Category: News
Bank of Canada raises Variable Rates by 0.25%
The Bank of Canada raised interest rates by a quarter percent today bringing the benchmark rate up from rock bottom to 0.5%. This means that prime rate (off which variable rate mortgages and lines of credit are based) is now up to 2.5%. The bank was very careful not to suggest a lot of other increases in the near future.
Clarification to Government Rule Changes
The announcement by the department of finance on February 16th left some room for interpretation. CMHC has recently announced clarification to the announcement. Read for details.
Housing Bubble or No Housing Bubble? That is the Question.
Is there a housing bubble? Is there not a housing bubble? Finance Minister Jim Flaherty suggested in December 2009 that there is. Since than many have spoken out against his point of view including Bank of Canada Governor Mark Carney. Now Flaherty has changed his tune. Read the full article for full details.
Bank of Canada Keeps Rates the Same
The Bank of Canada left rates unchanged this morning which means prime remains at 2.25% and is expected to stay there until the end of 2010. Inflation is not expected to reach it’s 2% target until the 3rd quarter of 2011. Read the full article for more details.
Calgary Home Prices to Increase in 2010
After dropping a year ago, home prices in the Calgary market (along with most other major Canadian markets) is expected to recover well going into and through 2010 according to ReMax Report.
The Mortgage Market in Alberta: Update
The last 12 months have been a challenge in the Canadian Mortgage Industry. In Alberta and across the country we have seen an interesting phenomenon occur made up of two components which are discussed in this article.
Federal Tax Credit for Renovations on your home – this year only!
While the downturn in the economy may get some people nervous about spending their hard earned dollars on fixing up the home front, the Canadian government has made it a bit easier on families by providing tax relief with the new home renovation tax credit (HRTC).
