Industry News - Page 14 of 33

21Aug

Here’s What Canada’s Mortgage Deferral Cliff Looks Like, And Why Experts Are Worried

[Better Dwelling - August 21, 2020] Canadian real estate buyers are jumping in head first, since the recession didn’t impact housing. However, since the beginning of the pandemic, experts said no issues would be apparent until the end of the year. The reason is a term only finance and banking nerds have been using – the deferral cliff. The deferral cliff is the expiration of programs that bought distressed owners a few extra months. Until the deferral cliff arrives, we [...]

COVID-19, Economic Outlook

12Aug

Bank of Canada expected to cut mortgage rate to near record low

[News 1130 - August 11, 2020] VANCOUVER (NEWS 1130) — Mortgage rates could near a record low as experts expect the Bank of Canada to cut its five-year mark as soon as this week. CIBC and BMO both cut their five-year mortgage rates by 15 basis points earlier this week to 4.79 per cent. The Canadian Mortgage Brokers’ Association expects an imminent cut to the benchmark five-year rate, as well. The Bank of Canada is expected to reduce the benchmark qualifying rate from [...]

Bank of Canada announcements

08Aug

Real-estate spin torques the reality of home sales in a COVID-19 world

[Vancouver Sun - August 7, 2020] You can be forgiven for feeling perplexed about what’s happening to Metro Vancouver’s real-estate market after almost six months of COVID-19 anxiety and varying degrees of lockdown. The spin coming from the real-estate industry is bewildering — with some realtors saying the market is “hot” and “fantastic.” Some agents say B.C. buyers are “jumping in with both feet,” activity is “up dramatically,” numbers are “record setting” and prices are “20 per cent higher year over [...]

COVID-19, Economic Outlook, Vancouver Real Estate

16Jul

Bank of Canada holds key interest rate, forecasts GDP decline

[CTV - July 15, 2020] OTTAWA -- The Bank of Canada will keep its key interest rate at 0.25 per cent until the national economic picture improves, which governor Tiff Macklem said Wednesday will take "a long time." Low interest rates are meant to help households and businesses recover from the COVID-19 pandemic by making borrowing relatively inexpensive. Macklem noted the unusual clarity the central bank provided on the path for its key rate, owing to the unusual level of uncertainty facing Canadians [...]

Bank of Canada announcements, COVID-19

01Jul

Buying or selling your home right now? Here’s what the real estate landscape looks like these days

[CBC - June 22, 2020] The World Health Organization declared COVID-19 a pandemic in March. Subsequently, the number of home sales in Canada fell sharply as social distancing measures were put in place, open houses got cancelled and fewer new listings became available. Three months on, the Canadian real estate market is no longer in free fall — sales and listings numbers are rising (though both are down significantly compared to last year), and prices have remained fairly steady — but there continues [...]

British Columbia, Economic Outlook

01Jul

Posthaste: Here are three promising data points that show the Canadian economy is ready to rebound

[Financial Post - June 3, 2020] Rays (plural) of good news are piercing through the gloom surrounding the Canadian economy. And not surprisingly, the country’s resilient housing sector is among the first to report a rebound. Home sales jumped 53.2 per cent in May month-over-month, suggesting that April’s dramatic plunge in sales may have been the market’s low point. Another crucial statistic was new listings that rose 47.5 per cent during May, compared to April, according to the Toronto Regional Real Estate Board. The [...]

COVID-19, Economic Outlook

01Jul

Not even the pandemic slowed Vancouver real estate

[The Globe and Mail - June 15, 2020] Stories about Vancouver’s housing market often border on the absurd, and the latest seemingly tall tale fits that mould: Home prices have actually ticked higher during the COVID-19 pandemic. The phenomenon is not limited to Vancouver. Prices of houses and condos in Toronto were also higher in May than they were in February. Vancouver, however, remains in its own hard-to-believe category. The benchmark price of a house on the city’s west side in [...]

British Columbia, Economic Outlook

01Jul

Reopening Canada: The economy survived the crash, but making it thrive again will depend on all of us

[Financial Post - June 25, 2020] 'Fundamentally, humans are scrappy and resourceful when faced with crises,' one small-business owner says “We survived.” Chrissy Durcak, chief executive and founder of Montreal-based Dispatch Coffee, was talking about her company, but she could have been talking about the broader economy, too. In April, the COVID-19 crisis was so terrible that the Bank of Canada couldn’t rule out the possibility that we were in the early stages of a depression. While not its base case, the central [...]

Canada, COVID-19, Economic Outlook

01Jul

Canadian Real Estate and the New Mortgage Rules

[Re/Max - July 1, 2020] Canadian real estate has been a tough nut to crack for some homebuyers, and those with less than 20 per cent as a down payment now face another challenge, with Canada Mortgage and Housing Corp.’s (CMHC) tighter qualification rules for borrowers of high-ratio mortgages. This move is in response to the global pandemic that has left many Canadians vulnerable. The changes, which include lower debt thresholds and higher credit ratings, are in effect as of [...]

COVID-19, Economic Outlook, Mortgage Education Centre

01Jul

5 Easy Feng Shui Tips You Can Implement In Your Home Today

[The Zoe Report - June 17, 2020] A mirror facing your front door, a bed placed under a window, and a cluttered desk all have one thing in common: According to the Chinese practice of Feng Shui, they all disrupt the good energy flow — or qi — in your home. But don't stress if any of these describe the current state of your pad. Just as easily as you've unknowingly blocked your qi, you can get it flowing again, [...]

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