PING SHU

GTA REALTORS® REPORT FEBRUARY RESALE HOUSING MARKET FIGURES

PING SHU — Mon, 08 Mar 2010 18:41:00 GMT

TORONTO, March 3, 2010 – Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509. Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.

"Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in the City of Toronto and surrounding 905 regions," said TREB President Tom Lebour. "This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace."

New listings also increased in February, climbing 24 per cent compared to the same month last year.

"Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010," said Jason Mercer, TREB’s Senior Manager of Market Analysis. "As the market becomes better supplied, we will see more sustainable single-digit rates of price growth."

Summary Of February Sales And Average Price

February 2010 2009

Sales Average Price Sales Average Price

City of Toronto ("416") 2,891 $475,579 1,653 $392,919

Rest of GTA ("905") 4,400 $402,553 2,467 $340,122

GTA 7,291 $431,509 4,120 $361,305

Source: Toronto Real Estate Board

Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 29,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.

Bank of Canada maintains overnight rate target at 1/4 per cent and reiterates conditional commitment to hold current policy rate until the end of the second quarter of 2010

PING SHU — Wed, 03 Mar 2010 20:37:00 GMT

OTTAWA, March 2 - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.

The ongoing global economic recovery is being driven largely by strong domestic demand growth in many emerging-market economies and supported in advanced economies by exceptional monetary and fiscal stimulus, as well as extraordinary measures taken to support financial systems.

The level of economic activity in Canada has been slightly higher than the Bank had projected in its January Monetary Policy Report (MPR). The economy grew at an annual rate of 5 per cent in the fourth quarter of 2009, spurred by vigorous domestic spending and further recovery in exports. The underlying factors supporting Canada's recovery are largely unchanged - policy stimulus, increased confidence, improved financial conditions, global growth, and higher terms of trade. At the same time, the persistent strength of the Canadian dollar and the low absolute level of U.S. demand continue to act as significant drags on economic activity in Canada.

Core inflation has been slightly firmer than projected, the result of both transitory factors and the higher level of economic activity. The outlook for inflation should continue to reflect the combined influences of stronger domestic demand, slowing wage growth, and overall excess supply.

Conditional on the current outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target.

The risks to the outlook for inflation continue to be those outlined in the January MPR. On the upside, the main risks are stronger-than-projected global and domestic demand. On the downside, the main risks are a more protracted global recovery and persistent strength of the Canadian dollar. The Bank judges that the main macroeconomic risks to the inflation projection are roughly balanced.

The next scheduled date for announcing the overnight rate target is 20 April 2010.

加拿大收紧房贷条件 3大限制措施公布

PING SHU — Wed, 17 Feb 2010 16:37:00 GMT

多伦多信息港(记者彭琳综合报道)：周二，加拿大财政部部长费海提(Jim Flaherty)公布一些限制人们贷款购新房的新举措。

近来，受低利率的吸引，购房者纷纷涌入房产市场，但是一些专家提醒政府，一旦利率回升，投资者的热情将很难维持，加拿大人或将负债太多。费海提就是在这种情况下做出回应的，尽管他强调加拿大房地产市场目前还没有出现泡沫现象。

房贷条件的收紧包括三个方面：1，为将来利率回升做准备，所有借贷者将必须符合5年期固定利率房贷的标准，即使他们选择的是低利率、期限短的房贷；2，降低加拿大人可贷款的最大限额(从房价的95%降低至90%)；3，为防投机者，最低预付款将升高(至房价的20%)。

建议加财长控制新屋房贷的同时，经济师提醒政府，如今经济的恢复还很脆弱，房贷收紧力度不宜过大。

Economists predict higher interest rates in fall

PING SHU — Mon, 08 Feb 2010 18:33:00 GMT

According to many of Canada’s top economists, higher interest rates – and debt servicing costs – may be just around the corner. Exactly when rates will rise is unclear and depends on who you talk to.

In its latest Financial System Review, The Bank of Canada judges that vulnerability of Canadian households to adverse wealth and income shocks has grown in recent years. “At present, Canadian household finances appear quite healthy,” Governor Mark Carney says, but it is the responsibility of households now to ensure that in the future, when the recovery takes hold and extraordinary measures are unwound, they can still service their debts.”

