REAL ESTATE UPDATE
On December 11, 2015 the Canadian Liberal government announced that it is increasing the minimum down payment on insured mortgages from 5 per cent to a two tiered system effective February 15, 2016. The minimum down payment on houses priced above $500,000 will remain at 5 per cent, but there will be an additional 10 per cent required on the portion of the house price above $500,000. CLICK HERE to see the story in the Victoria Times Colonist.
BCREA reports that the Consumer Price Index (CPI) rose 1.4 per cent in November compared to the same month last year. Note the largest increase came from food prices, which rose 3.4 per cent. However, the Core CPI excludes the volatile components like food and gasoline. By doing so, they can declare that the inflationary increase was on target.
Wholesale trade in Canada declined for the fourth consecutive month in October, down by 0.6 per cent. Wholesales sales in BC were down 1.2 per cent in October and it was the second consecutive month of decline in BC. The inventory-to-sales ratio in Canada during October was 1.34 per cent, reaching its highest level since June of 2009.
These tepid indicators suggest the Bank of Canada will continue its sideline stance and will likely not change its trend-setting target overnight interest rate at its next announcement.
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