Finance Minister Flaherty not worried about slumping markets, tougher mortgage rules
Filed Under Main Content · Tagged: Calgary Herald, Canadian Markets, Consumers, Federal Finance Minister, Federal Government, Finance Minister Jim Flaherty, Financial Risk, Greater Vancouver, Housing Sales, Housing Slowdown, National Securities, Ottawa, Proposal, Reverse Mortgage, Securities Regulator, Victoria
Calgary Herald- Federal Finance Minister Jim Flaherty said Thursday he is not concerned about slumping housing sales in some Canadian markets and has no plans to reverse mortgage restrictions imposed earlier this year.
Housing sales plunged dramatically last month in cities such as Calgary, Victoria and Greater Vancouver compared with one year ago.
But Flaherty, in Calgary to deliver a speech on Ottawa’s proposal for a national securities regulator, said he believes the housing slowdown is a sign that consumers are being more careful about financial risk-taking. He hinted the federal government wouldn’t shy away from additional mortgage restrictions, if needed…
Finance Minister Flaherty not worried about slumping markets, tougher mortgage rules
B.C. housing sales expected to ease this year but rise in 2011: survey
Filed Under Main Content · Tagged: Economic Conditions, Employment Growth, Erosion, Fraser Valley, Housing Sales, Metro Vancouver, Mortgage Rates, Real Estate Association, Residential Sales, Second Quarter, Survey, Upward Pressure, Valley Areas, Vancouver Province, Vancouver Sun, Vancouver Victoria
Vancouver Sun- Residential sales across the province are expected to ease by three per cent this year to 82,350 units before increasing four per cent in 2011 to 85,900 units, according to the B.C. Real Estate Association.
Waning demand, upward pressure on mortgage rates and tighter lending restrictions will moderate consumer demand this year, particularly in the Metro Vancouver, Victoria and the Fraser Valley areas, the association said in its second quarter housing forecast released Monday.
Improving economic conditions, however, are expected to counter-balance some of the erosion and stronger economic and employment growth next year will push home sales higher…
B.C. housing sales expected to ease this year but rise in 2011: survey
CREA lowers housing forecast as market weakens
Filed Under Main Content · Tagged: British Columbia, Canadian Real Estate, Canadian Real Estate Association, Housing Market, Housing Sales, Led, Multiple Listing Service, Ottawa, Real Estate Association, Recent Developments
Times Colonist- Rapidly changing market conditions have led the Canadian Real Estate Association to lower its forecast for housing sales this year.
The Ottawa-based group, which represents 100 boards across the country, now says 2010 sales will not be as strong as previously forecast and by next year prices will begin falling.
CREA expects 490,600 sales through the Multiple Listing Service in 2010, a 5.5% jump from a year earlier and the second-best year on record. However, by 2011, sales are expected to fall by 8.5%.
“The revision reflects a weaker-than-expected start to the year in British Columbia, and recent developments that pulled forward the timing as to when sales are expected to ease in other provinces,” the group said in a statement…
CREA lowers housing forecast as market weakens
December jump in housing sales drives up Greater Vancouver home prices
Filed Under Main Content · Tagged: 1980s, Bank Of Canada, Economy, Greater Vancouver, Housing Sales, Lows, Mortgage Rates, Real Estate, Rush, Second Half, Slashing, Upward Slope, Vancouver Sun
Vancouver Sun- After plummeting to lows not seen since the 1980s, Lower Mainland real estate markets saw a rush in the second half of 2009 that pushed sales well above an economically challenged 2008 and prices back on an upward slope toward previous peaks.
Aided by the slashing of mortgage rates, cut to the bone in step with the Bank of Canada’s measures to stimulate the economy, new buyers poured into the market…
December jump in housing sales drives up Greater Vancouver home prices