The Bank of Canada still maintains it will hold the line on rates until July of this year, and many analysts believe rates may start to rise in the fall of 2010, with some expecting a full three percentage point hike by the end of 2011. Here’s a summary of a few of the forecasts for where interest rates are headed over the next year and a half:

TD Quarterly Economic forecast
With home prices on track to grow a further 9.4% in 2010, the housing market will continue to support economic activity through much of the year, while rock bottom interest rates, improvements in financial asset and housing wealth, and a recuperating labour market will help underpin consumer spending. Home price growth will slow significantly thereafter, and residential investment is expected to detract from economic growth through 2011 and 2012. The slower rate of home price appreciation will also limit the rate at which household wealth increases, posing a hurdle for Canadian consumer spending. Second, households may be very sensitive to rising interest rates, particularly given the high rate of debt accumulation that occurred in response to record low interest rates. As such, an expected rise in short term interest rates of a full 3 percentage points by the end of 2011 is likely.

RBC Economics
In the near-term, with interest rates likely to remain low and the supply of homes available for sale relatively limited, we do not expect to see a sharp drop-off in sales activity. In the second half of 2010, however, the combination of higher mortgage rates and higher prices are likely to take some steam out of the market. In 2011, conditions in the housing market are likely to be relatively stable as the strengthening economy leads to job and income growth, which will offset some of the effect of the steady rise in interest rates throughout the year. The Bank of Canada will honour its conditional commitment to hold the policy rate at its current level until the end of the second-quarter 2010. Our baseline forecast looks for the Bank to raise the policy rate by 100 basis points in the second-half 2010. Another 225 basis points in rate hikes are expected over 2011 with the policy rate expected to settle at 3.5%.

Scotia Economics
For most other central banks, the process of normalizing the emergency level of short-term interest rates should begin around mid-year — led by the European Central Bank, but quickly followed by the Federal Reserve and the Bank of Canada, and belatedly by the Bank of England and the Bank of Japan. Overall, we expect that the Fed and the Bank of Canada will raise their overnight rates 2 percentage points by mid-2011, after which they are likely to remain on hold as the U.S. economy adjusts to a slower growth trajectory. U.S. bond yields should continue to trend higher against a backdrop of a revival in private sector credit demands, a less accommodative central bank stance, and the massive financial requirements associated with large and sustained government deficits.

CIBC World Markets
The US consumer upturn has been more vigorous than we would have expected, a challenge to our view that a rising savings rate would sap growth momentum. But we’re still a long way from the big job gains needed to bring unemployment down on a sustained basis, and we’re sticking to our view that the Fed will stand pat until early 2011. Still, Canadians must be prepared for when interest rates inevitably rise. “They are emergency rates, they won't be here forever,” says Benjamin Tal, CIBC World Markets.

BMO Nesbitt Burns
As long as these conditions continue, the Fed should remain on hold. We look for the unemployment rate to peak during Q1 and remain in double digits until the autumn, with core inflation drifting down consistently during the year. We’ve pencilled in a September rate hike start, by which time the outlook for resource utilization, inflation, and inflation expectations should be signalling a precautionary requirement to begin removing monetary stimulus, and also reflecting the Fed’s concern that keeping policy rates too low for too long “could lead to excessive risk-taking in financial markets”. Rate hikes are likely to be gradual and could easily be postponed into 2011 because of continued high unemployment and inadequate credit creation.

GTA REALTORS® REPORT JANUARY RESALE HOUSING MARKET FIGURES

PING SHU — Fri, 05 Feb 2010 17:15:00 GMT

TORONTO, February 3, 2010 -- Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the five years preceding 2009.
“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour. “Increasingly confident consumers moved to take advantage of affordable home ownership.”
The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year.
“Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The rate of sales and price growth will be lower in the second half of 2010.”
Summary Of January Sales And Average Price
January 2010 January 2009

Sales Average Price Sales Average Price

City of Toronto ("416") 1,973 $428,151 1,106 $364,416

Rest of GTA ("905") 3,013 $396,556 1,564 $328,935

GTA 4,986 $409,058 2,670 $343,632

Source: Toronto Real Estate Board

Bank of Canada, Overnight Rate Target Announcement

PING SHU — Mon, 14 Dec 2009 20:03:00 GMT

Summary: The Bank of Canada has announced that its target for the overnight rate will remain at 0.25 per cent and has further reiterated its commitment to hold the overnight rate at this level until the end of the second quarter of 2010. The overnight rate is the rate at which major participants in the money market borrow and lend funds to each other for one day. Other benchmark rates like the prime rate are generally expected to follow the Bank’s decisions to raise or lower the overnight rate target.

