Global Market Mayhem May Keep Interest Rates Low.

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 …

May Market Update – Home sales drop, but prices remain high!

Canada’s real estate market is recovering, though it’s not all the way back, according to the Canadian Real Estate Association (CREA). But don’t expect falling sales to be reflected in the price you pay. CREA notes that, in spite of fewer homes changing hands, Canada’s average house price will rise four per cent to $352,500 per unit this year, and …

Housing market begins to cool

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 …

Bank of Canada raising interest rates sooner than expected

The Canadian dollar posted its biggest single-day gain since July as the Bank of Canada warned that it will be raising interest rates. As the economy continues to recover, the raising of interest rates is just around the corner in an attempt to slow inflation. The bank’s “extraordinary policy” of ultra-low rates was introduced to boost the economic recovery, but …

More young Canadians taking advantage of low interest rates in housing market

Younger Canadians are expected to lead the way with home buying this year as they take advantage of low interest rates, new jobs and what they consider “good prices,” a bank survey says. The survey for the Royal Bank suggested that 15 per cent of Canadians between the ages of 18 and 24 were very likely to buy, almost double …

Finance Minister looking to cool this RED hot real estate market.

Jim Flaherty has indicated that his measures to slow the Canadian real estate market back in July 2008 have not worked and he may need to take additional measures to prevent another housing crisis.  Back in July 08, Flaherty decided to raise the minimum down payment for buyers from 0% down to 5%.  He also lowered the amortization of mortgages …