Canada Archives - Page 3 of 11

18Feb

Despite the botched vaccine rollout, the Canadian economy is on the ‘cusp of a boom’

[Financial Post - February 17, 2021] The U.S. will be awash in stimulus dollars soon — and Canada must catch that wave The word ‘boom’ is starting to show up in analysts reports. While Canada has botched the vaccine rollout at least in the short-term, pundits believe the blip will soon be in the rearview mirror if more paralyzing delays are few and far between in the near future. The good news is that the Pfizer-BioTech joint venture will deliver more than 878,000 [...]

Canada, COVID-19, Economic Outlook, International Influence, Vancouver Real Estate

18Feb

Canada house prices to build up this year, outpace inflation: Reuters poll

[Reuters - February 1, 2021] BENGALURU (Reuters) - Canadian house prices will continue their upwards march this year, outpacing inflation after hitting record highs in 2020, according to a Reuters poll of property market analysts who said the risk of a COVID-19 resurgence derailing activity was low. Renewed lockdown restrictions after a second wave of infections hit the country are threatening expectations for a strong recovery after the economy likely posted its biggest GDP drop on record of 5.1% in 2020. [...]

Canada, Economic Outlook, Vancouver Real Estate

18Feb

As pandemic lockdowns drag on, Canadians are tapping HELOCs to fund home renos

[Globe and Mail - February 15, 2021] Cory Cook’s initial plan was to build out his backyard deck. But as the pandemic drags on, he’s looking to overhaul his entire basement. “The renovated basement would generate rental income and offer financial security in the event of a job loss,” says the 43-year-old Toronto father of two. To fund his home improvements, Mr. Cook, who helps businesses invest in energy efficiency, took out a $300,000 home equity line of credit (HELOC). After [...]

Canada, COVID-19, Home Design + Decor

24Jan

Bank of Canada sees economy shrinking in first quarter as second wave makes for choppy recovery – Interest rate held at 0.25%

[Financial Post - January 20, 2021] Bank of Canada governor Tiff Macklem, an enthusiastic water skier, borrowed from one of his favourite sports to describe the current state of the Canadian economy. “We’ve said for some time that we’re expecting a choppy recovery and, unfortunately, we’re in a very serious chop,” he said on a Jan. 20 call with reporters after the central bank released a new forecast that predicts an economic contraction this winter. The forecast is a disappointing turn. Canada’s economy [...]

Bank of Canada announcements, Canada, Economic Outlook

22Jan

Pandemic housing market to stay hot in 2021, but economists expect a hangover later in the year

[Financial Post - January 14, 2021] Much is dependent on vaccine outcomes, interest rates and buyer psychology. This year is forecast to be another brisk one overall for Canada’s housing market, but economists also see reason to believe that the rush for residential real estate will start losing momentum as 2021 drags on. The housing market “likely had its strongest year ever in 2020,” Royal Bank of Canada economist Robert Hogue wrote in a report released on Wednesday. Even with coronavirus raging, RBC [...]

Canada, COVID-19, Toronto, Ontario, Vancouver Real Estate

16Jan

Money markets are betting Bank of Canada might make ‘micro rate cut’ next week

[Financial Post - January 12, 2021] TORONTO — Money markets see an increased chance of the Bank of Canada cutting interest rates closer to zero, as tightening economic restrictions to contain a second wave of COVID-19 cases offset optimism that activity will rebound later this year. Interest rates were thought to have hit rock bottom in Canada after they were slashed 150 basis points last March to a record low of 0.25 per cent, a level the Bank of Canada considered [...]

Bank of Canada announcements, Canada, Mortgage Rate Outlook

02Jan

Canada 2021 Housing Forecasts Call For A Boom … Or The Worst Crash in 40 Years

[Huff Post - January 2, 2021] Amid an unpredictable pandemic, forecasts for the housing market are pretty much all over the map. This could be the toughest year in living memory to make predictions about the economy ― especially the housing market. Amid the worst economic slowdown in decades, home sales and prices soared in many Canadian cities in 2020, along with housing markets in many other countries. The average house price in Canada has shot up by 13.8 per cent over [...]

Canada, Economic Outlook, Toronto, Ontario, Vancouver Real Estate

02Jan

Paying down debt Canadians’ top financial goal in 2020: poll

[Financial Post - December 31, 2020] CIBC survey found many people took on more debt this year to cover day-to-day expenses and make up for lost income. TORONTO — Paying down debt is the No. 1 financial priority of Canadians heading into the new year, according to a new survey that found many people took on more debt this year to cover day-to-day expenses and make up for lost income. The annual CIBC online poll said tackling debt has remained unchanged as [...]

Canada, Vancouver Real Estate

16Dec

Prices surge for B.C. recreational properties as people ‘re-evaluate their lifestyle’

[Vancouver Sun - December 8, 2020] There is a surge in interest and prices for recreational properties across B.C., especially Whistler, Kimberley and Cranbrook. Vancouver landscape architect Paul Sangha has long created gorgeous gardens and outdoor spaces for homes in the city, but this year, he is juggling a dramatic switch for his services in far-flung, recreational properties. It’s not just at Whistler, he said. “That, we would traditionally get. But now it’s jumped to Bowen Island and Pemberton, and then also [...]

British Columbia, Canada, Recreational Properties, Remodel + Renovation

11Dec

Bank of Canada doesn’t see housing bubble but it’s watching out, deputy governor says

[Yahoo Finance - December 10, 2020] TORONTO — A deputy governor of the Bank of Canada says the central bank is monitoring rising housing prices, as it keeps interest rates low to help borrowers cope with the COVID-19 pandemic. “Making sure we're not creating a bubble is very important here. And so we're keeping an eye on that,” said Paul Beaudry in a Thursday in a wide-ranging question-and-answer session for the Greater Moncton Chamber of Commerce, the Fredericton Chamber of Commerce, [...]

Canada, Economic Outlook