Analysis: In its latest release, the Bank of Canada indicated that the economy and related consumer price inflation is growing more or less in line with projections published in its October Monetary Policy Report. The Bank still foresees consumer price inflation moving back to its two per cent target in the second half of 2011. If this forecast holds, the Bank would be looking to increase interest rates in advance of 2011 so the rate of inflation does not overshoot the two per cent target. With this said, the Bank has identified the Canadian-US exchange rate as a key risk to its forecast. The high valued Canadian dollar vis-à-vis the US could result in lower than expected growth in the Canadian economy because of the negative impact on exports to the US (when the Canadian dollar is high there is less US demand for Canadian goods and services). If economic recovery proves to be slower than expected, the Bank could rethink the timing and/or size of future interest rate hikes.

For more details please click the following link,

http://www.bankofcanada.ca/en/fixed-dates/2009/rate_081209.html

Housing performance expected to accelerate in 2010

PING SHU — Thu, 03 Dec 2009 19:05:00 GMT

Housing performance expected to accelerate in 2010, as economic stability returns to Canadian markets, says RE/MAX

Mississauga, ON (December 3, 2009) - In the midst of one of the most tumultuous economic periods in recent history, residential real estate has proven to be a safe harbour, with sales and average price expected to post gains in most major Canadian cities in 2009, according to a report released today by RE/MAX.

The RE/MAX Housing Market Outlook for 2010 examined residential real estate trends in 23 markets. The report found that sales are forecast to recover in almost all major centres by year-end 2009, led by an anticipated 45 per cent increase in Greater Vancouver. Two markets -- Ottawa and Quebec City -- are expected to hit historic highs in the number of homes sold. Average price should post new records in 65 per cent of markets surveyed this year. As economic performance ramps up across the country, so too will residential real estate. Eighty-three per cent of markets (19/23) are expecting sales to increase over 2009 levels while housing values are forecast to escalate in 91 per cent (21/23) of Canadian centres in 2010. The remaining markets will match 2009 levels.

Approximately 465,000 homes are expected to change hands nationally in 2009, a seven per cent increase over one year ago. Canadian housing values are forecast to close the year at $318,000, up five per cent from $303,594 in 2008. By year-end 2010, the number of homes sold is predicted to climb another two per cent to 475,000 units. The average price of a home is also expected to experience an uptick, rising two per cent to $325,000 - the highest level in Canadian history.

"2009 was without question the year of the house," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "Real estate not only defied industry and analysts' predictions in 2009 -- it's performance went well beyond the realm of expectation by boosting consumer confidence levels and ultimately kick starting the national economic engine. While low interest rates were a principle factor driving home buying activity, no one can discount the value that Canadians place in owning a home."

Canadian Composite Index of Leading Indicators for October.

PING SHU — Mon, 30 Nov 2009 20:17:00 GMT

The composite leading index increased 0.7% in October, its fourth straight advance. In October, 8 of the 10 components expanded, the same as in September. Housing remained the fastest-growing component. While the US leading indicator continued to recover, this has been slow to translate into higher demand for factories in Canada.

The housing index rose 4.2%, its sixth straight increase. The initial upturn was led by existing home sales. While sales recently have slowed, housing starts have accelerated, up 4.8% in October. The other components of consumer spending posted moderate growth of about 0.5%. For furniture and appliances, this represents their largest advance since September 2008. Outlays for other durable goods rose for the fourth month in a row, even before auto sales accelerated in October.

The US leading indicator rose by 0.9%, surpassing the growth of the Canadian leading index. Industrial demand, notably autos, and housing led the increase in the United States.

Despite the improvement in the US economy, demand for Canadian manufactured goods remained uneven. New orders fell for a second straight month. The ratio of shipments to stocks edged up, but only because inventories fell faster than sales. The increase in the average workweek slowed, after two months of acceleration. Still, at 37.3 hours, the workweek remains a full hour longer than its record low set in April.

The stock market rally slowed to 1.0% growth last month, after the smoothed version rose by an average of 4% over the previous five months.

This release will be reprinted in the December 2009 issue of Canadian Economic Observer. For more information on the economy, consult the Canadian Economic Observer.

