Canadian Mortgage News

July 2010 National Archive

Mortgage News & Press Releases - July 2010

• Economic confidence growing: RBC Canadian Consumer Outlook Index
  TORONTO, Ontario, July 02, 2010 — Optimism is on the upswing across the country with a majority of Canadians (67 per cent) believing the overall outlook for the economy is good (up from 54 per cent last quarter) and fewer experiencing job anxiety (20 per cent, down seven points from its height last November), according to the June RBC Canadian Consumer Outlook Index . Looking ahead, 55 …
  
• Canada's Real Estate Market to Cool Slightly after Strong First Half
  TORONTO, Ontario, July 07, 2010 — Canada’s residential real estate market will start to slow in the second half of 2010 after two quarters of strong price appreciation and sales activity, according to the Royal LePage House Price Survey and Market Survey Forecast released today. While market fundamentals remain strong across most major centres in Canada, sales activity was overly …
  
• June Housing Starts
  OTTAWA, Ontario, July 09, 2010 — The seasonally adjusted annual rate 1 of housing starts was 189,300 units in June, according to Canada Mortgage and Housing Corporation (CMHC). Seasonally adjusted annual rate estimates of housing start activity were also revised up for April and May 2 . This resulted in a month-over-month gain of 3.7 per cent in April (205,900 units), a …
  
• Government Acts To Secure Jobs and Economic Growth
  OTTAWA, Ontario, July 13, 2010 — Today, the Honourable Jim Flaherty, Minister of Finance, welcomed last night’s Senate passage and Royal Assent of the Jobs and Economic Growth Act, legislation that will help secure Canada’s economic recovery, encourage growth and create jobs. The Act allows for the implementation of important elements of Budget 2010. Key elements of the …
  
• Canada's growing popularity with foreign investors has
  TORONTO, Ontario, July 14, 2010 — Canada's outperformance versus many advanced economies is creating "staying power" for the country's growing popularity with foreign investors, notes a new report from CIBC World Markets Inc. " Canada is increasingly on the lips and minds of international investors," says Warren Lovely, government strategist with CIBC's Macro Strategy group, fresh back …
  
• Bank of Canada increases overnight rate target to 3/4 per cent
  OTTAWA, Ontario, July 20, 2010 — The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. The global economic recovery is proceeding but is not yet self-sustaining. Greater emphasis on balance sheet repair by households, …
  
• Bank of Canada raises interest rates further
  OTTAWA, Ontario, July 22, 2010 — The Bank of Canada increased the target for its trend-setting overnight lending rate on July 20, 2010, raising it by a quarter of a percentage point to 0.75 per cent. The increase follows on the heels of an equal interest rate increase in June 2010, when it was raised for the first time since 2007. The Bank rate now stands at one per cent. In its most …
  
• Release of The Fiscal Monitor - April and May 2010
  OTTAWA, Ontario, July 23, 2010 — For the first two months of the 2010-11 fiscal year (April and May), there was a budgetary deficit of $4.4 billion, compared to a deficit of $7.5 billion reported in the same period last year. Close to $1.8 billion of the $4.4-billion deficit was attributable to actions taken under Canada’s Economic Action Plan. By month, there was a deficit of $2.4 …
  
• U.S. and Canadian economies to avoid double dip recessions: CIBC World Markets ...
  TORONTO, Ontario, July 27, 2010 — The U.S. and Canadian economies will see growth slow over the next six months but are unlikely to experience a double-dip recession, finds CIBC's Recession Probability Index. The Index, which has a strong track record of forecasting recessions, finds the odds of another U.S. recession occurring in the next six months are very low. The CIBC RPI measures …
  
• Bank of Canada Releases 2011 Schedule of Dates for Its Policy Interest Rate ...
  OTTAWA, Ontario, July 29, 2010 — The Bank of Canada today released its 2011 schedule of eight dates for announcing decisions on its key policy interest rate and confirmed the announcement dates for the remainder of this year. The announcement dates from September 2010 through December 2011 are: Wednesday, 8 September 2010
  
• Resale housing forecast revised
  OTTAWA, Ontario, July 30, 2010 — The Canadian Real Estate Association (CREA) revised its forecast downward for home sales activity via the Multiple Listing Service ® (MLS ® ) Systems of Canadian real estate Boards and Associations, and elevated its average price forecast. Weaker than anticipated sales activity during the crucial spring home buying season in Canada’s four …