Canada’s economic growth slows

July 31, 2012 under Useful Articles
Gordon Isfeld  Jul 31, 2012 – 8:44 AM ET | Last Updated: Jul 31, 2012 11:48 AM ET OTTAWA — Canada’s economy slowed in May as declines in manufacturing and construction activity tempered strong gains in the service sector. The economy grew by 0.1% during the month, Statistics Canada said Tuesday, after a 0.3% increase the previous month and a similarly disappointing 0.1% rise in March. Most e
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Canadians’ debt burden to get worse, Bank of Canada warns

July 19, 2012 under Useful Articles
Reuters  Jul 18, 2012 – 10:39 AM ET | Last Updated: Jul 18, 2012 3:28 PM ET OTTAWA — Canadian households will see their debt burden worsen further in coming months even after the government stepped in to tighten mortgage rules, the Bank of Canada said on Wednesday, pointing to signs of “overbuilding” in the housing market. The warning came as the central bank downgraded all of its quart
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Canadians’ debt burden to get worse, Bank of Canada warns

July 18, 2012 under Useful Articles
Reuters  Jul 18, 2012 – 10:39 AM ET | Last Updated: Jul 18, 2012 11:43 AM ET OTTAWA — Canadian households will see their debt burden worsen further in coming months even after the government stepped in to tighten mortgage rules, the Bank of Canada said on Wednesday, pointing to signs of “overbuilding” in the housing market. The warning came as the central bank downgraded all of its quar
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Bank of Canada holds rate, cuts growth forecast

July 17, 2012 under Useful Articles
Gordon Isfeld  Jul 17, 2012 – 9:07 AM ET | Last Updated: Jul 17, 2012 12:03 PM ET OTTAWA — The Bank of Canada acknowledged Tuesday that the weakening global economy is slowing growth in this country more than previously thought, but it still expects moderate growth. To no one’s surprise, the central bank held its key interest rate at a near-historic low of 1%, where it has been since Septemb
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Credit unions escape new mortage rules

July 16, 2012 under Useful Articles
John Greenwood  Jul 12, 2012 – 5:35 PM ET | Last Updated: Jul 13, 2012 8:54 AM ET Tough new mortgage guidelines announced last month by the federal banking regulator are aimed at letting some of the air out of Canada’s over-inflated housing market. The trouble is, some of the rules don’t affect credit unions, which make up a significant chunk of the consumer loan market in British Columbia,
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U.S. retail sales fall for 3rd straight month

July 16, 2012 under Useful Articles
Reuters  Jul 16, 2012 – 8:46 AM ET WASHINGTON —U.S. retail sales fell for a third straight month in June as demand slumped for everything from cars and electronics to building materials, a sign the economic recovery is flagging. Retail sales slipped 0.5%, the Commerce Department said on Monday. It was the first time sales had dropped in three consecutive months since late 2008, when the economy was
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Canadian housing prices are not sustainable: David Rosenberg

July 12, 2012 under Home Buyer Resources, Useful Articles
Business Insider  Jul 11, 2012 – 8:43 PM ET | Last Updated: Jul 11, 2012 8:51 PM ET As the U.S. begins to recover from its housing bubble, concerns have been escalating about a housing bubble in Canada. “Canada is carving out a top, while the United States is seemingly carving out a bottom,” writes Gluskin Sheff economist David Rosenberg. Using three charts, Rosenberg points out the stark diff
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Toronto housing market still frothy as new home prices rise

July 12, 2012 under Home Buyer Resources, Useful Articles
Reuters  Jul 12, 2012 – 9:35 AM ET OTTAWA — Strong growth in Toronto’s housing market helped push up the prices of new homes in Canada by 0.3% in May, a month before the government announced it was tightening mortgage rules, according to Statistics Canada data released on Thursday. The Toronto-Oshawa area posted a 0.5% increase on a monthly basis and 5.5% on the year. The annual increase for
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30-year mortgage rate falls to record 3.56%

July 12, 2012 under Home Buyer Resources, Useful Articles
By Les Christie @CNNMoney July 12, 2012: 11:43 AM ET NEW YORK (CNNMoney) — Mortgage rates on 30-year and 15-year fixed-rate mortgages fell to historic lows once again this week, according to mortgage giant Freddie Mac. The rate for a 30-year mortgage fell to 3.56%, down from 3.62% last week, Freddie Mac (FRE) said in its weekly report. The 30-year fixed rate has matched or hit a new low for 11 of the past 12
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Latest update, July 12/2012 – Life with the new Mortgage rules

July 12, 2012 under Useful Articles
The new Mortgage rules are now in full force and there’s been plenty of news coverage and discussions on the pending impact in the real estate market.  Many customers already know what’s been taken away but I wanted to highlight what is still available: 30 year amortizations for financing up to 80% of property value. High ratio financing can be arranged to 95% of purchase price. (5% down payment)
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