GTA REALTORS® Report Mid-Month Resale Housing Market Figures

PING SHU — Mon, 23 Nov 2009 18:03:00 GMT

GTA REALTORS® Report Mid-Month Resale Housing Market Figures

November 18, 2009 -- In the first two weeks of November, Greater Toronto REALTORS® reported 3,666 sales – up 84 per cent compared to the first two weeks of November 2008. The average price for these transactions was up 10 per cent year-overyear to $415,066. Please check attachment for the details...

Upper End Market Trends 2009 - Press Release

PING SHU — Wed, 04 Nov 2009 16:41:00 GMT

Luxury housing sales edge higher as purchasers take advantage of buying opportunities in Ontario-Atlantic Canada, says RE/MAX

Mississauga, Ontario (November 3, 2009) - Luxury homes sales continue to accelerate as economic recovery takes hold in major markets in Ontario and Atlantic Canada, according to a report released today by RE/MAX.

The RE/MAX Upper End Report found that momentum is building in St. John's, Saint John, Halifax-Dartmouth, Ottawa, Kingston, Greater Toronto, Hamilton-Burlington, and London as purchasers realize that the best buying period in recent history is about to come to a close. Sales are already on par or ahead of last year's levels in 50 per cent of cities surveyed, while the remaining markets are set to reach 2008 figures by year-end.

"Twelve months of healthy home buying activity have clearly been crammed into five short months," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "It's hard to believe that the transition in the market began in May. We've seen steady upward momentum since that time, with solid year-over-year gains posted each and every month."

For complete report please click the following link:

http://www.remax-oa.com/MediaNewsroom/Lists/PressReleases/Attachments/53/REMAX_UpperEndPR2009_RPT.pdf

Canadian housing markets buck recession and trend upwards, says RE/MAX

PING SHU — Fri, 25 Sep 2009 17:30:00 GMT

With the worst of the recession over, residential real estate markets in major Canadian centres are poised for growth in the final quarter of 2009, according to a report released today by RE/MAX.

The RE/MAX Bricks and Mortar Report found the bounce back that began in early Spring has made this recession one of the shortest on record. Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now well-underway. Percentage increases in unit sales from January to August 2009 were led by Vancouver, (up a substantial 14 per cent to 23,158), Victoria (up 7.4 per cent to 5,266), Edmonton (up 6.2 per cent to 13,691), Regina (up five per cent to 2,597), Ottawa (up 2.4 per cent to 10,830) and Toronto (up 1.8 per cent to 58,421). Housing values are already ahead of record-breaking 2008 levels in seven of the 11 markets surveyed, including Newfoundland-Labrador (18.1 per cent year to $203,584), Regina (6.4 per cent to $244,088), Halifax-Dartmouth (3.5 per cent to $239,633), Winnipeg (3.5 per cent to $207,006), Ottawa (3.3 per cent to $301,684), and Toronto (up 0.3 per cent to $385,978). Nationally, average price hovers at $312,585, up 0.5 per cent over one year ago.

Markets are heating up across the country as purchasers take advantage of affordable prices and rock bottom interest rates. Those who missed the boat in years past have found that sitting on the sidelines can be a costly move. Prices are on the upswing and inventory levels are tightening, so the push toward homeownership is expected to continue throughout the Fall and possibly into early 2010.

The recovery of Canada’s resale housing markets speaks to the tremendous value Canadians place on the importance of owning a home. The number of Canadians overall who own a home has increased since 1981 from 62.1 per cent to 68.4 per cent, with some markets posting even higher homeownership rates -- Calgary (74.1), St. John’s (71.5), and Regina (70.1). Significant gains have also been made over the same period in markets such as Ottawa, where levels rose from 51.4 per cent to 66.7 per cent, and Toronto, where levels rose from 57.3 to 67.6 per cent.

Public sentiment can perhaps best be illustrated by a recent Angus Reid Omnibus Survey* that asked the question “In which do you feel more comfortable investing your money? The stock market or real estate.” Out of 1,000 respondents from coast-to-coast, 77 per cent chose real estate. The results of the RE/MAX Bricks and Mortar Report are clearly representative of this national dynamic at work.

The strength of the residential housing sector cross-country has taken many economists and housing analysts by surprise once again. In terms of its impact on the resale market, by historical standards, this recession was one of the mildest. The resilience of bricks and mortar has been demonstrated time and again. While there may still be some challenges down the road, the worst is definitely behind us in the housing industry.

