Canadians wealthier than ever, still deep in debt

Canadian households kept debt at almost record levels in the first quarter, even as they benefit from rising asset values that saw their net worth rise to new highs.

Economic and Real Estate News

Last week, CMHC released the first of two editions of its House Price Analysis and Assessment scheduled for this year. 

Bank of Canada stands pat on key rate, cites impact of January cut

The Bank of Canada has opted against a second consecutive interest rate cut, arguing that it is already delivering an “appropriate” amount of monetary stimulus to counter the hit from lower oil prices.

Mortgage firms tighten lending standards in Calgary as housing boom turns sour

The oil that fueled Calgary’s housing boom has created the conditions for a bust.Genworth MI Canada Inc., the country’s largest non-government mortgage insurer, said last week it’s preparing for more losses this year and into 2016. 

Five condo renos that add value

It was a horror show. The condo kitchen was fitted with expensive cabinets by the high-end Italian company Scavolini – coloured hot pink. In another condo, the back splash behind the stove top was made of a metal – impossible to clean.

Jury Out on Mortgage Interest Rates Rising in 2015

Canada’s housing market has enjoyed banner growth over the past few years, but the jury is out on whether the good times will last throughout 2015. New economic risks such as dropping oil prices and the resulting inflation lag have thrown housing market pundits through a loop, and split the once-confident consensus on rate growth this year.

Bank of Canada lowers overnight rate target to 3/4 per cent

For the first time in over four years, the Bank of Canada has changed its target for the overnight rate, which may come as a surprise.

Canadian dollar tumbles below 87¢ amid crude’s ‘relentless drop’

The Canadian dollar tumbled below the 87-cent mark today as oil prices resumed their “relentless drop.”

Five things to consider before buying a snowbird property in the U.S.

Before you become a Canadian snowbird with a stake in U.S. real estate, here are five essential issues you should think about first:

Canadian dollar sinks below 88 cents as Saudis cut oil to $77 a barrel

The Canadian dollar sank to its lowest level in five years as Saudi Arabia moved to slash its price for the type of oil used in much of North America to its lowest level since September 2010.

Visa, MasterCard to cut credit card interchange fees in Canada

Visa Inc. and Mastercard Inc. have voluntarily agreed to cut the fees they charge to retailers for credit transactions, the Canadian government said on Tuesday, adding it now sees no need to regulate fees set by credit card networks.

Variable will continue to trump fixed

The message from several brokers is that variable rates still reign supreme, following a story about one financial professional’s personal mortgage blunder.

Ancient property-transfer tax adds another burden for Vancouver buyers

For Vancouver home buyers who get the shivers at high prices for even run-down houses, there is also the haunting sight of a tax goblin.

Beware Fine Print of Collateral Mortgages

Collateral mortgages may have some tempting features, but there are two key factors to take into consideration, says RateHub.ca’s Alyssa Richards

The Pros And Cons Of Refinancing A Mortgage Loan

Current refinance rates are at all-time lows; as such, refinancing a mortgage is more attractive than ever before. However, Hale Walker of MiMutual, believes that people need to take into account the entire cost of refinancing and not just how much interest rates will lower.

House prices keep going up but they are more affordable thanks to cheap debt

House prices keep going up in most parts of the country but affordability improved last quarter, according to one of the country’s major banks.

Foreign buyers are fuelling a seismic spike in Vancouver’s luxury housing market, realtors say

VANCOUVER — Chinese investors’ global hunt for prime real estate is helping drive Vancouver home prices to record highs and the city, long among top destinations for wealthy mainland buyers, is feeling the bonanza’s unwelcome side-effects.

Australian new home approvals at high levels, but uneven across states

New home approvals in Australia bounced back in July and remain at very high levels by historic standards, according to the latest figures from the Australian Bureau of Statistics (ABS).

US property cash sales now at lowest since 2010, latest data shows

Cash sales made up 34.4% of total home sales in the United States in May 2014, the lowest share since May 2010, the latest data shows.

Low mortgage rates showing signs of turning around housing market

Forecasters are hiking their expectations for Canada’s housing market amid signs low mortgage rates are energizing sales, construction and prices.