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December 2010 National Archive

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Mortgage News & Press Releases - December 2010

  • Bank of Canada maintains overnight rate target at 1 per cent
    OTTAWA, Ontario, December 07, 2010 — The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. The global economic recovery is proceeding largely as expected, although risks have increased. As anticipated, private domestic demand in the United States is …
  • Residential values expected to climb further in 2011 as housing sales ...
    KELOWNA, British Columbia, December 07, 2010 — Although improved economic fundamentals will have a positive impact on Canadian housing markets moving forward, the forecast for residential real estate sales remains static in most major centres in 2011, according to a report released today by RE/MAX. The RE/MAX Housing Market Outlook 2011, examining trends and developments in 26 major …
  • Global Economies Likely to Avoid Double Dip: Scotiabank 2011-12 Outlook for ...
    TORONTO, Ontario, December 07, 2010 — Global economies are likely to avoid a double-dip recession, according to Scotiabank Chief Economist Warren Jestin, co-author of a comprehensive forecast unveiled today at Scotiabank's 2011-12 Economic and Market Outlook Conference (EMOC). "Global economic activity has decelerated in recent months, with next year's growth in North America, Europe …
  • Majority of Canadians Open to Considering a Shorter Mortgage Amortization: BMO
    TORONTO, Ontario, December 08, 2010 — BMO encourages Canadians to consider choosing a mortgage with a 25-year maximum amortization to help them save interest costs and pay down their mortgage faster. A BMO survey showed that 69 per cent of Canadians are open to the idea of a shorter amortization. “While the purchase of a home represents an important investment for many Canadians, …
  • Canadian exports lagging behind U.S. recovery: CIBC World Markets
    TORONTO, Ontario, December 08, 2010 — The link between Canadian exports and U.S. economic growth is weakening under the weight of a strong loonie and production that is geared more to strained American households than emerging markets, notes a new report from CIBC World Markets. While "quarterly U.S. exports have regained virtually all of the ground lost during the recession," Canada's …
  • November Housing Starts
    OTTAWA, Ontario, December 08, 2010 — The seasonally adjusted annual rate 1 of housing starts was 187,200 units in November, according to Canada Mortgage and Housing Corporation (CMHC). This is up from 167,800 units in October. “Housing starts moved higher in November primarily due to a strong increase in urban multiple starts in Ontario,” said Bob Dugan, Chief …
  • Minister of Finance Highlights Canada's Strengths
    OTTAWA, Ontario, December 09, 2010 — The Honourable Jim Flaherty, Minister of Finance, today told an audience of senior investors in New York that Canada’s fiscal situation remains one of the strongest in the world, its economy is growing and the investment climate is open and welcoming. Speaking at the Euromoney Canadian Debt Capital Markets Investor Forum, Minister Flaherty …
  • Perceptions of Low Rates Raise Risks, Bank of Canada Governor Mark Carney Says
    TORONTO, Ontario, December 13, 2010 — Cyclical and structural factors have led to a low-interest-rate environment, Bank of Canada Governor Mark Carney said today in a speech that reviewed the implications of such an environment for financial stability and economic growth in Canada and globally. “Very low policy rates in the major advanced economies could be in place for a prolonged …
  • Resale housing market on solid ground in November
    OTTAWA, Ontario, December 15, 2010 — National resale housing activity continues its return to normal levels, having risen in November 2010 for the fourth consecutive month, according to statistics released today by The Canadian Real Estate Association (CREA). Seasonally adjusted national home sales activity via the Multiple Listing Service ® (MLS ® ) Systems of Canadian real …
  • Government of Canada Announces Amendments to the Real Estate Investment Trust ...
    OTTAWA, Ontario, December 16, 2010 — The Honourable Jim Flaherty, Minister of Finance, today announced proposed amendments to the provisions in the Income Tax Act concerning the income tax treatment of real estate investment trusts (“REITs”). REITs are trusts that are exempt from the tax on specified investment flow-through entities. To qualify as a REIT, a trust must meet …
  • Top 10 Things to Avoid when Selling Your Home over the Holidays, According to ...
    TORONTO, Ontario, December 16, 2010 — Vacation time and slower work schedules create an ideal time for open houses. However, as homes fill up with presents, decorations and visitors, sellers are often faced with the challenge of striking the right balance between cozy and crammed. Keeping your home tidy and sparingly decorated doesn't mean sellers can't celebrate the season in style, but …
  • Canadians Continue to Spend More on the Holidays in 2010: Scotiabank Study
    TORONTO, Ontario, December 16, 2010 — Canadians are planning to spend more this holiday season, marking a directional increase in intended holiday spending compared to the past two years, according to Scotiabank's 2010 Holiday Spending Study conducted by Harris/Decima. On average, Canadians plan to spend $968 on overall holiday spending this year, up from $891 in 2009 and $884 in 2008. In …
  • Growing Appeal of Canada to Foreign Central Banks may be Overheating the ...
    TORONTO, Ontario, December 17, 2010 — The growing appeal of Canada to foreign investors, including central banks, may be overheating the value of the loonie, further hurting an already battered Canadian manufacturing sector and making it difficult for the Bank of Canada to raise interest rates to slow growing household debt, finds a new report from CIBC World Markets Inc. While Bank of …
  • Release of The Fiscal Monitor
    OTTAWA, Ontario, December 17, 2010 — The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for October 2010. Highlights: October 2010: budgetary deficit of $4.1 billion There was a budgetary deficit of $4.1 billion in October 2010, compared to a deficit of $3.3 billion in October 2009.
  • BMO Survey: More Than Half Of Canadians Don’t Have A Combination Of ...
    TORONTO, Ontario, December 20, 2010 — BMO Bank of Montreal today announced the results of a survey revealing that, when it comes to managing their finances, more than half of Canadians (51 per cent) say they do not have both short and long term investment goals. The study, conducted by Harris/Decima for BMO Financial Group, also indicated that the main barrier preventing Canadians from …
  • TD Bank Group to acquire Chrysler Financial
    TORONTO, Ontario, December 21, 2010 — TD Bank Group (TD) (TSX and NYSE: TD), and Cerberus Capital Management, L.P. (Cerberus), today announced an agreement under which Chrysler Financial will be sold to TD for cash consideration of approximately $6.3 billion. The purchase is comprised of net assets of $5.9 billion and approximately $400 million in goodwill. TD does not intend to issue …
  • Australia's Still Hot, Canada Not So Much: Scotiabank Year-end Review and ...
    TORONTO, Ontario, December 23, 2010 — Global residential property markets experienced a modest but uneven recovery in 2010, supported by ultra-low interest rates and gradually improving economic conditions, according to the latest Global Real Estate Trends report released today from Scotia Economics. Of the 12 advanced nations tracked, the estimated average inflation-adjusted home …
  • Government Supports Job Creators With Tax Relief
    OTTAWA, Ontario, December 27, 2010 — The Honourable Jim Flaherty, Minister of Finance, today highlighted important tax relief coming into effect January 1, 2011 to support job creators in Canada. “The economy remains our Government’s number one priority,” said Minister Flaherty. “If we want more jobs, higher wages and an improved standard of living, …
  • Scotiabank Offers Canadians Advice to Kick-Start their Finances in 2011
    TORONTO, Ontario, December 30, 2010 — With the new year days away, resolutions are top-of-mind for Canadians. When making that yearly commitment to go to the gym or keep the house organized, Scotiabank encourages Canadians to also consider taking stock of their finances. Scotiabank offers financial advice on how to start 2011 on the right track. Review your financial plan. If you …

 

 
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