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September 2010 National Archive

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Mortgage News & Press Releases - September 2010

  • BMO Slashes Market-Leading Five Year Mortgage Rate By 20 Bps to 3.59 Per Cent
    TORONTO, Ontario, September 01, 2010 — BMO announced today it is decreasing its popular five-year low rate mortgage from 3.79 per cent to 3.59 per cent* effective September 2, 2010. The move will provide home buyers just the incentive they need to kick-start the fall house-hunting season with a renewed fervour. “It’s a great time to buy a home,” said Martin Nel, Vice …
  • Consumers expect home sale prices to decline, say construction and home ...
    TORONTO, Ontario, September 02, 2010 — From New York -The barrage of negative housing data in the past month has taken a toll on U.S. consumers, with 40 percent saying they expect the sale prices of homes in their neighborhood to decrease over the next year, compared to 31 percent who said this in August, according to the monthly RBC Consumer Outlook Index. Only one-quarter of Americans …
  • CanEquity Denounces Telemarketing Ploys
    CALGARY, Alberta, September 07, 2010 — CanEquity wishes to make adamant its no tolerance standpoint on the telemarketing tactics used by some companies in their attempt to gain clientele. CanEquity has recently been notified by other mortgage brokerages that they have been contacted by telemarketing companies claiming to be providing marketing services for CanEquity and other large …
  • Bank of Canada increases overnight rate target to 1 per cent
    OTTAWA, Ontario, September 08, 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 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 but remains uneven, balancing strong activity in emerging market economies with …
  • August Housing Starts
    OTTAWA, Ontario, September 09, 2010 — The seasonally adjusted annual rate 1 of housing starts was 183,300 units in August, according to Canada Mortgage and Housing Corporation (CMHC). The seasonally adjusted annual rate estimate of housing starts activity was revised down in July from 189,200 units to 188,900 units 2 . This results in a month-over-month decrease of …
  • Renewed faith in the international monetary system is essential for G20 ...
    CALGARY, Alberta, September 10, 2010 — Bank of Canada Governor Mark Carney today urged the world's leading nations to ensure that their domestic policies are consistent with the G-20 framework for strong, sustainable, and balanced growth and to support the G-20 financial system reforms. "We are three years into the global financial crisis, and its dynamics still dominate the economic …
  • Canada's economic growth expected to continue in 2010: RBC Economics
    TORONTO, Ontario, September 10, 2010 — TORONTO, September 10, 2010 — After rapid gains in the early part of the year, Canada's economy slowed in the second quarter and is expected to rebound only modestly over the second half of the year, according to the latest Economic Outlook report from RBC Economics. RBC slightly pared back its 2010 forecast, expecting GDP growth of 3.3 per …
  • Launch of Global Institute in Risk Management will Boost Canada's Financial ...
    TORONTO, Ontario, September 13, 2010 — The Government of Canada, the Government of Ontario and financial sector leaders today announced plans to launch the Global Risk Institute in Financial Services (GRi) in Toronto. The institute will build on Canada’s growing reputation in financial risk management. With links to Canada’s leading universities and recognized risk experts …
  • OECD Lauds Canada's Good Economic and Fiscal Performance
    OTTAWA, Ontario, September 13, 2010 — The Honourable Jim Flaherty, Minister of Finance, today issued the following statement on the release of the Organisation for Economic Co-operation and Development’s (OECD) Economic Survey of Canada, which is published every two years: “I am pleased that the survey recognizes Canada’s inherent domestic strengths and policy actions …
  • Economic Case for Global Financial Sector Reform Compelling, Bank of Canada ...
    OTTAWA, Ontario, September 14, 2010 — The economic case for global financial sector reform is compelling, and the basic stakes are enormous, Bank of Canada Governor Mark Carney argued today in Berlin in a lecture that focused on the costs and benefits of reform. "Without credible, coordinated financial reforms, we risk losing the open trading and financial system that has underpinned the …
  • Existing home sales edge up in August
