OTTAWA — Finance Minister Jim Flaherty unveiled changes Monday morning to mortgage lending rules that would see Ottawa stop backing home loans greater than 30 years and make it more difficult for households to use their property to access financing. The changes, as reported by the...
Federal Finance Minister Jim Flaherty announced tighter mortgage rules on Monday to combat concerns over high Canadian household debt. "In 2008 and again in 2010, our government acted to protect and strengthen the Canadian housing market," Flaherty told a news conference in Ottawa. "We continue to...
WASHINGTON - The Canadian loonie will hover at parity with the U.S. dollar for some time to come, and deservedly so thanks to Canada's economic strength, Finance Minister Jim Flaherty said Wednesday."This is a new world," Flaherty told reporters after speaking about controlling debt at...
New-home prices were up more than expected in November, according to data released by Statistics Canada on Wednesday. The new-housing price index rose 0.3% that month, beating economists’ expectations for a 0.1% gain, which would have matched the rise in October. The latest data shows new-home prices...
As the world continues to struggle with the aftereffects of the recession, housing starts in Kelowna hint at a recovering economy. Kelowna area housing starts increased to 957 homes in 2010 from 657 homes the previous year, according to Canada Mortgage and Housing Corporation (CMHC). While 2010...
Some important information for home owners is in the mail. More than 80,000 property owners in the Central Okanagan can expect to receive their 2011 assessment notice in the next few days. For those with waterfront property, the notice brings the bad news that property values have...
Spendthrift Canada? Many Americans would find that hard to believe. Throughout the subprime crisis that rocked the U.S., Canada's economy and banking industry remained rock solid. Yet in mid-December, the Canadian government released statistics showing that the indebtedness of Canadians surpassed U.S. levels for the first...
The Canadian real estate market will follow a similar pattern this year as that seen in 2010 as buyers pull sales forward into the early months in anticipation of higher interest rates, according to a report from one of Canada's largest real estate firms. The aftershocks...
OTTAWA (Reuters) - Canada's Conservative government aims to spend more money on projects that create jobs while "severely" limiting overall spending growth to tackle the budget deficit, Prime Minister Stephen Harper said on Thursday. Harper said the date of the 2011 budget will be announced...
OTTAWA — For Canadian job seekers, 2011 is shaping up to be a year in which they envy their American counterparts. After far outpacing the United States on job creation most of last year, Friday’s numbers for the month of December will likely mark a role...