Blog Archive for December 2010

With consumer uncertainty about the impact of the Harmonized Sales Tax now passed, officials with the Toronto Real Estate Board told the Toronto Sun that home prices in Ontario and British Columbia will likely settle into significantly lower ranges than they did last year.
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Despite instability in some areas throughout the year, a new report says that the Canadian mortgage and housing market was one of the best among the world's advanced countries.

According to a study by Scotia Economics, Canada was one of six advanced nations to see home price growth throughout this year, along with Australia, France, Sweden, Switzerland and the U.K.
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Health officials are concerned that many people haven't been getting a flu shot, even though it's generally covered by health insurance and the memory of last year's H1N1 pandemic is still fresh in most people's minds.

The Globe and Mail reports 74 percent of people who participated in the Canadian Community Health Survey and weren't vaccinated last year said they didn't feel it was necessary. In addition, another 13 percent responded that they just didn't get around to it.

Health officials told the paper that while many people may have escaped getting the flu last year even though they weren't vaccinated, a similar attitude about future outbreaks could lead to much more serious consequences.
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While the Canadian economy has begun to recover following the effects of the global recession, the Canadian Chamber of Commerce says that growth has been, and will likely continue to be, relatively slow.

"The Canadian economy is chugging along but not at full steam," says Perrin Beatty, president and CEO of the Canadian Chamber of Commerce.
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While many people try and set New Year's resolutions to take better care of their finances, Patricia Lovett-Reid, senior vice president of TD Waterhouse, writes in the Financial Post that people should take a gradual approach to taking care of their finances.

She says that many people start out with a very ambitious goal to save money, or pay down their credit card debt, but then give up completely when they find it may not be possible, and revert back to their old habits.

Instead, she says it may make more sense for people to take small steps toward their ultimate goal as a way to continuously improve their financial situation. Continue reading »

While officials have warned about the potential of a housing bubble if Canadian mortgage rates were to increase further, a new poll finds that many officials are growing less worried about that potential scenario.

A poll of CEOs by COMPAS found that executives gave Bank of Canada Governor Mark Carney's concerns about the bubble an average rating of 4.9 on a 1 to 7 point scale, down from 5.7 last year, showing reduced feelings of apprehension.
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A report from the International Monetary Fund has once again raised a voice of concern about the high levels of household debt among Canadian families, saying that the country should see "muted growth" in 2011.

Overall, the report said that Canada had performed relatively well in the aftermath of the global recession, and is just one of two countries worldwide – the other being Germany – which had made up for all of the jobs lost in the downturn by the middle of this past year.

However, despite strong domestic conditions, the report said the high levels of debt and home loans could be an issue if global financial conditions worsen, and tied the success of Canada to that of the U.S., its largest trading partner.
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The sales of high-rise condominiums continued to be one of the brightest spots in the Toronto real estate market, as many buyers have taken advantage of low Canadian mortgage rates to buy units.

Data from the Building Industry & Land Development Association showed that high-rise sales were up 8.4 percent last month compared to a year ago, with the nearly 2,300 units setting a record for the month of November.

Condominiums have also taken over a larger share of the market, which could lead to increased demand for commercial mortgages for developers looking to build more units. According to the BILD, sales of condos are up 14 percent over the year-to-date.
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