High hopes for housing market

National Bank Financial Group's Economic and Financial Outlook-Winter 2010: A Synchronized Global Recovery

Bank of Canada to keeprates low

Home ownership costs on the rise

UPDATE 1-Canadian home resale prices up for 5th month

Three banks slash cut their mortgage rates

Canadian Press: Consumers need to prepared for higher interest rates next year:advisers

MLS(R) home sales forecast revised

Economy to grow in 2010 - Nova Scotia News

October Housing Starts in Halifax

N.S. housing to recoverin 2010, CMHC - predicts

Dull market is good news for real estate

Three levels of government funding new Halifax Central Library project

Low rates look safe for a while

CMHC's growth fuels worries over new risks

Canadian economy ripe for growth in 2010

Canadian housingstarts in line with expectations

Canadian Real Estate Rebound Exceeding Expectations

Canada adds 31,000 jobs in September

Loonie expected to reachparity with US dollar

Canada keeps below zero inflation rate in August

Wholesale trade in Canada took a jump

Canada Consumer Prices Fall More Than Expected 0.8%

Canada Consumer Prices Fall More Than Expected 0.8% (Update1)
By Greg Quinn

Sept. 17 (Bloomberg) -- Canada’s consumer prices fell more than economists expected last month, almost matching the biggest decline in half a century, as gasoline costs plunged.
The consumer price index fell 0.8 percent in August from a year earlier, after July’s 0.9 percent drop that was the biggest since 1953, Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg expected a 0.7 percent decline, based on the median of 20 estimates.
On a monthly basis the index was unchanged in August, instead of the 0.1 percent gain economists predicted, after a 0.3 percent fall in July.
The Bank of Canada said Sept. 10 it would keep its key lending rate at a record low 0.25 percent through June 2010 unless the inflation outlook shifts. The central bank predicted in July that year-over-year inflation would decline 0.7 percent this quarter and remain below policy makers’ 2 percent target until the second quarter of 2011.
“This number gives them a little bit more leeway that that promise will hold,” said Mark Chandler, a fixed-income strategist in Toronto at RBC Capital Markets. “It doesn’t say much for what will happen beyond that.”
The Canadian dollar appreciated 0.1 percent to C$1.0646 per U.S. dollar at 7:25 a.m. in Toronto, from C$1.0659 yesterday.
Lower Gasoline Prices
Gasoline prices fell 21 percent in August from a year ago, Statistics Canada said. Natural gas prices plunged 38 percent on the year while fuel oil costs were off 41 percent.
The annual inflation rate excluding gasoline and seven other volatile items -- the so-called core rate that the central bank uses to estimate future price trends -- decelerated to 1.6 percent from 1.8 percent in July. The core rate advanced 0.1 percent on the month. Both the monthly and annual core rates matched economists’ predictions.
Canadian prices have fallen during the biggest global recession since the 1930s -- in August 2008, the annual inflation rate was 3.5 percent. Canada’s recession began in the fourth quarter of last year, and the economy probably started growing again this quarter, the Bank of Canada has said.
To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net. Last Updated: September 17, 2009 07:28 EDT

RBC predicts rebound soon

NS: Tidal energy demo project gets go ahead

NS: Tidal energy demo project gets go ahead
By Staff, Transcontinental MediaSource: The Daily Business Buzz[HALIFAX, NS] —

This morning, Environment Minister Sterling Belliveau announced his approval of the Fundy tidal power demonstration project.The project is subject to strict conditions to protect the environment. Among the conditions are that Fundy Ocean Research Centre for Energy is responsible for developing a comprehensive environmental effects monitoring program and establishing an environmental effects advisory committee.The objectives of the demonstration facility project as proposed by the proponent are:•To build and operate a tidal energy demonstration facility to test the commercial potential of in-stream tidal-energy devices designed to convert tidal kinetic energy to electrical energy.• To acquire information necessary to assess the performance of tidal energy devices including their effect on the environment and the effect of the environment on the devices.• To develop monitoring techniques and methodologies for these devices in the tidal environment.The minister’s decision and the conditions of the provincial environmental assessment approval are on the Department of Environment’s website at www.gov.ns.ca/nse/ea . A federal environmental assessment on the project has also been completed.

Housing sales increase 18.5%

100 million for highway, bridges

Nuttby wind project

NS: NSP takes step forward with Nuttby wind project
By Staff, Transcontinental MediaSource:
The Daily Business Buzz[COLCHESTER CO., NS] —

