Locals bought most of 2010′s real estate in Victoria

"The majority of buyers are people moving up or down in the market to meet their changing needs," said board president Dennis Fimrite, adding he found it encouraging to see a quarter of the buyers were acquiring their first homes. "Despite concerns over affordability, we are pleased to see that many individuals and families are able to make the move to home ownership. This shows confidence in the market and a commitment to making this area their home."

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Locals bought most of 2010′s real estate in Victoria

Real estate market to slow sharply, central bank says

The Globe and Mail-Europe’s debt troubles are roiling financial markets this morning, but this time going well beyond Greece. Statistics from the EU and Britain are unsettling investors as they paint a picture of widening deficits and heighten fears of debt default. The data drove Greece’s borrowing costs to prohibitive levels as the yield on 10-year government paper spiked to 8.5 per cent.

Greece’s situation worsened later this morning as Moody’s Investors Service cut its rating for the country’s sovereign debt to A3, down one notch, and warned of a further downgrade given the “fractious mobilization of external assistance.” Moody’s said the government must restore confidence. That drove the euro down even further against the U.S. dollar.

The total budget deficit among the 16 countries that use the euro surged to 6.3 per cent of gross domestic product last year, from just 2 per cent in 2008. Not only is that the fattest deficit since the common currency was introduced, it’s well above the EU limit of 3 per cent. Total government debt now stands at almost 80 per cent of GDP, nearly 10 percentage points above where it was a year earlier…

Real estate market to slow sharply, central bank says – The Globe and Mail

Bank of Canada likes prospects for recovery

The Globe and Mail-  The Bank of Canada  is expressing greater confidence that the global recovery will pick up steam and endure, while warning that unemployment will fall only slowly and that the rebound depends on measures to cut debt in advanced economies and to boost consumer spending in Asia.

Growth in Canada, the United States and other countries is expected to surpass the Bank of Canada’s previous hopes over the next year, the central bank said in its quarterly Monetary Policy Report yesterday, leading some economists to suggest interest rates will begin rising again in July, if not earlier, though some believe that will happen later in the year.

"This report is clearly a much more optimistic report, increasing the probability of the Bank of Canada moving as early as July," said Benjamin Tal, a senior economist at Canadian Imperial Bank of Commerce…

Bank of Canada likes prospects for recovery – The Globe and Mail

Recovery to accelerate, Bank of Canada says

The Globe and Mail- …The central bank also appeared to express confidence that the country’s hot housing market will even out before a bubble forms, as some economists have warned would happen if rock-bottom borrowing costs continue to help monthly sales smash records. In October, Mr. Carney attributed much of the buying spree in the resale market to people who had put off purchases during the recession, largely echoing that view Thursday.

“Following a period of vigorous growth, housing investment is projected to slow through 2010 as pent-up demand subsides and affordability declines,” the central bank said…

Recovery to accelerate, Bank of Canada says – The Globe and Mail

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