Sunday, November 28, 2010
Good News!!!
Good news for the Bank of Canada rate. Mark Carney is unlikely to start hiking the Bank of Canada rates until at least next July.
Friday, November 12, 2010
Market Update for the Red Deer Area
We were invited to a Genworth / ATB breakfast on Wednesday morning and was given some very interesting market updates that we thought we would share with you.
1)Unemployed in Red Deer dropped from 8% to 6% from May to September of this year. This is a great boost to our economy!
2)Posted bank rate in May 2009 was 5.25%. Today it is 5.29%.
3)67% of Genworth approvals in the Red Deer area are between the ages of 18 – 35!
We found this to be a very important statistic as we move forward into 2011.
1)Unemployed in Red Deer dropped from 8% to 6% from May to September of this year. This is a great boost to our economy!
2)Posted bank rate in May 2009 was 5.25%. Today it is 5.29%.
3)67% of Genworth approvals in the Red Deer area are between the ages of 18 – 35!
We found this to be a very important statistic as we move forward into 2011.
Tuesday, November 9, 2010
Buyers market? Some first-timers agree says RBC poll
Almost half of first-time homeowners in Canada say it’s now a buyers market, pointing to a pick up in activity in coming months, according to an online survey conducted by RBC.
About 46 per cent of buyers who purchased a home in the past two years say it’s a buyers market, while 43 per cent of those who intend to buy for the first time said the same.
“That could be an indicator that there is higher home buying activity to come and rates do remain near historical lows,” said Marcia Moffat, RBC vice president of home equity financing Canadian banking, RBC
The property market, which bounced back to record levels in the first half of the year on the back of record low interest rates, has cooled off sharply in recent months. A combination of rising interest rates, the harmonized sales tax in British Columbia and Ontario, and new mortgage regulations all helped take some steam out of the market.
RBC expects prices to rise about eightper cent this year, with gains coming mainly from the first half, before slowing to about 1.4 per cent next year, Chief Economist Craig Wright said.
The RBC poll found 85 per cent of first-time buyers considered buying a home a long-term purchase with only 15 per cent planning to sell in the next two years. As well, 93 per cent plan to buy for their own use and not for investment purposes.
“Most first-time buyers are not planning to buy and flip, that’s good news,” Moffatt said, adding it indicated there was little speculation in the market.
When it comes to financing choices, the research showed the first-time buyer opted for certainty with 59 per cent choosing a fixed rate mortgage. Of those planning to buy in the next two years that figure came down to 49 per cent.
A combination of the two mortgage options, part-fixed rate and part variable, is gaining popularity with 31 per cent of future buyers saying that would be their choice, compared with just seven per cent of those who bought in the past two years.
Source:brokernews.ca
About 46 per cent of buyers who purchased a home in the past two years say it’s a buyers market, while 43 per cent of those who intend to buy for the first time said the same.
“That could be an indicator that there is higher home buying activity to come and rates do remain near historical lows,” said Marcia Moffat, RBC vice president of home equity financing Canadian banking, RBC
The property market, which bounced back to record levels in the first half of the year on the back of record low interest rates, has cooled off sharply in recent months. A combination of rising interest rates, the harmonized sales tax in British Columbia and Ontario, and new mortgage regulations all helped take some steam out of the market.
RBC expects prices to rise about eightper cent this year, with gains coming mainly from the first half, before slowing to about 1.4 per cent next year, Chief Economist Craig Wright said.
The RBC poll found 85 per cent of first-time buyers considered buying a home a long-term purchase with only 15 per cent planning to sell in the next two years. As well, 93 per cent plan to buy for their own use and not for investment purposes.
“Most first-time buyers are not planning to buy and flip, that’s good news,” Moffatt said, adding it indicated there was little speculation in the market.
When it comes to financing choices, the research showed the first-time buyer opted for certainty with 59 per cent choosing a fixed rate mortgage. Of those planning to buy in the next two years that figure came down to 49 per cent.
A combination of the two mortgage options, part-fixed rate and part variable, is gaining popularity with 31 per cent of future buyers saying that would be their choice, compared with just seven per cent of those who bought in the past two years.
Source:brokernews.ca
Subscribe to:
Posts (Atom)