VERICO economist Michael Campbell gives us an overview into the current state of the Canadian economy and what you should be aware of. After continually underestimating the impact of falling resource prices – especially oil, the Bank of Canada has come to realize that this is a major restructuring of the economy that it estimates [...]
Please click here to see an excellent Economic Report courtesty of Michael Campbell who I have personally heard speak live many times and in my opinion is a very good economist that is in tune with what is happening not only in Canada but around the world.
Canada's residential real estate market showed strong growth in the fourth quarter of 2015, led by hot Vancouver and Toronto markets according to the Royal LePage House Price Survey1 and Market Survey Forecast2 released today. Looking forward to 2016, Royal LePage expects continued price increases in most markets, but not at the pace that has been the recent norm. Instead, the national real estate [...]
The trend measure of housing starts in Canada was 203,502 units in December compared to 208,204 in November, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. “A decrease in both the multiple and single starts segments drove [...]
Finance Minister Bill Morneau announced changes to the rules for government-backed mortgage insurance this week. Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from 5 per cent to 10 per cent for the portion of the house price above $500,000. The 5 per cent minimum down payment for properties [...]
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Global economic growth is evolving essentially as the Bank had anticipated in its October Monetary Policy Report (MPR). The US economy [...]
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales increased in October 2015 from the previous month. Highlights: National home sales rose by 1.8% from September to October. Actual (not seasonally adjusted) activity was little changed (+0.1%) compared to October 2014. The number of newly listed homes was up [...]
Canadian employment surged by 44,000 in October 2015, which was above mar- ket expectations for a 10,000 increase although with much of the gain appearing to be the result of temporary hiring for the October 19, 2015 federal government election. The October gain built on 12,000 increases in both August and Septem- ber. 35,000 of [...]
Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with a minimum down payment of 5% — with interest rates comparable to those with a 20% down payment. To obtain mortgage [...]
There are many appeals and attractions that draw Canadians towards the condo life. Simplicity, efficiency, security, even glamour are all features that attract people to condominiums. But before making a down payment on your castle in the sky, you may want to reflect on the life you've already built − and on your future plans [...]
The Liberals’ new majority gives them all the power they need to influence Canada’s mortgage market. Interest rates, mortgage policy and affordable housing initiatives will all be affected. Here’s some of what the mortgage market can expect from Mr. Trudeau’s new government: Higher bond yields: Balancing the budget is not a priority for the Liberals until [...]
In the third quarter of 2015, home prices showed moderate to strong year-over-year increases in most markets in Canada, according to the Royal LePage House Price Survey¹ released today. While the effects of the crude oil shock are still filtering through the economy, the country’s non-energy sectors are beginning to regain momentum as a lower [...]
The total value of building permits decreased 3.7% to $7.5 billion in August, following increases of 15.5% in June and 0.7% in July (revised data). The decline was attributable to lower construction intentions in most provinces, mainly British Columbia, Alberta, Quebec and Saskatchewan. In the residential sector, municipalities issued $4.7 billion worth of building permits, down 5.1% from July. This was [...]
The non-residential leasing industry reported $45.4 billion in operating revenue and $30.0 billion in operating expenditures in 2013, resulting in an operating profit margin of 33.9%. Ontario had the largest share of operating revenue, accounting for 42.0%, followed by Quebec (17.6%) and Alberta (15.9%). Lessors of residential buildings and dwellings generated $35.4 billion in operating revenue in 2013, while they reported $23.2 billion [...]
The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations for 2015 and 2016. Since CREA’s forecast published in June, the outlook for oil and other natural resource commodities has deteriorated. As a result, the economic and [...]
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Inflation has evolved in line with the outlook in the Bank’s July Monetary Policy Report (MPR). Total CPI inflation remains near the bottom [...]
Here's a look at some key trends being seen in homes across Canada, according to Karl Lohnes, a home interior and product design authority. Colour: Rooms will feel comforting and intimate with charcoal and butterscotch, two great neutrals. Bring them into your home from the floor to the ceiling and don't forget the windows. Bone [...]
When buying a resale home, many prospective buyers hire a home inspector. It's not a requirement of course, but it makes sense. Why not check under the hood before spending all that money? When buying a new home from a builder things are very different. Often there is no house to inspect. There may not [...]
