Canadian Mortgage News

June 2002 National Archive

Mortgage News & Press Releases - June 2002

• Bank of Canada raises overnight rate target by 1/4 percentage point to 2 1/2 per cent
  OTTAWA, Ontario, June 4, 2002 — The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 2 1/2 per cent. The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 2 3/4 per cent.
  
• Housing Starts Rebound in May
  OTTAWA, Ontario, June 10, 2002 — The seasonally adjusted annual rate* of housing starts in Canada increased 10.1 per cent in May to 203,200 units from 184,500 units in April, according to Canada Mortgage and Housing Corporation (CMHC).
  
• Strong Growth in Mortgage Credit in Last Quarter of 2001
  OTTAWA, Ontario, June 11, 2002 — Residential mortgage credit outstanding grew by 2.2 per cent in the fourth quarter of 2001 and total outstanding reached $460 billion as mortgage rates fell, reports the latest issue of Canada Mortgage and Housing Corporation's (CMHC), Mortgage Market Trends.
  
• Canada and Alberta Sign Affordable Housing Agreement
  CALGARY, Alberta, June 24, 2002 — Working together to address the affordable housing problem, the Governments of Canada and Alberta today announced the signing of an Affordable Housing Program Agreement which will provide funding over the next five years to help increase the supply of affordable housing in the province. Federal funding of $67.12 million will be matched by an equal …
  
• Affordable Housing Agreement Signed by Canada and Saskatchewan
  REGINA, Saskatchewan, June 28, 2002 — A Federal - Provincial Affordable Housing Program Agreement, which will provide $45.86 million over the next five years to construct up to 1,000 new housing units in Saskatchewan, was signed today in Regina.