Kelowna Mortgage and CMHC Housing Update


Kelowna Mortgage Update The Kelowna housing market is trending towards balanced market conditions. The market still favours the buyer with plenty of inventory on the market and home prices lower than where they were a year ago. But the Canadian Mortgage and Housing Corporation (CMHC) is predicting total housing starts in Kelowna to slightly increase this year and next. They are also forecasting average MLS® home prices to mildly increase to $409,000 in 2012 and $417,000 by next year. Although these averages are still below the May 2010 peak of $501,746. The Canadian agency also expects MLS sales to increase…

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Finance Minister Flaherty not worried about slumping markets, tougher mortgage rules


Finance Minister Jim Flaherty speaks in Calgary, Sept. 16, 2010. Photograph by: Grant Black, Calgary Herald Federal Finance Minister Jim Flaherty said Thursday he is not concerned about slumping housing sales in some Canadian markets and has no plans to reverse mortgage restrictions imposed earlier this year. Housing sales plunged dramatically last month in cities such as Calgary, Victoria and Greater Vancouver compared with one year ago. But Flaherty, in Calgary to deliver a speech on Ottawa's proposal for a national securities regulator, said he believes the housing slowdown is a sign that consumers are being more careful about financial…

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Bank of Canada backs off housing bubble talk


Says raising interest rates could hurt entire economy The Bank of Canada backed away Monday from its recent warnings about a real estate bubble in Canada. In a speech in Edmonton, bank official David Wolf ruled out increasing interest rates to discourage mortgage lending. Wolf, an adviser to bank governor Mark Carney, said that in the central bank's view it is premature to be talking about a housing bubble in Canada. "We see the housing market requiring vigilance, not alarm," he said. He added that even if the bank was convinced housing prices were getting out of hand, raising interest…

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Five banks raise mortgage rates


Jun 02, 2009 05:21 PM Comments on this story (11) RITA TRICHUR BUSINESS REPORTER Canada's biggest banks are hiking key mortgage rates at time when the bond market is worried about risk and the longer-term threat of inflation. Royal Bank of Canada, Bank of Montreal, Toronto-Dominion Bank, the Bank of Nova Scotia and Canadian Imperial Bank of Commerce are all increasing their posted rates on five-year, fixed-rate mortgages by 0.2 per cent to 5.45 per cent. The changes at RBC and BMO take effect today, while new rates at TD, Scotiabank and CIBC will be available as of tomorrow. RBC,…

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