Check out this one from Ghirardelli chocolate! Torte: 6 ounces Ghirardelli 60% Cacao Bittersweet Chocolate baking bar, broken or chopped into 1-inch pieces 1 tablespoon instant freeze-dried coffee 3 tablespoons boiling water 6 large eggs, separated 2/3 cup granulated white sugar 1/4 teaspoon salt Frosting: 4 ounces Ghirardelli Milk Chocolate baking bar, broken or chopped [...]
Highlights: • National home sales edged back by 0.4% from June to July. • Actual (not seasonally adjusted) activity stood 3.4% above July 2014 levels. • The number of newly listed homes edged up 0.2 per cent from June to July. • The Canadian housing market remains balanced overall. • The MLS® Home Price Index (HPI) rose 5.9% year-over-year in [...]
In July the Teranet–National Bank National Composite House Price Index™ was up 1.2% from the previous month, a seventh consecutive monthly increase. The rise exceeded the 14-year July average of 1.0%. Prices were up on the month in six of the 11 metropolitan markets surveyed – 2.7% in Hamilton, 2.4% in Toronto, 2.3% in Ottawa-Gatineau, [...]
(NC) Selling a home can be stressful. Between the constant cleaning and scheduling for countless showings, homeowners also want to make sure they get a fair price for their pride and joy. “Not all sellers have a huge budget to revamp their homes prior to selling,” says Nancy Peterson, home design expert. “But there are [...]
People who inhabit and visit the houses we live in come in all shapes and sizes, ranging from infants to seniors, with various ever-changing abilities and skills. As we grow up, grow old and welcome new people to our homes, our housing needs change. A house that is designed and constructed to reflect the principles [...]
As of September 28th, 2015, CMHC will be changing it’s borrowing rules to help facilitate more affordable housing in Canada. Currently, home owners with legal rental units can use 50% of the rental income towards their total income which means that home buyers can borrow more money. When the new rules come into affect, borrowers [...]
As you might have seen in the news, the Bank of Canada cut it's overnight rate to 0.5% from 0.75%. Here is what this change might mean to you. If you currently have a fixed rate mortgage, your mortgage payments will remain unchanged. However, if your mortgage is coming up for renewal in the next [...]
Against the backdrop of mixed economic signals at home and abroad, Canada’s real estate market remained healthy in the second quarter of 2015, with solid national average price appreciation across housing segments. Furthermore, the combination of high sales volumes and vigorous price appreciation in Canada’s largest cities has put the national residential real estate market [...]
If you should fall victim to identity theft, it is important that you act quickly. Contacting the correct agencies and filing the necessary reports will go a long way toward minimizing any damage to your financial well-being. CREDIT BUREAUS Immediately contact the fraud departments of each of the credit bureaus listed on the back of [...]
The trend measure of housing starts in Canada was 183,959 units in June compared to 179,908 in May, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. “The trend in housing starts increased this month as multiple starts [...]
The vacancy rate for seniors’ residences decreased over the past year, reaching 8.1 per cent in 2015, compared to 8.7 per cent in 2014, according to the Seniors’ Housing Report – Canada Highlights released by Canada Mortgage and Housing Corporation. “As was the case in 2014, the increase in the total number of spaces for seniors in 2015 was [...]
To help you protect that investment and find a safe, comfortable place for your family to call home, here is a list of some of the things you should look at before you buy a home, to make sure you won’t end up having to pay for a lot of expensive repairs: Decks and porches—look [...]
Although oil prices seem to have stabilized, Alberta's economy will post an overall decline in real gross domestic product (GDP) this year, according to The Conference Board of Canada's Provincial Outlook: Spring 2015. “Alberta’s economic performance will be underwhelming this year and next, especially compared with recent years,” said Marie-Christine Bernard, Associate Director, Provincial Forecast, The [...]
According to CMHC’s second quarter 2015 Housing Market Outlook, Canada Edition1, housing markets will remain stable with housing starts moderating slightly in 2015 and 2016. There are, however, a number of risks and vulnerabilities that can affect the market outlook for Canada and each province. To account for these risks and vulnerabilities, CMHC produces forecast ranges for [...]
Highlights: National home sales rose 2.3% from March to April. Actual (not seasonally adjusted) activity stood 10% above April 2014 levels. The number of newly listed homes was little changed from March to April. The Canadian housing market overall remains balanced. The MLS® Home Price Index (HPI) rose 4.97% year-over-year in April. The national average [...]
The trend measure of housing starts in Canada was 179,299 units in April compared to 179,114 in March, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts. “Elevated levels of multi-unit starts during mid-2014 caused the trend to peak [...]
