Bank of Canada Governor Mark Carney’s plans to raise interest rates this fall have been put on hold as a result of the continued financial struggles in both the U.S. and Europe. It was originally believed that the bank would be raising rates this September, but recent indications suggest that we could be looking at rates dropping again before we begin to see increases. Home owners concerned ...
Posted by Sean Kavanagh
on August 17, 2011
As anticipated, July 1st has come and gone leaving a cooling of the real estate market in its wake. With many buyers and sellers trying to complete transactions before July 1st due to the HST introduction, raising interest rates and new government regulations on real estate purchasing, we are now witnessing a collective SIGH in the market......the calm after the storm, if you will.
Experts ...
Posted by Sean Kavanagh
on July 13, 2010
Canadian home ownership costs are rising and affordability is eroding, while house prices are due for a correction in the coming year or two, a pair of reports by banks said on Tuesday.
"While the booming housing market is starting to come back to earth, the fact that prices are overvalued today does not necessarily mean that they will crash tomorrow," said Benjamin Tal, senior economist at Canadian ...
Posted by Sean Kavanagh
on May 26, 2010
Exceptionally low interest rates, government incentives (rebates, tax breaks and RRSP contributions), the looming HST and a renewed consumer confidence puts Canada as the world leader when it comes to the recovery of the global real estate market.
In a recent report on Global Real Estate Trends written by Adrienne Warren of Scotiabank, Canada is leading the way in the global real estate recovery ...
Posted by Sean Kavanagh
on January 22, 2010
Canada and more specifically Ontario appears to have avoided any lasting impact from the collapse of the US housing market and the subprime mortgage market meltdown. What we have seen over the past 18 months was fear versus demand and fair market values relative to the true economic environment in Ontario. From the price stability we have seen, I would say we are on great footing going forward. The ...
Posted by Sean Kavanagh
on January 14, 2010
There's no need for the Ontario government to hold public hearings on its plan to harmonize the provincial sales tax with the GST next July, Premier Dalton McGuinty said Wednesday, adding that voters can pass judgment on the issue in the 2011 provincial election.
Basically, McGuinty is telling the public he plans to ram this tax down your throat whether you like it or not and it doesn’t matter ...
Posted by Sean Kavanagh
on November 18, 2009
House hunters still waiting for prices to drop further before buying may have sat on the sidelines too long, according to a new report. A study released Thursday shows home values in some major markets across Canada have recovered to levels where they were before the recent market drop. Economists agree and say the power has shifted to a seller's market in recent months, after the buyer's ...
Posted by Sean Kavanagh
on September 29, 2009
Mortgage rates have eased slightly for both the fixed rates & the variable rate mortgages.
The 5 year fixed rate has finally come back down below 4% to 3.99%. The variable has also moved down to prime (2.25%) plus .15% on a 3 year term & prime plus .20% on a 5 year term. The variable seems to be the way to go, as the economists are now predicting that the Bank of Canada rate will ...
Posted by Sean Kavanagh
on September 9, 2009
Sales of homes in Canada jumped 31.5 percent in the second quarter from the first and saw their first year-over-year quarterly increase since before the peak of the financial crisis, the Canadian Real Estate Association said on Tuesday. The report is the latest piece of evidence showing that consumers are venturing back into the home market, encouraged by low mortgage rates and signs that the worst ...
Posted by Sean Kavanagh
on July 15, 2009
A new survey has found that 78 percent of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68 percent think now is a better time to buy than six months ago.
Prices are the driving motivation for potential ...
Posted by Sean Kavanagh
on April 1, 2009