Nova Scotia Power has made another important step forward for renewable energy in Nova Scotia, filing an application with the Utility and Review Board (UARB) to develop a 45-megawatt wind farm at Nuttby Mountain, Colchester County.“The Nuttby Mountain project responds in a significant way to our customers’ desire for more clean energy,” said Robin McAdam, executive vice-president of sustainability for Nova Scotia Power. “We are excited about being able to undertake this development and demonstrate our commitment to meeting government targets and public expectations regarding renewable energy.”In addition to the Nuttby Mountain project, other significant renewable energy projects are underway in Nova Scotia. RMS Energy is currently building a 51-megawatt farm on Dalhousie Mountain in Pictou County, and will sell the electricity to Nova Scotia Power. At Maryvale, north of Antigonish, an additional six megawatts of independently produced wind power will be online by year’s end. This fall, Nova Scotia Power will install the first in-stream tidal turbine in the Bay of Fundy.The application filed with the UARB seeks approval to spend $120 million on the Nuttby project, which would include purchasing and erecting 22 turbines rated at 2.05 MW each, construction of a new substation, and transmission interconnection. In April, the UARB approved Nova Scotia Power purchasing the development rights for Nuttby Mountain from Calgary-based EarthFirst Canada Inc., which fell into financial difficulties. Nova Scotia Power’s design for the Nuttby Mountain farm will generate electricity at a cost that is more than 10 per cent lower than what customers would have paid through the contract with EarthFirst.The turbines will produce enough energy to power approximately 15,000 homes. The project has the potential to reduce greenhouse gas emissions by more than 100,000 tonnes annually. Nuttby Mountain is located 20 kilometres north of Truro.If approved, the project is expected to begin producing power in late 2010.

Housing affordability hits levels not seen in 5 years

Housing affordability hits levels not seen in 5 years

But experts warn that it won't last

By John Morrissy, Canwest News ServiceSeptember 10, 2009


Owning a home hasn't been this cheap since the last housing boom got going in late 2005, but buyers beware: The party won't last.
So says Royal Bank, which issued a report Wednesday showing the affordability of housing in Canada improved again in the second quarter -- after posting the biggest quarterly improvement on record in the first quarter -- marking 15 straight months of gains.
For potential home buyers, that means falling mortgage rates and housing prices have considerably whittled down the portion of their pre-tax household income they would have to spend on owning a home.
"The attractiveness of owning a home has improved considerably over the past year and going forward it's probably not going to get much better," said the report's author, RBC senior economist Robert Hogue.
"Anyone still sitting on the fence right now might want to consider moving forward over the coming months."
According to the most recent data, the percentage of household income required to pay the costs of RBC's benchmark home, a detached bungalow, declined 0.6 percentage points to 39.1% in the second quarter.
RBC's data shows the average cost of such home is now 2.8% cheaper than a year ago, at $297,000, while posted rates for a five-year fixed mortgage are running near historical lows of 5.85%.
In Calgary, home of some of the greatest gains in real estate prices during the housing boom, falling values have now pushed affordability all the way back to 35.7%. But in Vancouver, affordability has only fallen to 63.4%, despite similarly dramatic price declines.
The report's findings add to the mounting evidence of a remarkable turnaround in the Canadian housing market, built upon a strong resurgence in resales and now spreading into new home construction.
Data released Wednesday by Canada Mortgage and Housing Corporation showed new home construction surged by a greater-than-expected 12.1% in August, rising to an annualized pace of 150,400 starts from 134,200 the month before.
"This was undoubtedly a strong report, and it indicates that some momentum is perhaps beginning to build in the new homes market, thereby complementing the dramatic turnaround seen in the existing homes market recently," said TD Securities economics strategist Millan Mulraine.
While Hogue is not forecasting a sudden reversal in the affordability of homes, he did caution that this phase of the cycle is likely running out of steam.
"The two major contributors to the significant improvement during the past year or so -- the decline in mortgage rates and the drift down in prices -- appear to have reached turning points."
Hogue doesn't expect incomes, the other part of the affordability equation, to rise markedly in the months head, nor does he expect interest rates to spike from current levels.
If his forecast holds true, he expects demand from buyers and supply of home listings to find a new balance.

CMHC predicts rebound in housing

CMHC predicts rebound in housing
By BRENDA BOUW The Canadian PressTue. Sep 8 - 4:46 AM

