Bank of Canada poised to raise interest rates

The Globe and Mail- Mark Carney is likely to raise borrowing costs for the second straight time Tuesday, while continuing to sound a cautious tone as belt-tightening in Europe, efforts to restrain China’s growth, and plunging consumer confidence in the U.S. cast a pall over Canada’s prospects.

All 12 primary securities dealers and most economists say the central-bank governor will lift his main interest rate by another 25 basis points, to 0.75 per cent. The labour market has recouped most of the jobs lost during the recession and companies are seeing better demand, suggesting the private sector will be able to lead economic growth after federal and provincial stimulus largesse runs out later this year.

Investors are less confident about later decisions, and that may not change this week because Mr. Carney is likely to reiterate that his path to a more neutral, pre-crisis policy stance depends on the developing economic stories around the world…

Bank of Canada poised to raise interest rates – The Globe and Mail

Real estate sales sag in Greater Victoria

Times Colonist- Home sales cooled and inventory continued to rise last month as some real estate buyers in Greater Victoria chose to take the time to shop around.

A total of 625 homes sold in June through the Victoria Real Estate Board’s Multiple Listing Service. That was down from 695 sales in May and about a third less than the 946 sales in June a year ago.

Meanwhile, for-sale signs continued to sprout as inventory levels rose to 4,730 properties, up 25 per cent from the 3,794 available a year earlier.

Major banks last month inched some mortgage rates down, but the small decreases didn’t create a rush into the market as potential buyers mulled over increasing inventories for better deals. Observers also note waning consumer confidence in the overall economy may be a factor in the softening market…

Real estate sales sag in Greater Victoria

‘Seller’s market’ for real estate: report

Times Colonist- Victoria is a seller’s market where home prices will stay strong — particularly in the first two quarters of the year — thanks to low interest rates, tight inventories and rising consumer confidence, says one of Canada’s leading real estate companies…

‘Seller’s market’ for real estate: report

Consumer confidence will lift B.C. out of recession, says business council economist

 Vancouver Sun, Vancouver, BC – The B.C. Real Estate Association reported at the beginning of July that the province had recorded five straight months of increasing home sales, and by the end of June, saw 36,329 homes trade hands. That’s about 15-per-cent fewer than in the first half of 2008 overall, but sales in the second quarter outpaced those in the second quarter of 2008…

Consumer confidence will lift B.C. out of recession, says business council economist

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