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June 2010 National Archive

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Mortgage News & Press Releases - June 2010

  • Bank of Canada increases overnight rate target to 1/2 per cent and ...
    OTTAWA, Ontario, June 01, 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 1/2 per cent. The Bank Rate is correspondingly raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal operating band of 50 basis points for the overnight rate. The global economic …
  • Resale housing forecast revised
    OTTAWA, Ontario, June 02, 2010 — The Canadian Real Estate Association (CREA) has lowered its forecast for home sales via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations. The revision reflects a weaker than expected start to the year in British Columbia, and recent developments that pulled forward the timing as to when sales are expected …
  • PropertyGuys.com announces expansion plans for key Canadian markets
    MONCTON, New Brunswick, June 07, 2010 — PropertyGuys.com, a leading national real estate marketing franchise, has today announced that it will be expanding its unique home marketing services to more Canadian markets. "The most exciting thing about this expansion is that it's a reflection of how buyers and sellers are embracing our program in our current markets," says Ken LeBlanc, company …
  • Canada's Mortgage Industry Supports OPC’s Audit of Selected Mortgage ...
    OTTAWA, Ontario, June 08, 2010 — The Canadian Association of Accredited Mortgage Professionals (CAAMP) said today it acknowledges and supports the findings of the Privacy Commissioner of Canada’s Audit of Selected Mortgage Brokers. CAAMP, which represents more than 12,000 mortgage professionals in Canada, is committed to working closely with the Office of the Privacy Commissioner of …
  • May Housing Starts
    OTTAWA, Ontario, June 08, 2010 — The seasonally adjusted annual rate 1 of housing starts was 189,100 units in May, according to Canada Mortgage and Housing Corporation (CMHC), down from a revised 201,800 units in April. “Housing starts decreased in both the singles and the multiples segments in May,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis …
  • Bank of Canada Governor Mark Carney Outlines Core G-20 Agenda to Reduce ...
    MONTREAL, Quebec, June 10, 2010 — G-20 leaders are working towards global reforms that will put the world’s financial system on a more solid footing, Bank of Canada Governor Mark Carney said today. In a speech to the International Organization of Securities Commissions meeting in Montreal, Governor Carney outlined the G-20’s core agenda to reduce systemic risk and create a …
  • Bank of Canada Announces Appointment of Special Adviser
    OTTAWA, Ontario, June 15, 2010 — The Bank of Canada today announced the appointment of Professor Prasanna Gai as Special Adviser for 2010–11. Professor Gai, who will join the Bank on 21 June 2010, is currently Professor of International Economics at the Crawford School of Economics and Government, Australian National University (ANU), and a Senior Research Associate at …
  • A Bold Response Is Required to Secure the Economic Recovery, Says Bank of ...
    CHARLOTTETOWN, Prince Edward Island, June 16, 2010 — The recent recession was not an ordinary downturn, and a bold response from the public and private sectors in Canada and globally is required to secure the economic recovery, Bank of Canada Governor Mark Carney said today. “Do not be misled. This was the Great Recession. To claim otherwise with simplistic comparisons to prior …
  • May brings lower homes sales and fewer new listings
    OTTAWA, Ontario, June 16, 2010 — Statistics released by The Canadian Real Estate Association (CREA) show that home sales activity and new listings in Canada declined in May. Seasonally adjusted home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards declined nationally by 9.5 per cent in May from near-record level activity the previous …
  • Canada Will Be a Haven for Global Investors: BMO’s Don Coxe Available ...
    TORONTO, Ontario, June 17, 2010 — As the G-20 assembles in Toronto, Canada will soon be recognized by the world as a haven for global investors according to Donald Coxe, Strategy Advisor, BMO Capital Markets. In his latest Basic Points report entitled June Reflections: Summer’s Storms and Norms, Mr. Coxe analyzes the broader economic impacts of the EU-debt on the global recovery. …
  • Minister of Finance Announces Task Force to Review Payments System
    VANCOUVER, British Columbia, June 18, 2010 — The Honourable Jim Flaherty, Minister of Finance, today announced the launch of the Task Force for the Payments System Review to help guide the evolution of the payments system in Canada. “Today, Canadians can pay for things in a bewildering number of ways, even by tapping a cell phone against a scanner,” said Minister Flaherty. …
  • Release of the June 2010 Survey of Private Sector Forecasters
    NEW YORK, New York, June 21, 2010 — The Department of Finance today released the results of the survey of private sector economic forecasters conducted in June 2010. Overall, the June survey results suggest that the near-term outlook has continued to improve since Budget 2010. Private sector forecasters have revised up their 2010 growth forecasts for both real and nominal gross domestic …
  • Senior Cabinet Ministers Highlight Canada’s Global Economic Leadership ...
