Canadian Mortgage News

October 2008 National Archive

Mortgage News & Press Releases - October 2008

• Central Banks Announce Coordinated Interest Rate Reductions
  OTTAWA, Ontario, October 08, 2008 — Throughout the current financial crisis, central banks have engaged in continuous close consultation and have cooperated in unprecedented joint actions such as the provision of liquidity to reduce strains in financial markets.
  
• Housing Starts Remained Strong in September
  OTTAWA, Ontario, October 08, 2008 — The seasonally adjusted annual rate1 of housing starts was 217,600 units in September, up slightly from 217,400 units in August, according to Canada Mortgage and Housing Corporation (CMHC).
  
• Canada Mortgage and Housing Corporation Supports Canadian Credit Markets
  OTTAWA, Ontario, October 10, 2008 — Canada Mortgage and Housing Corporation (CMHC) will purchase up to $25 billion in insured mortgage pools as part of the Government of Canada’s plan, announced today, to maintain the availability of longer-term credit in Canada.
  
• Bank of Canada lowers overnight rate target by 1/4 percentage point to 2 1/4 per cent
  OTTAWA, Ontario, October 21, 2008 — The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of a percentage point to 2 1/4 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 2 1/2 per cent.
  
• Bank of Canada releases Monetary Policy Report
  OTTAWA, Ontario, October 23, 2008 — The Bank of Canada today released its October Monetary Policy Report, which discusses current economic and financial trends in the context of Canada's inflation-control strategy.
  
• Housing Starts to Moderate in 2009
  OTTAWA, Ontario, October 30, 2008 — New home construction will moderate from historically high levels, to reach just under 178,000 units in 2009, a level that is consistent with demographic fundamentals, according to Canada Mortgage and Housing Corporation’s (CMHC) fourth quarter Housing Market Outlook, Canada Edition report.