sub prime Market. "Subprime bailout means the stupid won't have to pay" As a Canadian Mortgage Broker I have been very interested in reading comments from the "so-called" experts, the reasons why the U.S. mortgage / real estate market is in the current state that it is. Reasons have included everything from lost leader type mortgage promotions, called "scams" by some, the impact of rising rates on the infamous ARM mortgage market, to Realtors in certain markets using over aggressive subprime mortgages to sell property to those that may not … (8 comments)
real estate: Latest Stats Can. Report on New Homes Starts
- 09/06/07 06:52 AM
Construction intentions cooled down in July as the value of building permits declined, halting two months of record-setting performances. Municipalities issued building permits worth $6.2 billion, down 11.3% from $6.9 billion in June. Still, July was one of only a handful of months in which permits exceeded the $6-billion mark. At $6.9 billion in both May and June, the total value of permits was at its highest level on record. Losses occurred in both the residential and non-residential sectors. The value of residential permits fell 6.3% to $3.8 billion, with declines in both the single-family and multiple-family components. Contractors took out $2.3 billion in permits … (0 comments)
real estate: Boom continues: Real estate group predicts record home sales in Canada
- 09/04/07 04:58 AM
CANADIAN PRESS 2007 TORONTO (CP) - Home buyers in Canada will shrug off stock market volatility caused by the U.S. subprime mortgage crisis and drive up both the number of homes sold and average resale prices across the country to record levels this year, the Canadian Real Estate Association predicted Monday. Powered by frenzied resale activity in the first six months of the year, overall national sales should rise 8.1 per cent in 2007 to just over 523,000 units, with records set in most provinces as well, the association said. In addition, the average price of a home is expected to rise … (0 comments)
real estate: Make room for a Mudroom
- 08/29/07 09:38 AM
Now that our thoughts are turning again to outdoor living, it's a great time to think about making room this year for what may be one of the most practical places in the house: the mudroom. Never mind that we may associate mudrooms with images of country houses, English wellies and walking sticks - the premise is the same in our modern lives. Every home must find a way to manage that transition that its inhabitants make between life outdoors and life inside. A mudroom is perfectly practical - and can also be perfectly pleasing. • The struggle for order. It's funny how … (2 comments)
real estate: August Prepares to Roar into Fall Market
- 08/20/07 08:26 AM
TORONTO, Aug. 17 /CNW/ - Resale home transactions reached unprecedented heights in the first half of August,up 17 per cent from the same period in 2006, Toronto Real Estate Board President Donald Bentley announcedtoday. So far this month 3,838 properties have sold with an average price of $355,829."The market has shown tremendous strength in recent months," said Mr. Bentley. "Given that August sales have been brisk thus far and that the past four consecutive months have all set records, we are looking forward to arobust fall market." The rate at which transactions are occurring has increased over 2006 as well. … (0 comments)
real estate: Expect higher prices, interest rates and taxes to cool the housing market in 2008
- 07/25/07 12:15 AM
Expect higher prices, interest rates and taxes to cool the housing ... <- read moreRecord year-to-date sales of existing homes in June, along with double-digit increases in house prices, reflect a still-very-hot Canadian housing market as we reach the midway point in 2007. According to the Canadian Real Estate Association (CREA), 31,000 homes were purchased in June through the MLS system in major markets in Canada. In fact, June marked the third consecutive month that seasonally adjusted sales have reached a record high. In the month, the total dollar volume of home sales, the number of new listings and the average … (0 comments)
real estate: Ontario market continues to be "One Hot Summer"
- 07/18/07 04:58 AM
TORONTO, July 18 /CNW/ - July has started swiftly, with 3,947 sales to date, TREB President Donald Bentley announced today. This mid-month total is up 21 per cent over last July's 3,251 sales. "While it is too early to speak of a July record (currently the record is 8,084 sales recorded in 2003), this month should certainly end as one of our best summer performances," said Mr. Bentley. "And in terms of year-to-dateactivity (54,457 sales), 2007 is 11 per cent ahead of 2006 (48,961 sales). It is also up 13 per cent over the 2005 figure (47,956 sales), and when 2005 was … (0 comments)
real estate: TransUnion report, the impact of your credit score on the true cost of your mortgage
- 07/18/07 03:16 AM
Personally I think it is just as much an issue of lack of education on the part of the client's Lender as it is lack of knowledge on the part of the respondents. Regardless the "price matrix" as a result of your Credit Score can cost the YOU thousands of dollars in extra interest charges. Here is the Canada News Wire release:TORONTO, July 18 /CNW/ -- Do Canadians really know how much a mortgage will cost them? With the summer home buying season now in full swing, TransUnion recently commissioned GfK Roper Public Affairs & Media to survey consumer perceptions and attitudes about … (1 comments)
real estate: More on Toronto's tax (NOT) & cottage prices go through the roof
- 07/18/07 01:12 AM
Miller's tax push fails by a single voteGlobe and Mail - CanadaDespite the dire warnings of possible service cuts and tax hikes, Mr. Ashton said last night the deferral was necessary to get the Toronto Real Estate Board ... Cottages prices going through the roofCanoe.ca - CanadaThe average price for a piece of vacation real estate ranges from $86500 in Newfoundland to $225000 in Prince Edward Island, $525000 in Quebec, ... … (1 comments)
real estate: What happened to Toronto's proposed 100% increase the Land Transfer Tax?
