CMHC Spring Rental Market Report
The Canadian Mortgage and Housing Corporation releases its 2014 Spring Rental Market Report this morning at 8.15am. Read the report here.
Oliver Criticized by Sun Life
With mortgage rates low and the market overheated, ex finance minister Jim Flaherty would likely have stepped in to put some controls on the situation. Current finance minster Jim Oliver has adopted a watch and see approach, which according to one investment executive, is a mistake. Sadiq Adatia is chief investment officer at Sun Life Global Investments Inc. and says that rates need to go up now to cool the market or when they inevitably increase (likely next year) there will be a harder landing for the market. Adatia also says that the governor of the Bank of Canada needs to be giving more hints about rate rises. Read the full story.
Want A Calgary Condo? You Better Be Quick
An economist from the Bank of Montreal says that there were only 15 built and unsold condos in Calgary last month; a sign of how hot the market is in the city, especially for condos. Although prices increased over recent months that situation may actually help with supply. Many who bought at the last price peak before the downturn and have been trapped in negative equity, can now realise the value in their homes and sell. Resales in Calgary are strong due to a lack of development land. Read the full story.
Good News for Sudbury Developers
A council vote last night in Sudbury has delivered some good news for developers; a freeze on development charges for the next two years. The move will cost the city around $2.6 million, which will have to be found from other revenue, but the council decided that the risk of higher fees crippling development was too high and that more homes would bring more revenue anyway. One proposal would have seen development charges rise by 16%, which would have been passed on to homeowners. Rate rises planned after the two year freeze will be phased in over the following three years. Read the full story.
US Mortgage Applications Rise
South of the border, the Mortgage Bankers Association have reported a rise of just over 10% in the number of mortgage applications. Real estate getting back to business after the prolonged winter weather will play a part in the rise but it is also a sign of growing confidence in the economy among US citizens. Read the full story.