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.
Ottawa, ON, May 15, 2015- According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity posted a third consecutive month-over-month increase in April 2015.
The Bank of Canada’s top brass assured a parliamentary committee that Canada’s bloated housing market has not become a risky asset bubble, despite the central bank’s own calculation that house prices nationwide are roughly 20 per cent overvalued.“We don’t believe we’re in a bubble,” Bank of Canada Governor Stephen Poloz said in testimony Tuesday to the House of Commons Standing Committee on Finance.
Fixed-rate penalties are of particular importance in the current interest-rate environment because the differences in the methods used to calculate them are actually more pronounced when fixed-mortgage rates stay flat or rise slightly over an extended period – exactly the scenario that many experts predict will unfold in the coming years.
Unlike our neighbours to the south, mortgage interest on a principal residence in Canada is not tax deductible, well, at least not without some elaborate tax planning.
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