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October 2008 National Archive

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Mortgage News & Press Releases - October 2008

  • Central Banks Announce Coordinated Interest Rate Reductions
    OTTAWA, Ontario, October 08, 2008 — Throughout the current financial crisis, central banks have engaged in continuous close consultation and have cooperated in unprecedented joint actions such as the provision of liquidity to reduce strains in financial markets. Inflationary pressures have started to moderate in a number of countries, partly reflecting a marked decline in energy and …
  • Housing Starts Remained Strong in September
    OTTAWA, Ontario, October 08, 2008 — The seasonally adjusted annual rate 1 of housing starts was 217,600 units in September, up slightly from 217,400 units in August, according to Canada Mortgage and Housing Corporation (CMHC). “Housing starts remained at a high level in September, with construction activity again staying above the 200,000 unit threshold.” said Bob Dugan, …
  • Canada Mortgage and Housing Corporation Supports Canadian Credit Markets
    OTTAWA, Ontario, October 10, 2008 — Canada Mortgage and Housing Corporation (CMHC) will purchase up to $25 billion in insured mortgage pools as part of the Government of Canada’s plan, announced today, to maintain the availability of longer-term credit in Canada. The first purchase of $5 billion will be made October 16, 2008 through a competitive auction process. The mortgages …
  • Bank of Canada lowers overnight rate target by 1/4 percentage point to 2 1/4 ...
    OTTAWA, Ontario, October 21, 2008 — The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of a percentage point to 2 1/4 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 2 1/2 per cent. Three major interrelated developments are having a profound impact on the Canadian economy. …
  • Bank of Canada releases Monetary Policy Report
    OTTAWA, Ontario, October 23, 2008 — The Bank of Canada today released its October Monetary Policy Report, which discusses current economic and financial trends in the context of Canada's inflation-control strategy. In the Report, the Bank noted that three major interrelated global developments are having a profound impact on the Canadian economy and making the outlook for growth and …
  • Housing Starts to Moderate in 2009
    OTTAWA, Ontario, October 30, 2008 — New home construction will moderate from historically high levels, to reach just under 178,000 units in 2009, a level that is consistent with demographic fundamentals, according to Canada Mortgage and Housing Corporation’s (CMHC) fourth quarter Housing Market Outlook, Canada Edition report. “High employment levels, rising incomes and low …


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