B.C. housing affordability deteriorates as Vancouver market surges forward: RBC Economics TORONTO, Nov. 25 /CNW/ – B.C. posted the biggest increases in homeownership costs in the country in the third quarter and costs will likely remain well above long-term averages, according to the latest housing report released today by RBC Economics. “While all provinces and […]

How many credit cards should you have? When banks introduced Canada’s first credit card, Chargex, in 1968, it was designed as a convenient tool for their most valued customers. Today’s creditors have a more egalitarian approach — it seems that if you have a pulse, you can have a credit card. But why stop at […]

*CMHC released its 2009 Canadian Housing Observer yesterday.   *Most of its findings are dated back to year-end 2008, but it contains some interesting tidbits nonetheless.   *One key takeaway is the massive importance of Canada’s real estate industry. It’s a point that can’t be overemphasized, with housing-related spending accounting for one fifth of our economy.   […]

Mortgage Bytes *New home prices rose more than expected in September as Canada’s real estate market showed further signs of recovery.    *Statistics Canada said last Thursday its price index rose 0.5% during the month – the biggest monthly increase since January 2008 – following a 0.1% gain in August. Economists had forecast an increase […]

Homes sales hit record high; outlook upgraded John Morrissy, Financial Post  OTTAWA — Home sales hit a new record high in October, leading the Canadian Real Estate Association to boost its outlook for 2009 and 2010. Resale home activity was up 41.5% in the month, reaching a total of 42,288 units. On a seasonally adjusted […]

Variable-Rate Mortgages: 3- or 5-Year? November 16, 2009  We’ve seen a noticeable increase in the number of people making variable-rate mortgage inquires.  Perhaps it’s because the media keeps reiterating how the Bank of Canada won’t be upping rates until at least Q3 of next year. Whatever the case, the popular options for closed variable-rate mortgages […]

Canadians interested in investing, but who lack a big lump sum to get started, should consider using an automatic savings plan, experts say. Various financial institutions allow customers to make regularly scheduled investments into a wide variety of products, including mutual funds, registered retirement savings plans, registered education savings plans, tax-free savings accounts and high-interest […]

Canadian home builders scramble to meet demand Garry Marr, Financial Post  The Canadian housing market’s surprising turnaround is spreading to new home construction as developers scramble to respond to a supply shortage that has sent pricing soaring for existing homes. But any increase in construction on the new home side will likely not surface fast […]

Optimism returns to Canadian businesses, confidence highest since 2007   By Julian Beltrame        OTTAWA — Canada’s business leaders are turning bullish about the economy after a year of doom and gloom, a new survey suggests. The Conference Board of Canada’s fall business confidence survey finds corporate leaders believe the recession is finally over and that the […]

Full Post Posted Tuesday, November 03, 2009 12:06 PM Newsweek Canada’s Quiet Economic Strength In the past year, distance from the U.S. has proved a great insulator from economic pain. China and Australia, literally on the other side of the globe, are humming along, while Mexico is suffering from a decline in U.S. imports. But […]