Interesting article from my mortgage specialist at RBC

Posted by: Stephen Bianco, Created date: August 27, 2014



























Mario Mancini
Mortgage Specialist
647.405.2518











Information Watch - August 2014 August 2014





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Canadian home sales edge higher in July


According to statistics released by The Canadian Real Estate Association (CREA), national home sales activity edged up almost one per cent in July 2014 from the previous month.


Highlights:



  • Crea Housing Market Report National home sales rose 0.8% from June to July.

  • Actual (not seasonally adjusted) activity was 7.2% higher than July 2013 levels.

  • The number of newly listed homes edged up 0.4% from June to July.

  • The Canadian housing market remains in balanced territory.

  • The MLS® Home Price Index (HPI) rose 5.3% year-over-year in July.

  • The national average sale price rose 5.0% on a year-over-year basis in July.


The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose 0.8 per cent on a month-over-month basis in July 2014, marking the sixth consecutive monthly increase and the highest level for sales since March 2010.


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Canada's housing market surprises again, led by robust single-family-home starts


Most economists and the central bank have predicted that rising prices and near-record debt loads would curb demand for housing. Instead, home resales, prices and starts have climbed after a tough winter.


Canadian housing starts bucked forecasts and rose in July, but analysts said the recent resumption of the housing market's upward drive is likely to falter if mortgage rates rise as expected heading into 2015.


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Canadian housing market will cool in 2015 if interest rates rise: RBC


RBC Economics says higher interest rates will put a strain on the Canadian housing market in 2015 and "substantially" moderate prices increases.


In its latest Canadian housing forecast, the bank says Canada's current historically low interest rates are not "sustainable" and it forecasts longer-term interest rates will rise by the end of the year in anticipation of a return to tightening mode by the Bank of Canada in 2015.


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CMHC report says just 17.1% of Toronto, Vancouver condos investor-owned


Canada’s federal housing agency has tried — yet again — to pull back the curtain on Toronto’s and Vancouver’s condo market and says a new survey of condo owners shows just 17.1 per cent are investors and 82.9 per cent own the unit in which they live.


The survey released by the Canada Housing and Mortgage Corp. quickly came under criticism by some housing watchers, especially in Toronto where investors are generally believed to control far more — at least 40 per cent — of the new condo market.


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Canada's richest neighbourhoods 2014: The top 10


Just like everyone else, Canada’s wealthiest families are looking for three things in a home: location, location, location. Canadian Business magazine partnered with market research firm Environics Analytics to map out exactly where Canada’s wealthiest people live. Unsurprisingly, they flock together, choosing leafy enclaves where they can spread out to make room for wine cellars, art collections, luxury cars and more.


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Top 10 most livable cities include Vancouver, Calgary and Toronto


Three Canadian cities are ranked in the top 10 of The Economist's annual ranking of the world's "most livable" cities.


Vancouver, Toronto and Calgary are ranked third, fourth and fifth (tied with Adelaide, Australia), respectively, on the distinguished magazine's annual ranking of 140 cities.


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Arranging your RBC Royal Bank mortgage is easier than you think!















Mario Mancini, AMP
Mortgage Specialist
647.405.2518
mario.mancini@rbc.com
RBC Royal Bank, Toronto, Ontario



* The information and opinions contained in this document are obtained from various sources and believed to be reliable, but their accuracy cannot be guaranteed. The publisher assumes no responsibility for errors and omissions, or for damages resulting from using the published information and opinions. This copy is provided with the understanding that it does not render legal, accounting, or other professional advice. Whole or partial reproduction is forbidden without the written permission of the publisher. ® Registered trademark of Royal Bank of Canada. RBC Royal Bank is a registered trademark of Royal Bank of Canada.



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