The loonie may be trading at a three-year high relative to the U.S. dollar, but a report released Thursday says Canadians still pay far more than Americans for common consumer items. The report by BMO Capital Markets’ deputy chief economist Douglas Porter said that despite the...
OTTAWA — The Bank of Canada boosted its growth forecast Tuesday but threw a curve ball at Bay Street expectations for a July interest-rate hike by warning the “persistent strength” in the loonie could cause even greater headwinds for the economy. While some analysts still expect...
Financing: Economic literacy is crucial for first-time buyers Postmedia News March 30, 2011 Two years ago, when Michelle Gompf and Jesse Bagelman started thinking about buying a house, they assumed it would be impossible to qualify for a mortgage because of some heavy debt and Jesse's status...
Thorough checks come first Postmedia News March 30, 2011 Newly minted professionals shopping for their first home in downtown Toronto are real estate agent Andrew Bodnar's typical clients. "They see home ownership as a status symbol," says Bodnar, an agent with ReMax Condos Plus, "and an investment." But...
Postmedia News March 30, 2011 Traditionally, Canadians have gone to their local bank for a mortgage, yet a growing number are letting mortgage brokers do the legwork. Yet mortgage brokers will tell you a good portion of home buyers don't really understand what they do. Brokers should not...
Canada’s annual inflation rate fell slightly in February, giving the Bank of Canada room to keep interest rates low over the next few months, economists say. Statistics Canada said Friday its consumer price index edged down one-tenth of a point to 2.2 per cent in February,...
OTTAWA – Canada’s economy will register a strong start to 2011 despite the growing risks from crises in Japan and the Middle East, predicts a major Canadian bank. The TD Bank’s new forecast has the Canadian economy advancing a robust 3.5 per cent in the first...
OTTAWA - Statistics Canada says annual inflation edged down one-tenth of a point to 2.3 per cent in January.The agency says energy prices, particularly the cost of gasoline, as well as car insurance, home replacement costs and restaurant meals contributed to keeping inflation above the...
OTTAWA – Canada’s national housing agency says the pace of new-home construction will stabilize in 2011 and 2012 after trending lower at the end of last year. Canada Mortgage and Housing Corp.’s predicts between 157,000 and 192,000 new housing units will be built this year, with...
Why do mortgage rates rise quickly but fall like molasses? That’s the question posed by an article in the latest issue of the Bank of Canada Review, and it’s a good one. The report, by Jason Allen of the central bank’s financial stability department, notes that the...