Canada Archives - Page 9 of 11

18Oct

OSFI is reinforcing a strong and prudent regulatory regime for residential mortgage underwriting

[Source: OTTAWA - October 17, 2017 - Office of the Superintendent of Financial Institutions Canada] Today the Office of the Superintendent of Financial Institutions Canada (OSFI) published the final version of Guideline B-20 − Residential Mortgage Underwriting Practices and Procedures. The revised Guideline, which comes into effect on January 1, 2018, applies to all federally regulated financial institutions. The changes to Guideline B-20 reinforce OSFI’s expectation that federally regulated mortgage lenders remain vigilant in their mortgage underwriting practices. The final Guideline [...]

Canada

07Aug

Federal banking regulator proposes new stress test for uninsured mortgages

[Source: CTVnews, July 6, 2017] OTTAWA -- The federal banking regulator is proposing a new stress test for all uninsured mortgages as part of efforts to tighten lending rules. The Office of the Superintendent of Financial Institutions (OSFI) recommended the measure as part of draft changes that it has published for public consultations. The change would mean that homebuyers who have a down payment of 20 per cent or more -- and therefore don't require mortgage insurance -- will still face a [...]

Canada

31May

Canada’s economy accelerates on consumer, business spending

[Source: Globe and Mail, May 31,2017] Canada’s economy accelerated strongly in the first quarter, driven by consumer spending and a rebound in business investment. Gross domestic product grew at an annualized 3.7 per cent pace, Statistics Canada said on Wednesday, slightly below economists’ expectations for 3.9 per cent, and following upwardly revised annualized growth of 2.7 per cent in the fourth quarter. The economy also appeared to be on solid footing ahead of the second quarter with growth rising by a better-than-expected [...]

Canada, Economic Outlook

17May

Going big with smaller homes

[Source: The Province, May 11, 2017] When Statistics Canada released its 2016 census last week, two figures caught my eye. The first was the fact that for the first time, the number of older Canadians exceeded the number of younger ones. The second was the news that the population of families in the city of Vancouver is now in decline. What does this mean for our housing mix in Metro Vancouver? It goes without saying that vibrant communities need people of all [...]

British Columbia, Canada, Vancouver Real Estate

12Apr

Pressure is growing for the Bank of Canada to raise interest rates

[Source: Maclean's, April 7, 2017] Bank of Canada Governor Stephen Poloz insists the economy is weaker than it appears, but that argument is now in trouble. Bank of Canada governor Stephen Poloz used a history lesson Tuesday to make a case for a policy mix frequently promoted by the federal government -- an openness to more foreign investment, immigration and free trade. In a prepared speech, Poloz said Canada has seen these ingredients produce positive economic results in its past, including [...]

Bank of Canada announcements, Canada, Economic Outlook

12Apr

Bank of Canada leaves key interest rate steady at 0.5%

[Source: CBC, April 12, 2017] The Bank of Canada today left its benchmark rate unchanged, at 0.5 per cent, saying it is too early to conclude that the economy is on a "sustainable growth path" despite a recent rebound that led it to bump up its 2017 outlook. "During the rest of this year and into 2018 and 2019, growth in Canada is expected to moderate but remain above potential," the bank said Wednesday. Economists had widely predicted that the bank would [...]

Bank of Canada announcements, Canada, Economic Outlook

12Apr

BoC signals earlier rate hike, upgrades growth forecast

[Source: The Globe and Mail, April 12, 2017] The Bank of Canada is signalling that its first interest rate hike since 2010 could be less than a year away as the Canadian economy continues to grow faster than expected. The central bank once again kept its key overnight rate unchanged Wednesday at 0.5 per cent, where it has stood since July 2015. But the bank acknowledged what most economists have been saying for months – that the Canadian economy is gaining traction, [...]

Bank of Canada announcements, Canada, Economic Outlook

10Apr

Condos Drive Fastest Surge in Canadian Housing Starts Since 2007

[Source: Bloomberg, April 10, 2017] Canadian housing starts surged to the fastest pace in a decade, led by apartments and condominiums. Housing starts soared 18 percent to an annualized 253,720 units in March, from 214,253 units in February, Canada Mortgage & Housing Corp. said in a statement Monday from Ottawa. Multiple-unit starts in urban areas surged 30 percent to 160,989 units. Housing has been one of the main drivers of Canada’s economy over the last several years, as interest rates remain at [...]

Canada

09Apr

Fewer listings, strong demand boosts Metro Vancouver real estate

[Source: CTV News, April 4, 2017] VANCOUVER - Home sales in Metro Vancouver are bouncing back after a dismal February, but the Real Estate Board of Greater Vancouver says transactions are still almost 31 per cent below the March 2016 record. The board says a shortage of property listings and strong demand, especially for condos and townhomes, propelled the market in March. Board president Jill Oudil says sellers still seem reluctant to put their homes on the market, creating stiff competition for [...]

British Columbia, Canada, Economic Outlook, Vancouver Real Estate

07Mar

Bank of Canada announces rate – March 1, 2017

[Source: Repmag.ca, March 1, 2017] OTTAWA - The Bank of Canada is holding its trend-setting interest rate at 0.5 per cent but it's keeping a watchful eye on "significant uncertainties'' that it warns could alter the economy's improving trajectory. The central bank's scheduled rate announcement Wednesday arrived as Canada tries to assess the direction of U.S. economic policy under President Donald Trump and the potential fallout from any changes he may bring. The bank has said some U.S. proposals, which include tax [...]

Bank of Canada announcements, Canada, Economic Outlook, International Influence