Over the past thirty years, the Canadian residential real estate market has experienced three major downturns – 1981, 1989, and 2008. While there have also been regional fluctuations throughout the years, return on investment over this period has been substantial, with Vancouver, Victoria, Toronto, Regina and Ottawa leading the country in terms of price appreciation.

The overall stability of real estate as an investment has also played a role. Markets like Halifax-Dartmouth, Regina, Ottawa, Winnipeg and London have provided steady returns (especially in recent years), with minimal fluctuation.

* The Angus Reid Omnibus Survey was conducted on September 15, 2009 and yields a margin of error of +3.1 per cent, 19 times out of 20.

###

Homeownership Rates Canada and Major Centres
	1981	2006
Canada	62.1	68.4

Metropolitan Areas*
St. John’s	69.5	71.5
Halifax	55.6	64.0
Ottawa	51.4	66.7
Toronto	57.3	67.6
London	58.0	65.9
Winnipeg	59.1	67.2
Regina	65.4	70.1
Calgary	58.4	74.1
Edmonton	57.9	69.2
Vancouver	58.5	65.1
Victoria	59.8	64.7

Source: Canada Mortgage and Housing Corporation (May 2008)
*Homeownership rates based on 1986 boundaries for the Census Metropolitan Area (CMA)

Top Performing Markets by Price Appreciation
	1980	YTD 2009	% Increase
Market	Avg. $	Avg. $	1980 - 2009
Greater Vancouver	$100,065	$574,061	473.7%
Victoria	$85,066	$466,611	448.5%
Greater Toronto	$75,694	$385,978	409.9%
Regina	$48,628	$244,088	402.0%
Ottawa	$63,177	$301,684	377.5%
Halifax-Dartmouth	$53,161	$239,633	350.8%
Winnipeg	$50,491	$207,006	310.0%
Calgary	$93,977	$380,489	304.9%
London – St. Thomas	$55,210	$213,683	287.0%
Newfoundland & Labrador	$52,768	$203,584	285.8%
Edmonton	$84,623	$319,939	278.1%

Canada	$67,024	$312,585	366.4%
Source: Canadian Real Estate Association (CREA), RE/MAX

2 Story For Sale in Mississauga Golf & Country

PING SHU — Wed, 23 Sep 2009 15:28:00 GMT

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Property information

A parent's guide to finding fire-safe accommodation

PING SHU — Wed, 02 Sep 2009 15:24:00 GMT

Smoke Alarms
It is the law in Ontario to have working smoke alarms on every storey and outside all sleeping areas. The law applies to single family, semi-detached, townhomes and apartments (including basement apartments), whether owner-occupied or rented. Rooming houses have specific regulations about smoke alarms or fire alarm systems. In addition to smoke alarms within each unit or suite, apartment buildings and student residences operated by the school may also have a building fire alarm system. Make sure the landlord, administrator or super-intendent identifies and explains the fire alarm and detection features in the building and unit.

Carbon Monoxide Alarms
The Ontario Building Code requires carbon monoxide (CO) alarms in new buildings that contain a fuel-fired appliance. However, many existing buildings were constructed prior to this requirement and may not be equipped with CO alarms. If the building has a fuel-fired (natural gas, oil, propane or wood) appliance, a CO alarm should be installed. Check with the fire department or municipal office to determine if there are by-laws requiring CO alarms.

Fire Separations
Students often find accommodation in older homes that have been converted to apartments or rooming houses. At the time of the conversion, a building permit should have been obtained to ensure that fire safety features such as proper exits and fire separations between units are provided. Ask the owner if the property complies with the Building Code and Fire Code and to explain the fire safety features.

Exits
It is important to consider how people will escape from a room or apartment in an emergency. Every room or apartment requires adequate exits that will permit unobstructed escape from the building. Make sure to ask the landlord or superintendent to identify all of the designated exits. All windows and doors should open fully and easily. Stairways and hallways must not be used for storage as this can pose serious fire safety hazards. Furniture and other obstacles can physically block exits and may fill hallways or stairways with smoke if they catch fire. This practice must be strictly avoided.

Fire Escape Plans
In a fire emergency, everyone must know what to do and where to go. Large apartment buildings and student residence buildings require a fire safety plan, which informs the occupants about emergency procedures. Ask the building administrator or superintendent to explain the procedures in the fire safety plan.
Smaller apartment buildings and houses that have been converted to apartments or lodging rooms may not have a fire safety plan, however it’s a good idea to ensure there are two ways out of the unit. The alternate way out can be a window that can be safely exited in an emergency.

