The Bank of Canada has opted not to lower or raise its benchmark interest rate, choosing to keep it at 0.5 per cent.
Economists had been expecting the bank to keep its trend-setting target for the overnight rate where it is now. A few believe, however, that another cut might be possible later in the year unless the economic picture improves.
Bank of Canada holds rate, says past cuts still helping
The Bank of Canada kept its key interest rate at 0.5 percent on Wednesday, declaring its previous two rate cuts were still stimulating an economy that is benefiting from solid household spending and a firm U.S. recovery.
It posted the important caveat that increasing uncertainty about growth prospects in China and other emerging markets were raising questions about the pace of global recovery.
Affordable housing crisis affects one in five renters: study
One in five Canadian renters face an affordable housing crisis, spending more than half their income on shelter costs, a problem that appears to be even more acute in suburbs and small cities than in major urban centres.
A new study by a coalition of affordable housing groups in six provinces and the Vancouver City Savings Credit Union offers one of the most exhaustive examinations of rental affordability in the country. The group’s Canadian Rental Housing Index crunched data on income and rents from Statistics Canada’s Survey of Household Spending for more than 1,000 municipalities and regions.
Mark Chandler, Head of Canadian Fixed Income & Currency Strategy, RBC Capital Markets joins BNN to discuss the Bank of Canada rate decision, and what it means for the Canadian economy and the loonie.
Low loonie means Hollywood North is ready for its closeup again
In a crowded back lot in Toronto, the King of France is waiting for his close-up.
“I spend 10 months of the year here now,” said London native Toby Regbo, the 23-year-old lead actor who plays King Francis II in the CBS Corp. historical romantic drama “Reign,” currently shooting its third season in Canada’s biggest city.
Voters in Canada’s 4 million renter households have a new tool they can use to grill candidates on affordable housing in October’s federal election.
The Canadian Rental Housing Index, an interactive online map developed by a partnership of non-profit housing organizations and credit unions, tracks renter income, affordability and overcrowding for the first time in more than 800 cities and regions across the country and in all 338 federal ridings. It brings together all types of rental accommodation, including social housing, purpose-built rental, condos, houses and secondary suites in homes.
According to the index, which uses Statistics Canada’s latest census data, 40 per cent of renter households are paying more than 30 per cent of their before-tax income on rent and utilities, an amount widely considered to be unaffordable.
Verifying your down payment: What you need to know
Saving for a down payment is often one of the biggest challenges facing young people looking to break into the real estate market. The source of your down payment could come from your own savings, a gift from a family member, your RRSP if you’re a first time home buyer or from the proceeds of selling your current home.
No matter where your down payment comes from,one thing that is for certain is your lender will be verifying your down payment prior to full approval. It’s required by all lenders to protect against fraud and to prove that you are not borrowing your down payment, which can change your lending ratios and your ability to repay your mortgage.
Canada added 12,000 jobs in August, unemployment rate increases to 7.0%
OTTAWA - Canada's economy gained 12,000 jobs in August, bolstered by a gain in full-time employment, but more people were looking for work and the unemployment rate ticked higher for the first time in months.
The unemployment rate increased to 7.0 per cent for the month, up 0.2 from 6.8 per cent, where it had held steady for six consecutive months, Statistics Canada reported Friday.
The overall increase came as the number of full-time jobs grew by 54,400, offset in part by a drop of 42,400 part-time jobs.
The job gains were better than an estimated a loss of 4,500 jobs in August, according to Thomson Reuters.
Five things to watch for in Canadian business this week
Leaders showdown
The health of the Canadian economy is the focus of the second national leaders’ debate on Thursday in Calgary. Stephen Harper, Justin Trudeau and Tom Mulcair will face questions on their plans on everything from energy and housing to taxation and jobs; Green party leader Elizabeth May wasn’t invited.
Household debt hits record, fueled by low mortgage rates
The ratio of household credit market debt to disposable income rose from 163% in Q1 to 164.6% in Q2. This means that for every dollar of disposable income households brought in, they owed almost $1.65.
As interest rates have fallen in the country, more Canadians have gone further into debt. Households borrowed a total of $26.3 billion in the quarter, which was up $3.7 billion compared with Q1. One of the reasons Canadians have gone further into debt is because interest rates have fallen, making borrowing more attractive.
Toronto, Vancouver home prices poised to surge even higher
Home prices in some Canadian cities are on a tear, driving the national average up to a pace that eclipses the 11-year average for August.
Prices rose 1 per cent last month from July and 5.4 per cent from a year earlier, according to the Teranet-National Bank home price index released today.
The tax rules surrounding flipping properties, unlike rent-to-owns, as described in a previous article, are slightly more straightforward. But, using the proper structure is still critical. Think of this as a short primer on those rules, and how they may affect your taxes as you plan your real estate investment business.
Low interest rates trump cheap oil in Canadian housing market as prices forecasted to keep rising
The organization that represents about 100,000 realtors in Canada has updated its housing forecast and is now calling for prices to rise again slightly in 2016.
The Ottawa-based Canadian Real Estate Association acknowledged that the outlook for oil and other natural resources has deteriorated, impacting some provinces.
Canada ranked ninth in an evaluation of 157 countries in the Economic Freedom of the World report, which examined levels of personal choice, the ability to enter markets and the security of privately-owned property.
"Economic freedom breeds prosperity and economically-free countries like Canada offer the highest quality of life while the lowest-ranked countries are usually burdened by oppressive regimes that limit the freedom and opportunity of their citizens," said Fred McMahon, who holds Fraser's Dr. Michael A. Walker Research Chair in Economic Freedom.
When the U.S. Federal Reserve moves its benchmark interest rates, Canadians feel the reverberations in more ways than one.
Though not a sure bet, a U.S. interest rate hike this week – the first in nearly seven years - would signal the world’s largest economy is back in business
Rise in luxury home sales in Toronto and Vancouver predicted this fall
TORONTO - Sotheby's International Realty Canada says turbulence on the Chinese stock market could send buyers from mainland China flocking to Canadian luxury real estate this fall.
The realtor predicts that sales of homes worth over $1 million will rise in Toronto and Vancouver, while Montreal's luxury market should be balanced and Calgary's will slow due to the effects of declining crude prices.
Canada one of the most economically free: Fraser Institute
Canada ranked ninth in an evaluation of 157 countries in the Economic Freedom of the World report, which examined levels of personal choice, the ability to enter markets and the security of privately-owned property.
"Economic freedom breeds prosperity and economically-free countries like Canada offer the highest quality of life while the lowest-ranked countries are usually burdened by oppressive regimes that limit the freedom and opportunity of their citizens," said Fred McMahon, who holds Fraser's Dr. Michael A. Walker Research Chair in Economic Freedom.