    OTTAWA, Ontario, September 15, 2010 — National resale housing activity improved in August 2010, according to statistics released by The Canadian Real Estate Association (CREA). Seasonally adjusted national home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards in August rose 4.1 per cent from the previous month. This marks the first …
  • Minister of Finance Announces Review of Financial Institutions Legislation
    OTTAWA, Ontario, September 20, 2010 — The Honourable Jim Flaherty, Minister of Finance, today launched the scheduled review of legislation governing federally regulated financial institutions. “The Government reviews the statutes that govern federally regulated financial institutions every five years to ensure Canada remains a global leader in financial services,” said …
  • Report to Canadians Shows Canada's Economic Action Plan Is Supporting the ...
    MONTREAL, Quebec, September 27, 2010 — Through the Economic Action Plan, the Government of Canada has committed funds to over 23,000 projects across Canada to stimulate the economy and put Canadians back to work. The announcement was made by the Honourable Jim Flaherty, Minister of Finance, together with the Honourable Denis Lebel, Minister of State for the Economic Development Agency of …
  • Canada's homeownership costs continue to climb despite slowing resale ...
    TORONTO, Ontario, September 27, 2010 — Homeownership costs in the second quarter rose across Canada for the fourth consecutive time despite the recent slowing in resale market activity, according to the latest housing report released today by RBC Economics Research. "Higher mortgage rates in tandem with a further appreciation in home prices boosted the monthly costs associated with …
  • Newcomers find managing finances in Canada more difficult than expected: RBC ...
    TORONTO, Ontario, September 27, 2010 — Forty per cent of newcomers to Canada say that managing finances is more difficult than they expected, according to a recent RBC poll. Additionally, close to half (47 per cent) are worried that they will not have enough money to live comfortably. While two-in-three (63 per cent) newcomers are excited to see what the future holds in Canada, they …
  • Government of Canada Moves Forward With Tax Relief and Benefits for Canadians
    OTTAWA, Ontario, September 28, 2010 — The Honourable Jim Flaherty, Minister of Finance, today tabled in the House of Commons a Notice of Ways and Means Motion to implement key tax relief measures from Budget 2010. “Reducing the tax burden on Canadian families and businesses through a more efficient and fairer tax system helps support Canada’s economic recovery,” said …
  • Not Sure About Trading Up to a Faux Chateau? Renovating Offers a ...
    TORONTO, Ontario, September 29, 2010 — Renovation investment in Canada grew 14 per cent in the second quarter of 2010, marking the second largest year-over-year increase in nearly a decade. And as the housing market in Canada continues to moderate, some Canadians may be looking to follow that trend heading into 2011. “You don’t need to buy a starter castle to make your house …
  • Candian Government Budgets to Feel the Pinch of Belt-Tightening in U.S. and at ...
    TORONTO, Ontario, September 30, 2010 — The end of government stimulus, the continued reluctance of U.S. consumers to spend and a softening of the Canadian housing market will see real GDP growth fall well below federal and provincial government forecasts for 2011, finds a new report from CIBC World Markets Inc. "That softer growth outlook should not, however, lead to a rethinking about …
  • Minister of Finance Introduces the Sustaining Canada's Economic Recovery Act
    OTTAWA, Ontario, September 30, 2010 — The Honourable Jim Flaherty, Minister of Finance, today continued the Government of Canada’s focus on the economy by introducing the Sustaining Canada’s Economic Recovery Act in the House of Commons. The Act, which includes measures from Budget 2010, represents a key component of Canada’s Economic Action Plan. “We are meeting …
  • Canada's millionaires concerned about next generation's financial future: RBC
    TORONTO, Ontario, September 30, 2010 — Canada's millionaires are worried about the next generation's financial future with 58 per cent believing their children will have a more difficult time making it financially than they did, according to new research by RBC Wealth Management. Furthermore, almost half (49 per cent) of those surveyed are concerned about their children's readiness to …

 

 
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