Economic Outlook Archives - Page 6 of 10

01Jul

REAL ESTATE: Home Sales Vital To Economic Recovery

[BC Local News - June 5, 2020] Having pushed the restart button and emerged into the “New Normal,” we discover that B.C.’s economic engine is but a shadow of its former self. Citizens and businesses must now face the long-term consequences of the national measures taken to combat the Covid-19 pandemic. No amount of government stimulus funding will make up for the loss of personal income, investments and business revenue incurred during the shutdown, and all the federal stimulus money [...]

British Columbia, COVID-19, Economic Outlook

18Apr

Major lenders begin to cut fixed mortgage rates

[Globe and Mail - April 16, 2020] Fixed mortgage rates are creeping lower this week, as the funding markets that banks and other mortgage lenders use to raise money for loans have begun to normalize after weeks of outsized volatility. Toronto-Dominion Bank brought its five-year fixed rate down to 3.09 per cent from 3.24 per cent this week, and several other major lenders including Royal Bank of Canada and MCAP have also reduced their rates. Five-year fixed-rate mortgages ranged between 2.39 [...]

Canada, COVID-19, Economic Outlook, Mortgage Rate Outlook

17Apr

Summer revival of pandemic-ravaged Canadian real estate seen by RBC economist Robert Hogue

[Georgia Straight - April 16, 2020] An RBC economist expects a possible summer resurgence of the real estate market in Canada. In a housing update, Robert Hogue of RBC Economics described the ravages being done by the COVID-19 pandemic on the residential property market as a “temporary shock”. “We expect stronger activity to resume once social distancing orders are relaxed though there’s great uncertainty as to when this will happen,” Hogue wrote. “Our baseline assumption is sometime in June,” Hogue continued in his [...]

Canada, COVID-19, Economic Outlook

05Apr

Canadian banks cutting credit card interest for some clients due to COVID-19

[CTV - April 3, 2020] VANCOUVER -- Some major Canadian banks are cutting credit card interest for clients that are facing financial hardship because of COVID-19. In a release on Friday, RBC said it will be by cutting interest by 50 per cent for small business and personal clients who are already deferring minimum payments on their credit cards. Starting on April 6, clients who qualify will be able to take advantage of the change. In order to be considered, clients will have [...]

COVID-19, Economic Outlook

31Mar

How will COVID-19 impact the real estate market in Canada?

[Money Sense - March 25, 2020] From cooling down sales to changing how available homes are shown, this global pandemic will change Canadian real estate in the short- and long-term. To say the events of the past few months have had an unprecedented impact on how our society functions would be an understatement. As the threat of the COVID-19 global pandemic grows across Canada and all levels of government enact policies to stop community spread via social isolation, millions of Canadians [...]

Canada, COVID-19, Economic Outlook

25Mar

UPDATE from Synergy Mortgage during COVID-19 Crisis

[Synergy Mortgage - March 24, 2020] We hope all of our valued clients are doing well and staying safe during these unprecedented times. We are OPEN FOR BUSINESS as we are able to work remotely online via phone and email, as are our lenders. Appraisers have shifted their practices and are now able to perform appraisals without physically viewing the inside of a property. Lawyers and notaries continue to meet in person with clients in a safe manner, as they are [...]

British Columbia, COVID-19, Economic Outlook

24Mar

Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses

[Department of Finance Canada - March 18, 2020] Backgrounder The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak. On March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy during this challenging period. These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and [...]

Canada, COVID-19, Economic Outlook

21Mar

Big banks to allow delayed mortgage payments to some in unprecedented response to coronavirus crisis

[Financial Post- March 18, 2020] 'This is a stunning reflection of how severe income losses could get' Canada’s six biggest banks are offering to ease up on customers whose lives have been disrupted by the new coronavirus, a largely unprecedented move that could include allowing borrowers to delay mortgage payments for up to six months. Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank all announced offers of [...]

Economic Outlook

21Mar

Trudeau unveils financial aid worth $82 billion to help Canadians weather coronavirus

[Financial Post - March 17, 2020] Prime Minister Justin Trudeau announced plans to roll out a fiscal package worth 3% of Canada’s economy as it grapples with fallout from the coronavirus pandemic. The measures will be worth a combined $82 billion (US$56.7 billion), Trudeau said Wednesday in Ottawa. This includes $27 billion in direct support for individuals and companies and $55 billion in temporary tax deferrals for both households and businesses. The outlook, however, seems to be deteriorating quickly. The price of [...]

Canada, Economic Outlook

20Dec

Property Watch: B.C’s 2020 real estate forecast is decidedly cloudy

[BC Business - December 19, 2019] Will the market continue its rebound in 2020, or fall prey to a slowdown driven by rising supply? All bets are off. It’s been a whirlwind of a year for the B.C. housing market. Gossip about real estate, often considered British Columbians’ favourite pastime, quieted to a whisper at the start of 2019. Sales volumes reached six-year lows and prices began falling—a rare event for the 68 percent of B.C. residents who own a home, [...]

British Columbia, Economic Outlook