Household worth rebounds after recession

Times Colonist- Rising stocks and home prices have helped restore almost all of the value Canadians lost in household net worth during the economic downturn.

Household net worth rose 1.3%, or by $74-billion, to $6-trillion, as the growth in the value of assets, particularly equities and residential real estate, exceeded the increase in liabilities, Statistics Canada reported Monday.

“This marks the fourth consecutive quarterly improvement in household net worth and reflects a 96 per cent recovery off the net worth lost during the recent economic downturn,” David Onyett-Jeffries, economist at RBC Economics Research, wrote in an analysis.

“The increase of household net worth continues to repair the cumulative $552-billion decline.”

Household debt has also risen as low interest rates have encouraged Canadians to increase borrowings, but that has led to strengthening in demand and asset prices, particularly housing, said Mr. Onyett-Jeffries…

Household worth rebounds after recession

Vancouver real estate prices hit January peak while regional sales pace levels off

The Vancouver Sun- Metro Vancouver house prices reached a new peak level in January while the overall pace of sales across the Lower Mainland eased off the torrid pace seen in December, according to reports from the region’s real estate boards.

In Metro Vancouver, the benchmark price for a single-family home, the average price for typical homes sold, hit $788,499, some 20 per cent above January a year ago, when prices were still falling during the economic downturn, and two per cent above the previous peak of $771,250 in May of 2008.

That new high, however, was driven mostly by the sales of higher-priced properties in specific municipalities, Robyn Adamache, a market analyst for Canada Mortgage and Housing Corp., said in an interview…

Vancouver real estate prices hit January peak while regional sales pace levels off

Week Ahead: Bank of Canada likely to hold rate

Times Colonist- Interest rates and inflation are among the principle subjects of the coming week’s Canadian economic news.

On Tuesday, the Bank of Canada is scheduled to issue as decision on interest rates. It’s expected to keep the overnight interest rate at a historically low 0.25% and restating the commitment to keep it that way until — at earliest — the second half of this year.

When the bank put interest rates this low in April last year in an effort to ward off a frightening economic downturn, it said the rates would remain at that level until the end of 2010’s second quarter, barring any unexpected rise in the inflation threat…

Week Ahead: Bank of Canada likely to hold rate

Economy spurs mortgage fraud

 TheChronicleHerald.ca – Halifax, Nova Scotia – Prospective home buyers unwilling to face the realities of the economic downturn and tight credit are driving an increase in mortgage fraud, says Kiki Sauriol-Roode, vice-president of sales with Genworth Financial Canada in Toronto…

Economy spurs mortgage fraud – Nova Scotia News – TheChronicleHerald.ca

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