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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





News
4 January 2019

Toronto and Vancouver showed the lowest home sales in 10 years

The most expensive Canadian real estate markets had the worst year for sales in almost 10 years, caused by growing borrowing costs and mortgage rules tightening.

According to the Toronto Real Estate Board (TREB), home sales in Toronto were down by 16% to 77,426 transactions last year, and the average price fell by 4.3% to $787,300. As a result, it was the worst year for sales in Canada’s largest city since 2008. In case of Vancouver, the annual sales went down by 32% and reached 24,619 units, marking the lowest level since 2000 and falling by 25% below the 10-year average.

“Growing borrowing costs combined with the new mortgage stress test made some buyers take a pause and review their housing possibilities,” - Garry Bhaura, TREB’s president says.

Sales in Toronto and Vancouver started falling in the first half of 2018 following the implementation of stricter qualifying rules for mortgages.

 
3 January 2019

Some experts predict a rate cut in 2019

Before the central bank’s next rate meeting, Capital Economics is back with its cut forecasts.

The economic research firm, which is known for its predictions of rate declines, says again that the Bank of Canada will cut its key lending rate at the end of 2019. Meanwhile, other experts predict the opposite.

“Now we believe the BoC’s forecasts will be more optimistic than ours, but we won’t be surprised if the Bank keeps pushing its hike course”, - Capital Economics says.

“However, when it becomes obvious that the national economy shows weaker results than expected, the central bank will have to change its path and cut interest rates at the end of this year,” – it adds.

 
2 January 2019

Main financial goal for 26% of Canadians is becoming debt-free in 2019

According to the recent CIBC survey, as interest rates keep growing, many Canadians are focusing on getting rid of their debts this year.

The poll says 29% of respondents raised their debts last year. The main sources of increase were day-to-day items (34%), buying a new vehicle (24%) and paying for a home renovation (20%).

The report shows that 26% consider paying down debt their number one financial priority. Then follow managing bills and getting by (14%), increasing wealth (12%), saving for a vacation (7%), and saving for retirement (6%).

"Debt affects Canadians sharply, so it's understandable why Canadians keep naming debt concerns their number one priority," - noted Jamie Golombek from CIBC.

 
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News

22 January 2019

Liberal government is looking for ways to help millennials enter the housing market According to Finance Minister Bill Morneau, the federal governmen...Read more >>

21 January 2019

More and more Canadians face financial difficulties According to the recent survey, the number of Canadians who find themselves about $200 away from...Read more >>

18 January 2019

Canadian economy lost 13,000 jobs in December According to ADP Research Institute, Canada lost 13,000 jobs in December 2018. Such a large drop was c...Read more >>
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