Canada Mortgage and Housing Corporation (CMHC) released updated results today from its House Price Analysis and Assessment (HPAA) framework, which is designed to detect the presence of problematic conditions in Canadian housing markets. “Modest overvaluation based on national indicators reflects a variety of price conditions across the country with some centres showing more signs of overvaluation [...]
Between 1999 and 2012, the value of debt and assets held by Canadian families both rose. However, the debt and assets increased at different rates by category of family. In 2012, 71% of all Canadian families had some debt, up from 67% in 1999. Debt includes both mortgages and consumer debt such as car loans, lines of credit, vehicle loans, personal loans [...]
Bathroom renovations are one of the most popular home improvement projects in Canada. Creating your dream bathroom can add greatly to both the value of your house, as well as your family’s enjoyment of your home. But bathroom renovations also offer a number of opportunities to include several features that can dramatically improve the energy- [...]
According to a 2015 Home Buying Report released, Canadian homeowners looking to "upsize" will be turning to their parents for financial help that is higher than the amount first time buyers are hoping to get from their family. In fact, 42 per cent of current home owners looking to upsize their home are expecting financial [...]
If you are 4 years or more into a 5 year term, should you consider an early renewal? A Manulife survey in 2011 found that almost 2 in 3 survey respondents didn’t compare products from lenders when their mortgage was up for renewal. The number of Canadians who don’t compare mortgage products are surprising considering [...]
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. Total CPI inflation is at 1 per cent, reflecting the drop in consumer energy prices. Core inflation has remained close to [...]
The trend measure of housing starts in Canada was 179,016 units in March compared to 180,236 in February, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts. “Despite recent month-to-month changes in the SAAR, the trend in housing starts [...]
According to the BMO Household Savings Report, more Canadians are making saving a habit by using a fixed savings plan that includes monthly contributions. In fact, one-in-three Canadians (31 per cent) have a fixed savings plan in place heading into 2015, a year-over-year increase of 19 per cent. However, the report also found that 19 [...]
The long-predicted soft landing for condominium markets in cities across Canada is in sight for 2015, with modest gains in sales and prices in most major Canadian cities, according to the latest Conference Board of Canada condo report released by Genworth Canada. The Winter 2015 Metropolitan Condo Outlook forecasts positive condominium price appreciation in most [...]
The Consumer Price Index (CPI) rose 1.0% in the 12 months to February, matching the increase in January. Lower gasoline prices continued to be the largest downward contributor to the CPI on a year-over-year basis in February, posting a 21.8% decline. However, February's decline was smaller than the 26.9% year-over-year decrease observed in January. Excluding gasoline, the CPI increased 2.2% on a year-over-year basis in [...]
International investment in commercial real estate is dominated by Asian interests in both Canada and the U.S., according to a new survey from the Richard J. Rosenthal Center for Real Estate Studies at REALTOR®University and the National Association of Realtors®. Investors Lead International Commercial Investment (PRNewsFoto/National Association of Realtors) The survey found that 47 percent of [...]
According to statistics released by The Canadian Real Estate Association (CREA), national home sales activity edged up slightly on month-over-month basis in February 2015. Highlights: National home sales edged up 1.0% from January to February. Actual (not seasonally adjusted) activity stood 2.7% above February 2014 levels. The number of newly listed homes fell 2.5% from [...]
Do you have a household budget? Do you know how much you'll need to save to maintain your lifestyle in retirement? Do you know how to get your credit report? If you don't consider yourself particularly money-savvy, you're not alone. Nearly two-thirds of Canadians taking part in the 2014 Canadian Financial Capability Survey (CFCS) rate [...]
How Canadians keep their homes warm in winter depends on which part of the country they call home. Data from the 2013 Households and the Environment Survey reveal that those from Ontario and in the West mostly opt for forced air furnaces burning natural gas. In Quebec and in the East, it is electric powered baseboard heaters [...]
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. Total CPI inflation in Canada has fallen as expected, reflecting the significant drop in oil prices. Core inflation remains [...]
According to statistics released by The Canadian Real Estate Association (CREA), national home sales activity was down on a month-over-month basis in January 2015. Highlights: National home sales fell 3.1% from December to January. Actual (not seasonally adjusted) activity stood 2.0% below January 2014 levels. The number of newly listed homes rose 0.7% from December [...]