Real Estate in the News

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Real estate news stories that we’ve been following this week.

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Bank of Canada Interest Rate Cut
The Bank of Canada has cut the overnight interest rate to 0.5% with the implication that Canada is in a partial recession. growth in the economy is expected by the Bank to begin in the latter half of 2015. Also read “Canadians won’t be enticed to borrow more if Bank of Canada cuts rate: CIBC poll” and “Yes, we’re in a recession. Here’s why you shouldn’t panic about it” and “Bank of England Gov. Mark Carney suggests an interest rate rise as soon as end of the year“.

Canadian home sales edge lower but remain strong in June
CREA reports that actual (not seasonally adjusted) activity stood 11% above June 2014 levels and the number of newly listed homes edged down 0.2% from May to June. Also read “Home sales set new record“.

Opposition targets government’s economic sales pitch on childcare benefit
Childcare benefit checks will be mailed out next week, arriving at the “perfect time” as canada heads into recession, report says.

Some housing prices fall in Montreal, Calgary and Winnipeg; national average up
Toronto has the hottest resale market with home price increases in the double digits. The same cannot be said for other cities across Canada. Also read “Toronto’s hot housing market expected to surge 10% in 2015“.