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COVID-19 may be the catalyst — not the cause — of a painful but useful economic transformation: Don Pittis

Published on Tue, 26 May 2020 13:16:52 +0000

Retailers go broke, property and oil fall but maybe the economic pain will speed beneficial changes By: Don Pittis As people are thrown out of work, as businesses fail and as the oil and housing sectors weaken, there is a branch of economics that insists it all may have a silver lining. Just last week the retailer Pier 1, familiar to ... Read More

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COVID-19 may be the catalyst — not the cause — of a painful but useful economic transformation: Don Pittis

Published on Tue, 26 May 2020 13:14:48 +0000

Retailers go broke, property and oil fall but maybe the economic pain will speed beneficial changes By: Don Pitts As people are thrown out of work, as businesses fail and as the oil and housing sectors weaken, there is a branch of economics that insists it all may have a silver lining. Just last week the retailer Pier 1, familiar to ... Read More

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Canadian home buyers still plan to purchase in 2020, despite COVID-19 crisis

Published on Tue, 19 May 2020 15:09:26 +0000

By: Nicole Sullivan Despite sudden drops in housing market sales activity in the last two months, almost two-thirds (60 per cent) of buyers still consider 2020 a good year to purchase a home. A recent survey by Zolo shows that even with higher unemployment and uncertain business conditions, buyers still intend to buy a residential property either this year or over the ... Read More

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As it gets harder to secure a mortgage during the pandemic, a mortgage broker might be able to help you nail down a loan

Published on Mon, 11 May 2020 15:10:07 +0000

By: Laura Grace Tarpley Everything you thought you knew about buying a home has probably flown out the window during the coronavirus pandemic. Yes, interest rates are at historic lows — but they’re also jumping up and down, making it hard to know whether you’re getting the best rate possible. Lenders are changing their criteria for borrowers to avoid lending to people ... Read More

The post As it gets harder to secure a mortgage during the pandemic, a mortgage broker might be able to help you nail down a loan appeared first on Mortgage Talk Canada.

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Pandemic’s economic hangover will hit home prices by 2021, CIBC economists predict

Published on Mon, 04 May 2020 13:33:43 +0000

By: Geoff Zochodne The economic shock caused by the coronavirus pandemic will have the housing market in flux in 2020, and its lingering effects could lead to lower resale prices when the dust begins to settle, according to economists at the Canadian Imperial Bank of Commerce. “The expected volatility in overall economic activity in the coming quarters will not skip ... Read More

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One in 20 Homeowners Have Missed a Mortgage Payment Due to COVID-19

Published on Mon, 27 Apr 2020 13:37:24 +0000

By: Steve Huebl While Canadian lenders stepped forward with unprecedented measures to assist those affected by the COVID-19 pandemic, there were still some homeowners unable to make their mortgage payments over the past month. As many as one in 20 homeowners (6%) said they missed their mortgage payment recently due in part or in full to the ongoing pandemic, with another ... Read More

The post One in 20 Homeowners Have Missed a Mortgage Payment Due to COVID-19 appeared first on Mortgage Talk Canada.

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No respite for Canadian consumers as COVID-19 drags on

Published on Tue, 21 Apr 2020 14:31:36 +0000

by Ephraim Vecina Canadians’ purchasing power will continue deteriorating significantly, with the national unemployment rate most likely to settle at the double digits by year-end. The latest forecast by the federal government’s Parliamentary Budget Officer (PBO) warned that Canada’s unemployment levels are now in the red zone, and will peak during the third quarter of the year. With the rate at ... Read More

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Should You Break Your Mortgage to Take Advantage of Lower Rates?

Published on Thu, 16 Apr 2020 13:50:16 +0000

by Nicola Brown Amid the global financial chaos of the past few weeks, Canada’s major banks have been making some big changes. For the second time in 2 weeks, the Bank of Canada slashed the prime rate by 50 basis points, bringing the total rate cut to a full percentage point lower than before the global COVID-19 pandemic. Like many homeowners, I ... Read More

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‘Unprecedented’ Number of Canadians Looking to Refinance Mortgages: Report

Published on Mon, 13 Apr 2020 13:39:44 +0000

As the country continues to respond to the economic fallout caused by the COVID-19 pandemic, there has already been an “unprecedented” rise in Canadians looking to refinance their mortgages following the Bank of Canada’s latest emergency rate cut. On March 27, the Bank of Canada announced for the third time it would be cutting its key interest rates by half a ... Read More

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Can housing construction lead the economy out of recession?

Published on Mon, 06 Apr 2020 19:49:26 +0000

by Candyd Mendoza Aside from replenishing the national inventory, building new homes might also play a vital role in bringing the US economy back to health once the COVID-19 outbreak is contained. The National Association of Home Builders reported that building 1,000 average single-family homes creates 2,900 full-time jobs and generates approximately $110 million in taxes and fees, which the government ... Read More

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Canadian Farm News
Ag industry reacts to gov’t funding

Federal and provincial agricultural and commodity organizations send a clear message that the aid announced falls short of what is needed to help t