Bank rate 1%
Boosts outlook for Canadian economic growth The Bank of Canada kept its target for the overnight rate at one per cent for the third consecutive meeting on January 18th, 2011. Correspondingly, the Bank rate remained at 1.25 per cent and the deposit rate remains at 0.75 per cent. The Bank said that the global economic recovery was proceeding at a somewhat faster than expected pace, but noted that risks remain elevated. The main source of uncertainty to the global outlook remains sovereign debt concerns in several European countries. The driver of the improvement in the global outlook was the...
Read MoreNew Mortgage Rules
On Monday, Finance Minister Jim Flaherty announced some changes to mortgage rules in Canada. 1. The maximum amortization period is now 30 years (down from 35 years) for government-backed insured mortgages, when the down payment is less than 20 percent. This new amortization limit will come into force on March 18, 2011. 2. The maximum amount that can be borrowed when refinancing a mortgage is now 85 percent the value of the home, down from 90 percent. This new refinance limit will come into force on March 18, 2011. 3. The government will no longer provide insurance backing for home equity...
Read MoreREALTOR.ca mobile application for Apple iPhone
Ottawa, ON – December 21, 2010 – The Canadian Real Estate Association (CREA) today released its REALTOR.ca app for the Apple® iPhone®. REALTOR.ca is the most visited real estate website in Canada, listing on average some 350,000 properties at any time. “This free application brings Apple iPhone users the features and functionality of the REALTOR.ca website, as well as some interesting device-specific features” said CREA president Georges Pahud. “Consumers today expect portable information and REALTORS® across Canada are happy to be providing this service.” The free REALTOR.ca...
Read MoreAce your septic inspection
By Preston Mane The septic tank is a very delicate feature of a house despite its size and its nature and it requires some very specific practices to keep it in good working order. Performing an inspection on a routine basis is vital to maintaining the tranquility of its processes and the effectiveness of its design. A common septic tank inspection that hits all of the major points should include the following items: 1. An inspection of the tees and baffles of your septic system. The baffle is an important connection on the outside wall of your system, which is melded into the exterior...
Read MoreCREA Revises Annual Resale Housing Forecast
By mcherun OTTAWA – November 5, 2010 – The Canadian Real Estate Association (CREA) has lowered its forecast for home sales activity via the Multiple Listing Service® (MLS®)Systems of Canadian real estate Boards and Associations for 2010 and 2011. Sales activity in the third quarter of 2010 began on a weak footing, but gained traction as the quarter progressed. Improving momentum for home sales activity suggests the resale housing market is stabilizing, but weaker than expected third quarter activity has reduced CREA’s annual forecast. National sales activity is now expected to reach...
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Owen has lived in the Comox Valley for over 30 years. He loves the Comox Valley, and the people who live here! His strong negotiating skills and great personality make him the right choice for your real estate needs. 