Security
Some property owners install bars on windows as a security measure. While this may seem appealing from a security point of view, it can prevent students from escaping in an emergency situation. Security bars on windows should be equipped with a quick-opening device on the inside so the bars can be removed quickly.

Electrical Safety
Many buildings offering lodging to students are older homes that may not have upgraded wiring. Outlets in bathrooms or within one metre of the kitchen sink should be the Ground Fault Circuit Interrupter (GFCI) type. Consider the number and location of electrical outlets in the room or apartment. There should be enough outlets so that appliances such as lamps, computer equipment and stereos can be operated without the use of extension cords. If extension cords can’t be avoided, use multi-outlet power bars that are approved and provide surge protection and a circuit breaker. Make sure that electrical cords of any kind are not concealed under carpets or rugs where they can be easily damaged. Avoid overloaded circuits and octopus wiring.

For more information:

Contact the administration offices of the college or university. They will frequently maintain a registry of available accommodation for students. Call the local fire department to determine if the building has been inspected for Fire Code compliance.

Electrical safety tips and information about common electrical hazards can be found at the Electrical Safety Authority website at: http://www.esainspection.net/

Fire safety tips and information can be found at the Office of the Fire Marshal website at: http://www.ofm.gov.on.ca/

Bank of Canada cuts interest rates for last time in April

PING SHU — Wed, 22 Apr 2009 14:37:00 GMT

The Bank of Canada lowered its benchmark overnight lending rate by one quarter of a percentage point to 0.25 per cent at its setting on April 21st, 2009. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, declined to 0.5 per cent.

The Bank acknowledged the global economic recession had intensified since publishing its previous economic forecast in January. “In an environment of continued high uncertainty, the global recession has intensified and become more synchronous since the Bank's January Monetary Policy Report Update, with weaker-than-expected activity in all major economies,” said the Bank when it again lowered interest rates on April 21st.

The Bank has repeatedly lowered its policy interest rate to support economic growth. Since December 2007, the Bank has cut its overnight lending rate by a total of 4.25 per cent. Major Canadian chartered banks lowered their prime lending rate in lockstep with the Bank of Canada’ most recent interest rate cuts.

In its announcement, the Bank indicated that it was done cutting rates now that its benchmark overnight lending rate has been dropped to what it described as “the effective lower bound for that rate.” In a departure from the staus quo, it did not lower the deposit rate, which is the rate of interest paid on deposits held by financial institutions at the Bank of Canada. Leaving the deposit rate unchanged at 1/4 per cent further adds much needed liquidity into the financial system.

“The Bank was unusually explicit in its language about holding its key interest rate at its rock bottom, now that it further downgraded its inflation outlook,” said CREA Chief Economist Gregory Klump. “By saying ‘the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target,’ the Bank has removed any guesswork for projections as to how long it will be before interest rates can be expected to begin rising.”

The Bank downwardly revised its forecast for economic growth in 2009 and 2010. It also extended its forecast as to how long Canada would remain mired in an economic recession.

It also pushed the goalposts out to the third quarter of 2011 as to when it expects inflation to climb back to the two per cent midpoint of its target range between one and three per cent. The Bank targets the core rate of inflation at two per cent.

“For the second time this year, the Bank revised its economic forecast downward, making it more downbeat than the most bearish of private sector economic forecasts,” said Klump. “The Bank economic growth forecast for 2010 was also cut, but it remains rosier than the current consensus.”

The Bank’s Monetary Policy Report to be published on April 23rd will lay out the framework for additional monetary policy tools it may use to further inject liquidity into the financial system in its ongoing attack against the continuing credit crunch.

When the Bank cut interest rates on April 21st, the advertised five-year conventional mortgage rate stood at 5.45 per cent. This is down 1.54 per cent from one year earlier, and 0.34 per cent below where it stood when the Bank made its previous interest rate announcement on March 3rd.

The ongoing credit crunch has led mortgage lenders to reduce discounts on advertised mortgage interest rates, and in some cases these have been completely eliminated.

