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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

18 December 2017

CREA cuts its forecasts on 2018

Recently, the Canadian Real Estate Association (CREA) slashed its forecast on home sales for 2018 because of the influence of stricter mortgage rules, which take effect on January 1. They are expected to reduce the spending possibilities for certain potential homebuyers.

According to CREA, the new rules, including a stress test for uninsured mortgages, will decrease sales activity in Canada, especially in Toronto, Vancouver and the surrounding areas.

The association expects the sales to go down by 5.3% to 486,600 units in 2018 – it’s almost 8,500 sales less than in the previous forecast.

“As some buyers will hurry to make a purchase before the new rules take effect, this sales increase could come at the expense of sales in the first half of the next year,” – CREA noted.

15 December 2017

Canadians’ debts hit a new record in the third quarter

In the third quarter of 2017, Canadians owed $1.71 for each dollar of their disposable income – it’s the highest number in history.

According to Statistics Canada, the total debt sum of Canadian households reached $2.1 trillion at the end of September, which is 1.4% higher than in summer. Mortgages accounted for the greatest part of it, growing by 1.5% to $1.3 trillion.

The central bank, like many others, considers the household debt a main threat to the national economy.

"The growing trend in household debt, which began in 1990 when we started recording the data, doesn’t slow down," – the Bank of Montreal economist Benjamin Reitzes noted.

14 December 2017

What bothers the central bank’s governor at night?

Being a governor of Canada’s central bank, Stephen Poloz has to worry about a lot of things, including the national economy, a potential impact of the NAFTA renegotiations, the technological change influence on inflation, the real estate market’s reaction to the stricter mortgage rules etc.

However, there are also other things which keep him awake at night. During his recent speech, Poloz pointed to several of them, e.g. cyber-attacks, household debt level, jobs for the youth, and the bitcoin growth.


"It basically means that a problem which appeared in one institution could expand to others and become even stronger," - he noted. "In other words, a successful cyber-attack on one institution may transfer into a successful attack on many of them."

In spite of all the hard work on the system secure, we can’t be 100% sure the financial system is absolutely protected, he added.

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