    NEW YORK, New York, June 21, 2010 — Canada is leading the world in the global economic recovery, said the Honourable Jim Flaherty, Minister of Finance, who is in New York today to release a report charting Canada’s strong record of growth, open trade and financial sector performance as compared to other industrialized nations. To complement Minister Flaherty’s event, the …
  • Alberta Recession Coming to an End - BMO
    CALGARY, Alberta, June 22, 2010 — After a deep commodity-price-induced recession, the Alberta economy has started to bounce back, according to the Provincial Outlook report released today by BMO Capital Markets Economics. After contracting 5.1 per cent in 2009 – the sharpest decline since at least 1982 – the energy sector is expected to lead the way to growth of 3.6 per cent …
  • BMO: Lower Unemployment Will Help Retail Sales in PEI
    CHARLOTTETOWN, Prince Edward Island, June 22, 2010 — While PEI was the only province to see positive real GDP growth in 2009, the economy will likely expand a relatively modest 2.6 per cent this year, according to BMO Capital Markets new Provincial Outlook report. “Employment hit a record level in April, and was 4.6 per cent above year-ago levels through May,” said Robert …
  • British Columbia Recovery Among Strongest in Canada – BMO
    VANCOUVER, British Columbia, June 22, 2010 — After a hard hit from the recession, British Columbia is now firmly in recovery mode, according to the Provincial Outlook report issued today by BMO Capital Markets Economics. After contracting 2.3 per cent in 2009, real GDP is expected to reach a solid 3.9 per cent this year, placing it among the strongest in Canada. “While the …
  • New Brunswick Poised for Growth after Mild Recession: BMO
    FREDERICTON, New Brunswick, June 22, 2010 — After a relatively mild recession, the New Brunswick economy is poised to grow 2.5 per cent in 2010 and 2.6 per cent in 2011, according to the Provincial Outlook report from BMO Capital Markets Economics. “Major capital projects like the Point Lepreau nuclear plant upgrade and Canaport LNG terminal were key supports during the recession, …
  • Canadian Economy Gaining Steam: BMO
    TORONTO, Ontario, June 22, 2010 — The Canadian economy is gathering steam, with Western Canada leading the way and all provinces participating, according to the Provincial Outlook report issued today by BMO Capital Markets Economics. Canadian growth is expected to reach 3.4 per cent in 2010 and 3.1 per cent in 2011, providing a strong rebound from the 2.5 per cent decline in 2009. …
  • Manitoba Well-Positioned for Emerging Recovery – BMO
    WINNIPEG, Manitoba, June 22, 2010 — With a diverse economy that experienced a softer recession compared to other provinces, Manitoba is well-positioned for the emerging economic recovery, according to the Provincial Outlook report from BMO Capital Markets Economics. “The province’s economy contracted just 0.2 per cent in 2009, and is expected to advance 3.0 per cent this year …
  • Newfoundland & Labrador Rebound from Tough Recession - BMO
    ST. JOHN'S, New Brunswick, June 22, 2010 — After experiencing the worst economic contraction in Canada in 2009 - 10.2 per cent - Newfoundland & Labrador’s economy looks set to provide a strong recovery, according to the Provincial Monitor report from BMO Capital Markets Economics. “Improvement in the mining sector and a reversal of some temporary factors will drive 4 per …
  • Nova Scotia Economy Returns to Growth - BMO
    HALIFAX, Nova Scotia, June 22, 2010 — After a modest contraction in 2009, Nova Scotia’s economy is expected to return to growth this year, according the Provincial Outlook report from BMO Capital Markets Economics. “Real GDP will likely expand 2.4 per cent in 2010 and 2.7 per cent in 2011,” said Robert Kavcic, Economist, BMO Capital Markets. “This will end up …
  • Ontario Out of Recession, But Road Back to Balanced Budget Will Be Tough: BMO
    TORONTO, Ontario, June 22, 2010 — The Ontario economy has pulled out of recession as the auto sector is rebounding and domestic demand, led by housing, is gaining strength, according to the Provincial Outlook report by BMO Capital Markets Economics. But the recession left a deep dent in Ontario’s economy, and a number of factors will likely temper growth in the coming years: a …