- 07/17/07 12:54 AM
Tax attack launched <-click here to read moreToronto Sun - CanadaPalmer noted a small number of people -- those "trying to achieve the Canadian dream" -- will bear the brunt of the "unfair tax." For every real-estate ... Two new taxes vital for Toronto <-click here to read moreToronto Star - Ontario, CanadaCritics warn the land transfer tax, adding up to 2 per cent to the cost of a residential home, would dampen Toronto's white-hot real estate market. ... … (0 comments)
real estate: 3 reports on the health of the Canadian Real Estate Market
- 07/13/07 01:15 AM
Canadian Housing Market Gathers Momentum As US Market SlumpsMoney Morning - USARoyal LePage Real Estate said in its quarterly report that the average Canadian house price is expected to rise by 9.5% to reach $286775 by the end of this ... June a record month for Canadian home buyingToronto Star - Ontario, CanadaThe Canadian Real Estate Association said the average cost of a home was $335180 last month, compared to $303472 in June last year, an increase of 10.4 per ... No slump yet: Average house price hits $335180CBC Toronto - Toronto,Ontario,CanadaThat figure was up 10.4 per cent from June 2006, the Canadian … (1 comments)
real estate: Bank raises rate by 1/4 percentage point to 4 1/2 per cent
- 07/10/07 03:42 AM
Bank of Canada raises overnight rate target by 1/4 percentage point to 4 1/2 per cent resulting in all major chartered Bank raising their Prime Rates to 6.25% OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 4 1/2 per cent. The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 4 3/4 per cent. Economic growth and inflation in Canada in the first half of this year have been stronger than expected in the April Monetary Policy Report (MPR). Final domestic demand has … (0 comments)
real estate: Happy Canada Day!
- 06/29/07 02:27 AM
The Maple Leaf Forever! It was over 40 years ago, in 1965, that Canada's distinctive maple leaf flag flew for the first time. Then, as now, the flag had its supporters and detractors. But few realized what a powerful and positive symbol our Canadian flag would become. Though we endlessly debate our shortcomings as a country, we still wear Canadian flags on our lapels and our belongings when we travel abroad, because our flag is recognized and respected around the globe. This Canada Day, let's take a moment to see ourselves as others see us: one of the most-admired nations in the world, … (2 comments)
real estate: Toronto REALTORS® Tell City that 100% Land Transfer Tax Increase is Unfair
- 06/27/07 09:49 AM
TORONTO, June 27 /CNW/ - The Toronto Real Estate Board has told the City of Toronto that its proposal to charge a second land transfer tax treats home buyers unfairly. TREB's comments were made in a formal presentation to the City's Executive Committee earlier this week.If the City moves forward with the proposal, the average Toronto home buyer will pay another $4,200 in land transfer tax. That is a 100 per cent increase, and would give Toronto the highest land transfer taxes in Canada and the second highest in North America."A second land transfer tax discriminates against home buyers. The City … (2 comments)
real estate: Ontario housing markets defy industry expectations....push sales and prices to new heights says RE/MAX
- 06/25/07 03:43 AM
Transmitted by CNW Group on : June 21, 2007 06:00 MISSISSAUGA, ON, June 21 /CNW/ - Despite concerns over a higher Canadian dollar and its impact on the province's manufacturing sector, housing markets across Ontario continue to perform above and beyond industry expectations, according to a report released today by RE/MAX Ontario-Atlantic Canada.Stronger than expected consumer confidence levels have fuelled extraordinary demand for properties this year. The REMAX Ontario Market Trends Report, highlighting residential real estate activity in more than 30 major centres, found that sales were climbing in 85 per cent (28 out of 33) of markets surveyed, while all but one market … (0 comments)
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 … (0 comments)
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