Bank of Canada raises key overnight interest rate to .75%
Filed Under Main Content · Tagged: April, Bank Canada, Bank Of Canada, Belief, Benchmark, Budget, Business Investment, Confident Consumer, Gdp, Gdp Canada, Global Recovery, Governments, Growth Outlook, Households, Interest Rate, National Bank, Pace, Post Canada, Temper
National Post- The Bank of Canada raised its benchmark policy rate Tuesday to 0.75% even though it scaled back its growth outlook on the belief budget cutting among households and governments in advanced economies is expected to “temper” the pace of the global recovery.
GDP in Canada is now expected to expand 3.5% this year and 2.9% in 2011, the central bank said, compared to its previous outlook in April of 3.7% and 3.1% growth, respectively. However, business investment and trade are expected to make a larger contribution to Canadian growth, which up until now has relied heavily on a confident consumer…
Bank of Canada raises key overnight interest rate to .75%
Victoria real-estate sales fall 36 per cent, most in B.C.
Filed Under Main Content · Tagged: April, C Times, Cameron Muir, Chief Economist, Control, First Time Buyers, Home Hunters, Inventories, Mortgage Rates, Mortgages, Multiple Listing Service, Pace, Real Estate Sales, Realtor, Realtors, S Market, Term Mortgage, Victoria Real Estate
Times Colonist- People looking to buy a home in B.C. are finding a buyer’s market with rising inventories and declining sales putting home-hunters more in control.
Across B.C. in June, realtors recorded 7,722 sales through the realtor-controlled Multiple Listing Service which was down 22.5 per cent from the same month in 2009, the period when biggest markets were just heating back up.
Active listings in inventory, in the meantime, climbed almost 21 per cent to hit 59,232 units in June, which equaled a 9.3-month supply based on the pace of sales, Cameron Muir, the association’s chief economist said.
Muir said the key influences in June were simply an extension of the ones that have dampened demand since they took hold in April: tougher qualifying rules for some mortgages, particularly for first-time buyers and those seeking secondary suites and a shift in long-term mortgage rates…
Victoria real-estate sales fall 36 per cent, most in B.C.
New-home prices fall in Victoria, up in Canada
Filed Under Main Content · Tagged: Analyst Expectations, April, Greater Victoria, Housing Prices, London, New Homes, Oshawa, Previous Year, Regina, Rose, Statistics Canada, Times Colonist, Toronto, Victoria Canada, Windsor
Times Colonist- National new housing prices rose for the 11th straight month in May, advancing 0.3 per cent compared to the month before and in line with analyst expectations, Statistics Canada reported yesterday.
Prices slid, however, for new homes in Greater Victoria, which dropped 0.4 per cent in May from April, and down 3.9 per cent in May compared to the same month the previous year.
In the capital region, the number of unsold properties has reached 4,700 and sales slowed last month to 625.
Prices also fell month-over-month in Kitchener, Ont., down 0.8 per cent, Windsor, down 0.2 per cent and London, off 0.1 per cent.
Monthly gains were led by Regina, where prices advanced 3.4 per cent, and Toronto and Oshawa, where prices rose 0.7 per cent…
New-home prices fall in Victoria, up in Canada
B.C. home sales sag in May: report
Filed Under Main Content · Tagged: April, British Columbia Real Estate, Cameron Muir, Chief Economist, Columbia Real Estate, Fraser Valley, Interest Rates, Real Estate Association, Real Estate Sales, Rose, Vancouver, Victoria
Times Colonist- British Columbia real estate sales are slowing down and inventory is rising as interest rates inch up and credit rules tighten.
The number of sales province-wide dropped four per cent to 7,950 in May compared to the same month in 2009, Cameron Muir, chief economist for the B.C. Real Estate Association, said yesterday.
On a seasonally adjusted basis, sales declined 11 per cent in May from April. Even so, the average home price rose seven per cent to $498,294 last month compared to May 2009.
Muir is not surprised to see the slide. High levels of sales in Victoria, Vancouver and the Fraser Valley at the start of this year were "unlikely to be sustained," Muir said…