  • Quebec Enters Recovery After Faring Well in Recession - BMO
    MONTREAL, Quebec, June 22, 2010 — After faring well during the recession with a smaller-than-average 1.0 per cent contraction in 2009, the Quebec economy is now in recovery mode, according to the Provincial Outlook report from BMO Capital Markets Economics. Real GDP should post 2.9 per cent growth in the coming two years - below the national rate. “Manufacturing activity in the …
  • Saskatchewan’s Growth Will Be the Strongest in Canada - BMO
    REGINA, Saskatchewan, June 22, 2010 — A rebound in the potash sector, strength in energy and strong population trends are poised to fuel 4.2 per cent growth in Saskatchewan this year – the strongest in Canada, according to the Provincial Outlook report from BMO Capital Markets Economics. “Potash sales have bounced back, output was up 75 per cent year-over-year in the first …
  • Financial Literacy Project for Canadian Homebuyers Launched - June 2010
    TORONTO, Ontario, June 22, 2010 — A new gateway to financial literacy for Canadians has been opened thanks to a joint agreement between the CAAMP Foundation, the charitable arm of Canada’s national mortgage industry association and Credit Canada, a prominent player in credit education.  Financial literacy is an emerging issue in Canada and this joint agreement will empower the …
  • Minister Finley Announces Appointments to CMHC Board
    OTTAWA, Ontario, June 23, 2010 — The Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), announced today the appointments of Michael Gendron and Rennie Pieterman to CMHC’s Board of Directors. "Both Mr. Gendron and Ms. Pieterman have extensive knowledge of the housing …
  • Vacancy Rate in Seniors’ Housing Residences at 10.8 per cent
    OTTAWA, Ontario, June 23, 2010 — The vacancy rate in seniors’ residences surveyed in Canada Mortgage and Housing Corporation’s (CMHC) National Seniors’ Housing Survey increased from 9.2 per cent in 2009 to 10.8 per cent in 2010, according to CMHC’s Seniors’ Housing Report, Canada Highlights edition . “Vacancy rates and rent levels …
  • RBC Capital Markets survey: global executives concerned about rising sovereign ...
    LONDON, NEW YORK, TORONTO, June 28, 2010 — Rising sovereign debt in the developed world is one of the main concerns for the world's business leaders and financial executives, according to 440 senior executives who participated in a survey commissioned by RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada (RY on TSX and NYSE). Among the key findings of …
  • Bank of Canada Announces Appointment of Special Adviser
    OTTAWA, Ontario, June 29, 2010 — Timothy Hodgson, Chief Executive Officer of Goldman Sachs Canada, has been appointed Special Adviser to the Governor. During a period when financial regulation and market infrastructure are evolving rapidly, the Bank of Canada will benefit from Mr. Hodgson’s profound and extensive experience in investment banking and markets. Mr. Hodgson will serve …
  • Governor Carney appointed Chairman of the Committee on the Global Financial ...
    BASEL, Switzerland, June 29, 2010 — Governor Mark Carney has been named Chairman of the Committee on the Global Financial System (CGFS), a forum for central banks to discuss policy issues related to financial markets and systems. The appointment, effective 1 July 2010 for a term of three years, was made in Basel by the central bank governors of the Global Economy Meeting (GEM), 1 which …
  • CanEquity Announces Independence
    CALGARY, Alberta, June 30, 2010 — While nearly 95 per cent of all mortgage brokerages across Canada remain partnered with a lending network or institution, CanEquity has chosen to break from the mold and stand independent, in action to maintain its ability to offer superior service to the Canadian clientele. Attaching to an affiliate network has become an attractive stratagem for …

 

 
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