Mortgage News & Press Releases - January 2003
- Home Buying and Renovation Intentions Remain Strong
OTTAWA, Ontario, January 8, 2003 — An average of 11% of households surveyed in Halifax, Montréal, Toronto, Calgary and Vancouver say they are in the market to buy a home, according to the Consumer Intentions to Buy or Renovate a Home survey from Canada Mortgage and Housing Corporation. This is the same proportion of households that reported intentions to buy a home in …
- 2002 Starts Best Since 1989
OTTAWA, Ontario, January 9, 2003 — "2002 ended on a high note, posting the highest level of yearly starts since 1989, thanks to low mortgage rates, growing employment and increasing incomes", said David Weingarden, Senior Economist at Canada Mortgage and Housing Corporation's (CMHC) Market Analysis Centre. "Total housing starts for 2002 are an estimated 204,857, representing a growth rate …
- Bank of Canada keeps target for the overnight rate at 2 3/4 per cent
OTTAWA, Ontario, 21 January 2003 — The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 3/4 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 3 per cent.
- Bank of Canada releases Monetary Policy Report Update
23 January 2003 — The Bank of Canada today released its Update to the October Monetary Policy Report. These reports discuss economic and financial trends in the context of Canada's inflation-control strategy.
- Mortgage Market to Surpass $500 Billion in 2003
OTTAWA, Ontario, January 27, 2003 — A growing residential mortgage market in 2003 will surpass $517 billion in mortgage credit, reports a senior economist in the latest issue of Canada Mortgage and Housing Corporation's (CMHC), CMHC Mortgage Market Trends.
- Monetary Policy Protects Canada from Persistent Inflation and Deflation, Governor Says
TORONTO, Ontario, 29 January 2003 — In a speech to the Speakers Forum, Bank of Canada Governor David Dodge said today that Canada's macroeconomic policy framework is protecting the economy from both persistently high inflation and the threat of deflation.
- $1.26 Million Helps Convert Hospital Into Affordable Homes
VANCOUVER, British Columbia, January 29, 2003 — The Honourable David Anderson, Minister of the Environment, on behalf of David Collenette, Minister of Transport and Minister Responsible for Canada Mortgage and Housing Corporation, today announced the Government of Canada's $1.26 million contribution to help Madison Bellevue Developments convert a former Victoria hospital into a 70-unit …
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Prime means "best," and this is the rate that banks charge their absolute best customers for loans. Changes in the prime rate influence changes in other rates, including variable interest rate mortgages. This rate fluctuates based on economic conditions.
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