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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

16 May 2019

Housing sales started recovering in April

According to the recent report by the Canadian Real Estate Association (CREA), housing sales started recovering last month, as the number of transactions was up by 4%. It’s the first annual increase since December 2017.

Earlier this year, home sales were slowing for two months with February reporting the lowest result in seven years. However, the spring market seems to be more optimistic, as April sales rose by 3.5% from March.

Nevertheless, even with such increases, the activity remains lower than during the peak. The report says 40% of markets showed decreases or no changes at all, including Vancouver, while Toronto accounted for more than half of all sales.

“The sales activity is stabilizing in five major real estate markets,” - noted Gregory Klump, CREA’s Chief Economist. “Greater Vancouver left the list for the first time since the recession, now it’s in the buyers’ market territory.”

15 May 2019

Capital Economics predicts 2 rate cuts this year

The recent report by Capital Economics says the central bank could be underestimating the cooling effect on the national real estate market, as well as the consequences for the entire economy, supported largely by consumers.

Last year, sales of pre-construction units in Toronto and Vancouver slowed down. As a result, it became more difficult for developers to obtain the necessary financing for their projects, noted Stephen Brown, the firm’s senior economist. This change may affect employment and consumption, which are responsible for about 60% of Canada’s output.

“The Bank of Canada is underestimating the possible influence on residential investment,” - Brown said on Monday.

According to Capital Economics, the BoC may cut its key lending rate twice this year reducing it from 1.75% to 1.25%. Meanwhile, the average markets forecast is only one decline in two years, Bloomberg says.

14 May 2019

Opposition leader wants to ease mortgage stress tests

Canada may see some changes to mortgage stress tests, but it all depends on the results of the October federal election.

Official Opposition Leader Andrew Scheer wants to review the stress test implemented in January 2018. It depends on whether the head of the federal Progressive Conservative outpaces Liberal Prime Minister Justin Trudeau during the election race.

Scheer commented on this issue on Friday at the Canadian Home Builders’ Association’s National Conference.

“The new measures led to undesirable consequences,” – Scheer noted.

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21 May 2019

IMF believes Canada shouldn’t change mortgage stress test requirements According to the International Monetary Fund, household debt in Canada remains...Read more >>

20 May 2019

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17 May 2019

Stephen Poloz doesn’t think changes to mortgage stress test are necessary Despite all the calls, the governor of the Bank of Canada doesn’t think cha...Read more >>
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