External Author |
Bank of Canada Holds Rates Steady Acknowledging Economic Slowdown
With last Friday’s publication of the anemic second-quarter GDP data, it was obvious that the Bank of Canada would refrain from raising rates at today’s meeting. Economic activity declined by 0.2% in Q2; the first quarter growth estimate decreased from 3.1% to 2.6%.
External Author |
There’s been an unexpected hiccup in the Bank of Canada’s ongoing battle against inflation. Year-over-year, price pressures escalated to 4.4% in April, an uptick from the previous month’s 4.3% and significantly exceeding the average economist’s prediction of 4.1%. This marks the first rise in overall inflation from the last June. Ironically, higher interest rates are intended to tackle inflation, but rising rent prices and mortgage interest costs contributed the most to the all-items CPI increase last month.
Kolbi Turner |
This morning’s Stats Canada release showed that the economy grew at a 5.6% annualized rate in the first quarter, after a revised 9.3% pace in the final quarter of last year. That was somewhat below economists’ expectations. Housing investment grew at an annualized 43% pace, by far the biggest impetus of the expansion.
External Author |
2020 Was a Blockbuster Year for Housing
Despite the fears leading into the pandemic last Spring, 2020 marked a record number of home resales as new listings lagged and prices climbed. December housing data released by the Canadian Real Estate Association (CREA) today shows national home sales surged 7.2% month-over-month (m-o-m) at a time of the year when housing is normally slow. The chart below shows that resales were impressively above their 10-year average.
Kolbi Turner |
Canadian Housing Remained Strong in November
External Author |
Bank of Canada Confirms Commitment To Low Interest Rates
Kolbi Turner |
Chief Economist, Dominion Lending Centres
The September Labour Force Survey, released this morning by Statistics Canada, reflects labour market conditions during the week of September 13 to 19, six months after the onset of the COVID-19 economic shutdown. As Canadian families adapted to new back-to-school routines at the beginning of September, public health restrictions had been substantially eased across the country, and many businesses and workplaces had re-opened. Throughout the month, some restrictions were re-imposed in response to increases in the number of COVID-19 cases. In British Columbia, new rules and guidelines related to bars and restaurants were implemented on September 8. In Ontario, limits on social gatherings were tightened for the hot spots of Toronto, Peel, and Ottawa on September 17 and the rest of the province on September 19.
Kolbi Turner |
Canadian Housing Market Very Strong in July
Kolbi Turner |
Chief Economist, Dominion Lending Centres
In a speech early this week, Bank of Canada Governor Stephen Poloz said that it is time for some fresh ideas for Canada’s mortgage market. He suggested that changes could include encouraging longer than 5-year duration fixed-rate mortgage loans, the creation of a market for private mortgage-backed securities and the launch of shared-equity mortgages for first-time homebuyers proposed in the March federal budget.
Kolbi Turner |
Chief Economist, Dominion Lending Centres
Statistics released today by the Canadian Real Estate Association (CREA) show that national home sales declined for the second consecutive month in October, edging back by 1.6% month-over-month (m/m) and down 3.7% from year-ago levels. Year-over-year sales in October are now about in line with their 10-year monthly average (see chart below). Existing home sales activity has picked up from levels early this year, but it is still considerably below the boom days of 2016 and early-2017 before the foreign purchase tax was introduced in Ontario (in April 2017), the new OSFI rules were implemented (in January 2018), and Bank of Canada tightening gained momentum.
Kolbi Turner |
For most people a mortgage is the biggest debt we will ever carry and a home is the most expensive purchase we will ever make. This is why it is absolutely crucial to avoid mistakes that cause you to pay more than you should or even jeopardize your ability to qualify for a mortgage.
Kolbi Turner |
At Kolbi Turner, I am proud of the work that I do. But, instead of telling you why my customers love me, I’ll let them do the talking! Here’s what some of my customers are saying about me lately:
Kolbi Turner |
You’ve been searching the right neighborhoods to find your “that’s it!” house and picturing yourself making a home there. Dreaming about your future home is great, but there’s plenty to do before you start house hunting for your dream home.
Kolbi Turner |
Thanks for stopping by our blog. If you’re looking for more information about Kolbi Turner, you’ve come to the right place.
Kolbi Turner |
I’m Kolbi Turner, proud mortgage and refinancing specialist in Vancouver, BC.
I look forward to sharing my story and hope that you will enjoy getting to know me better.
Kolbi Turner |
We are delighted to announce the launch of our new website!
Our new website provides our existing and prospective clients a simple yet interactive view of our work and the services we offer.
Kolbi Turner |
New Website Coming Soon!