TORONTO (Reuters) – Daniel DiManno sold his Toronto house for less than he had hoped and wanted to see if prices would cool before he bought a new one. But Canadian mortgage rates are rising again and that’s spurring DiManno and others to jump back into the market, cutting short an already brief housing downturn.
“I saw that they are going to increase rates, so I called my bank last Friday and locked in 2.5 percent for 120 days,” said the 31-year-old accountant, starting the clock on a four-month search for a new home before borrowing gets more expensive.
TORONTO, June 30 (Reuters) – Daniel DiManno sold his Toronto
house for less than he had hoped and wanted to see if prices
would cool before he bought a new one. But Canadian mortgage
rates are rising again and that’s spurring DiManno and others to
jump back into the market, cutting short an already brief
“I saw that they are going to increase rates, so I called my
bank last Friday and locked in 2.5 percent for 120 days,” said
the 31-year-old accountant, starting the clock on a four-month
search for a new home before borrowing gets more expensive.
TORONTO, June 26 (Reuters) – Canadian fund manager AGF
Management Ltd on Wednesday posted a net loss for its
fiscal second quarter as tax troubles and a decline in revenue
and assets under management ate away profits.
The Toronto-based asset manager said the net loss from
continuing operations was C$10.4 million ($9.9 million), or 12
Canadian cents per share, in the three months ended May 31,
compared with earnings of C$16.8 million, or 17 Canadian cents a
share, a year earlier.
TORONTO, June 25 (Reuters) – New homebuilding in Canada is
expected to regain momentum in the later part of 2013 and into
2014 as employment, economic growth and migration boost demand
for housing in a market that had slowed, the Canada Mortgage and
Housing Corp said on Tuesday.
“So far in 2013, the average monthly growth rates of MLS
(multiple listing service) sales, new listings and prices have
all been increasing. This follows a period of average monthly
declines that held sway over the second half of 2012,” Mathieu
Laberge, deputy chief economist for CMHC, said in the federal
agency’s second-quarter outlook.
TORONTO, June 17 (Reuters) – Sales of existing homes in
Canada jumped in May from April and will be higher than expected
both this year and next, the Canadian Real Estate Association
(CREA) said on Monday, adding to evidence that the market has
managed a soft landing.
CREA, the industry group for real estate agents, said sales
were up 3.6 percent in May from the month before, the largest
monthly gain in almost 2-1/2 years. It was the latest data to
suggest the Canadian housing market – far from crashing, as some
economists had predicted – is doing better than expected.
TORONTO, June 12 (Reuters) – Canadian home prices jumped in
May from April as a spring rebound in real estate continued in
most cities, offsetting a couple of weak markets, the
Teranet-National Bank Composite House Price Index showed on
The index, which measures price changes for repeat sales of
single-family homes, showed overall prices rose 1.1 percent in
May, the ninth time in 15 years that May prices were up 1.0
percent or more from April.
TORONTO, June 4 (Reuters) – The U.S. Federal Reserve is
poised to evaluate and potentially make changes to its massive
monetary stimulus, a top Fed official who is critical of the
Fed’s bond-buying program said on Tuesday.
To counter the financial crisis, the Fed dropped short-term
interest rates to near zero in late 2008 and has since bought
more than $2.5 trillion in bonds to bolster what has been an
anemic economic recovery. Financial markets have been
increasingly on edge on expectations that the Fed is ready to
start scrolling back on its stimulus.
TORONTO, May 21 (Reuters) – Canada’s top banking regulator
said on Tuesday she is focused on the risk Canada’s big banks
face from low interest rates and real estate lending, but is
happy that the housing market is moving into more balanced
Julie Dickson, head of the Office of the Superintendent of
Financial Institutions, or OSFI, said the impact of low interest
rates can clearly be seen in the Canadian real estate market.
TORONTO, May 16 (Reuters) – The Canada Pension Plan
Investment Board, one of the world’s biggest dealmakers, said a
glut of cheap capital may mean it makes fewer big purchases in
2014, but it sees big opportunities in global infrastructure and
private equity in the months ahead.
CPPIB, which manages Canada’s national pension fund, said on
Thursday its assets rose to a record C$183.3 billion ($180.12
billion) at the end of fiscal 2013, as its investment portfolio
returned 10.1 percent for the year ended March 31.
TORONTO, May 15 (Reuters) – Canadian home sales rose in
April, the second straight monthly gain, as spring homebuying
breathed life back into the slowing real estate sector and
bolstered hopes that Canada will manage a soft landing rather
than a U.S.-style housing crash.
Sales of existing homes climbed 0.6 percent in April from
March, but year-over-year sales were down 3.1 percent, the
Canadian Real Estate Association said on Wednesday in a report
that showed a small spring bounce in an otherwise slowing