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Friday Morning Market News

Deya Bautista — Fri, 20 Feb 2009 14:14:43 +0000

photo: Deya Bautista

Home building across Canada is expected to fall back this year by 25%. [Globe and Mail]
In Montreal, resale home prices are not expected to drop as much as the rest of the country. [CEP News]
Housing Projects in Montreal had a fantastic “Open house weekend” with 6682 visits in total. [La Presse]

Posted By: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 http://montrealrealestateblog.com/

Real Estate Market News: Morning Edition

Deya Bautista — Wed, 17 Dec 2008 15:54:30 +0000

Housing sales fall sharply in Canada: MLS [CBC News]
“The number of homes sold through the Multiple Listing Service dropped to 27,743 units in November — the lowest level recorded since January 2001, the Canadian Real Estate Association said Monday.”

Fed Cuts to ~0% and Prints Money [Canadian Mortgage Trends]
“Many think they’re getting ready for another rate cut on January 20. If so, that would be a boon for variable-rate mortgage holders (assuming banks pass along the cut). Canada’s key policy rate is currently at 1.50% so there is room for the BoC drop more.”

Tuesday: Canadian Real Estate in the News

Deya Bautista — Tue, 19 Aug 2008 19:00:46 +0000

A quick list of today’s articles from different news sources.

The Calgary Herald seems to be quite busy reporting for Canada and the US.

Housing is too expensive – The Montreal Gazette
Calgary home prices fall 8% – Calgary Herald
Home sale prices fall in July – CBC.ca
Housing market dodging worst of US meltdown -Calgary Herald
Albertans’ household finances in decline – Calgary Herald

Ottawa is tightening mortgage insurance rules

Deya Bautista — Fri, 11 Jul 2008 18:30:43 +0000

The federal government said Wednesday that it is tightening the rules relating to government-guaranteed mortgages.

The new rules, set to take effect Oct. 15, are a “responsible and measured approach … to reduce the risk of a U.S.-style housing bubble developing in Canada,” the Department of Finance said in a news release.
The measures will apply to new, government-backed, insured mortgages. “Canadians who already hold mortgages will not be affected,” it said.

The changes include:
• Cutting the maximum amortization period to 35 years from 40.
• Requiring a minimum down payment of five per cent, whereas loans for 100 per cent of the price are possible now.
• Establishing a requirement for a consistent minimum credit score.
• Introducing new loan-documentation standards.

The government acknowledged that the proportion of bank mortgages in arrears is stable at 0.27 per cent, “near the lowest levels experienced since 1990 and well below the highs of 0.65 per cent experienced in each of 1992 and 1997.”

Source: CBC News