“Resale housing activity began stabilizing in the first quarter of 2009, thanks to improving affordability,” said Klump. “Lower prices and an extended stretch of low interest rates will further support sales activity this year and next. In the economic recessions of the early 1980s and 1990s, resale housing activity bottomed out before the overall economy did. As then, homebuyers this year will continue being drawn to market by improving affordability.” (CREA 21/04/2009)

First‐time buyers driving force in Canada's residential real estate market, says Re/Max

PING SHU — Wed, 11 Mar 2009 16:21:00 GMT

Mississauga, ON (March 11, 2009) ‐‐ A report released today by RE/MAX confirms that entry-level purchasers are now the engine driving home-buying activity in almost every major centre in Canada.

The 2009 RE/MAX First‐Time Buyers Report, highlighting first‐time buying activity in 32 residential housing markets across Canada, found that improved affordability is prompting many first‐time buyers to get off the fence, out of the rental, and into the market. While a sense of caution still prevails, more and more firsttimers are finding it hard to pass up the chance to become homeowners in today's buyer‐centric real estate climate. Increased inventory and longer days on market coupled with the lowest lending rates ever are presenting opportunities that have not been seen in almost a decade.

"While the current economic crisis has caused some first‐time buyers to either take it slowly or apply the brakes, home ownership remains a top priority for those who are able to take advantage of reduced carrying costs, rock bottom interest rates and lower house prices," explains Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario‐Atlantic Canada. "Affordability has greatly improved and buyers are firmly in the drivers' seat in just about every market we surveyed. The new reality is that homeownership remains well within reach for most first‐time buyers."

Although the year got off to a slow start, February home sales were well ahead of those reported in January. The upward trending is expected to continue as more and more first‐time buyers enter the market in the weeks ahead. The flurry of activity in the lower‐end may also serve to kick‐start sales in the mid‐to‐upper end of the market, which have, as expected, been relatively sluggish in recent months. While inventory and days on market was up virtually across the board, it's noteworthy that several markets reported tighter conditions in the lower end of the market, where demand and buyer activity remains quite healthy.

"Canadian markets from coast‐to‐coast are ripe for a reawakening as the weather warms up," says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. "First‐time buyers seem more acclimatized to economic factors, even though the barrage of bad news continues to flow. Those who are secure in their jobs, have accumulated good down payments, and have acceptable credit ratings are continuing to venture forward, undeterred by tighter lending criteria."

According to the RE/MAX Report, buyers are clearly in control in most Canadian markets. Of the 32 markets surveyed, 22 (69 per cent) remain firmly in buyer's market territory. These include Vancouver, Surrey, Port Coquitlam, Chilliwack, Kelowna, Victoria, Edmonton, Calgary, Saskatoon, Regina, Ottawa, Peterborough, London‐St. Thomas, Niagara Falls, Mississauga, Metro Toronto, Northern GTA, Kingston, Windsor, Hamilton‐Burlington. Barrie, and Halifax‐Dartmouth. Ten (31 per cent) report more balanced conditions: Winnipeg, Kitchener‐Waterloo, Sudbury, North Bay, St. Catharines, Saint John, Moncton, Fredericton, St. John's, and Charlottetown.

Forty per cent of markets offered single‐detached homes priced under $200,000, including Charlottetown, Saint John, Moncton, Peterborough, Niagara Falls, St. Catharines, Windsor, Fredericton, Halifax‐Dartmouth, London, North Bay, Kingston, Saskatoon and Winnipeg. More than two‐thirds (71 per cent) offered condominiums starting under $200,000, (Moncton, Fredericton, Halifax‐Dartmouth, Sudbury, North Bay, Peterborough, Mississauga, Burlington, Niagara Falls, St. Catharines, Kitchener‐Waterloo, London, Windsor, Surrey, Chilliwack, Victoria, Kelowna, Edmonton, Saskatoon, Regina, and Winnipeg).

The most affordable markets for detached homes, based on starting prices are: Moncton ($115,000), Charlottetown ($120,000), and Saint John ($130,000) in Eastern Canada; Windsor ($75,000), Niagara Falls ($119,000), and St. Catharines ($125,000) in Ontario; Winnipeg ($185,000), Saskatoon ($190,000), and Regina ($210,000) in Western Canada.

RE/MAX is Canada's leading real estate organization with over 17,000 sales associates situated throughout its more than 670 independently‐owned and operated offices across the country. The RE/MAX franchise network, now in its 36th year, is a global real estate system operating in more than 70 countries. Over 6,800 independently‐owned offices engage nearly 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in resident, commercial, referral, and asset management. For more information, visit: www.remax.ca or www.pingshu.ca