Canada’s national housing agency predicts home construction to make a comeback in the second half of this year and into 2010, however economists say it could be a long time before we see the same building frenzy that has dominated this decade.Canada Mortgage and Housing Corp. says it believes housing starts will hit 141,900, of which 68,400 will be single-family detached homes and 73,500 multiple-housing units, such as condos.CMHC chief economist Bob Dugan said economic uncertainty and lower employment tempered new-housing construction in the first half of this year."In the second half of 2009 and in 2010, we expect housing markets across Canada to strengthen," he said in releasing the agency’s third-quarter outlook.CMHC says improving activity on the resale market and lower inventory levels in both the new- and existing-home markets should prompt builders to increase residential construction.CMHC predicts overall starts to reach 150,300 in 2010.That compares to 211,056 housing starts recorded in 2008, of which 93,202 were single-family and 117,854 were multiple-housing units.Annual housing starts have surpassed the 200,000 mark every year since 2002.However, CIBC World Markets economist Benjamin Tal believes the recovery in housing starts will be much slower."I think those number are a bit on the high side," he said, predicting a "not very weak, but not very strong" recovery of about 140,000 units in 2010.Tall also believes housing starts won’t surpass 200,000 annually again for quite some time."We simply can’t justify it. We don’t have the demand," Tal said.The new normal will be about 170,000 to 180,000 starts annually, which we could hit by 2011, Tal said.Slower population growth and higher costs for new homes after provincial sales taxes are harmonized with the GST in provinces such as Ontario and B.C. next year will soften near-term growth in new home construction, Tal said.Scotiabank economist Adrienne Warren also sees a slow recovery in new home building due to oversupply in some major markets, particularly in the condominium sector.But Warren said the CMHC forecast is yet another sign Canada’s real estate market is on the rebound, and performing better than previously thought."It reaffirms that the market is far exceeding expectations across the board," Warren said.CMHC also said Thursday it expects total sales on the Multiple Listing Service (MLS) to hit 420,700 in 2009 compared with 433,990 in 2008.That forecast is slightly higher than the Canadian Real Estate Association’s recently revised 2009 resale forecast of 432,000 units.CREA boosted its outlook last week, saying it expects resale activity to drop by 0.4 per cent in 2009 versus 2008. That’s better than its previous forecast of a 14.7 per cent drop year-over-year.CHMC said the average price of a home across Canada last year was $303,607 and is expected to fall slightly to $301,400 in 2009, before climbing to $306,300 in 2010.Warren predicts 2009 sales and prices will be on par with last year’s levels."By and large we are looking at matching last year’s levels, and holding steady on average, which is far from what anyone expected a few months ago," she said.She expects a "modest pickup" in sales in 2010."We will be looking at more of a balanced market."Meantime, sales of existing homes rose in major centres across Canada in August compared to the month before.In the Greater Toronto Area, sales were up 27 per cent last month to 8,035 units compared to August 2008. The average price was $387,921, up by six per cent compared to the same month last year. Year-to-date sales in the Toronto area were 58,421 were up two per cent compared to the first eight months of 2008, the Toronto Real Estate Board reported this week. The average price of $385,978 was up by less than one-half of one per cent. In Greater Vancouver, residential property sales increased 119.5 per cent in August to 3,441 compared to 1,568 in August 2008, according to the The Real Estate Board of Greater Vancouver.It said prices were down 1.1 per cent to $539,600 in August compared to the same month last year, but up 11.4 per cent from the start of the year.

Mortgage Rates Falling

Mortgage rates falling
Last Updated: Tuesday, September 8, 2009 4:49 PM ET Comments26Recommend48
CBC News
Canadian banks are chopping their mortgage rates across the board by up to a third of a percentage point as the cost of borrowing in the bond market falls.
Royal Bank and BMO announced their cuts late Friday, while TD Canada Trust followed with its own rate cut announcement on Tuesday. Other banks are expected to follow.
The popular five-year closed mortgage gets the biggest cut.
At TD Canada Trust, a five-year closed mortgage drops three-tenths of a percentage point to 5.55 per cent. At the Royal, the five-year closed term falls three-tenths of a point to 5.49 per cent. At BMO, a five-year loan also falls to 5.49 per cent, but that represents a drop of .36 of a percentage point.
These are all posted rates. The big banks typically offer discounts of at least a full percentage point on most closed mortgages.
BMO and RBC say they're offering a special rate of 4.19 per cent on their five-year mortgages. A few smaller financial institutions — such as First Calgary Savings — are currently offering five-year loans for just under four per cent.
At the big banks, most other mortgage terms were trimmed by smaller amounts. A one-year closed mortgage falls a fifth of a percentage point to 3.70 per cent at BMO and RBC. A 10-year closed mortgage drops a fifth of a percentage point to 6.70 per cent at TD and to 6.75 per cent at the other two.
Analysts say low mortgage rates have helped to turn around the Canadian housing market in recent months. Real estate statistics for July show that the number of resales across the country surged more than 18 per cent from a year earlier to a record high. The average MLS sale price in July was up 7.6 per cent from July 2008.
The Bank of Canada is widely expected to keep its key overnight lending rate unchanged at its current record low of 0.25 per cent when it makes its next interest rate policy announcement on Thursday.

First Time Home Buyer Seminar - Next Date Sept 17th, 2009

Hot hosing market may be a good sign

Canada Loans Rebound

Canadian Economy

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NS records continued growth in real estate prices

FREE First Time Buyer Seminar

NDP rolls out rebate for new houses

NDP rolls out rebate for new houses

By DAVID JACKSON Provincial ReporterThu. Aug 13 - 6:12 AM

Home builders and homebuyers stand to benefit from a new tax break,Premier Darrell Dexter said Wednesday.
Buyers of newly constructed homes can now apply for a 50 per cent rebateon the provincial portion of the harmonized sales tax.
It's a program the Nova Scotia Home Builders' Association suggested tothe three major political parties before the spring election.
The NDP put the program in its platform, but with a start date of May 1.The government has changed it to Jan. 1, at the association's urging. Amaximum of 1,500 rebates will be offered.
To qualify, buyers of new homes must have a municipal building permitdated on or after Jan. 1, 2009, and before April 1, 2010. The home mustbe the primary residence and construction has to be completed betweenJan. 1, 2009, and March 31, 2010, or the purchase closed by March 31,2010.
Cottages and income properties don't qualify.
Mr. Dexter said the government changed the start date because theassociation was concerned that homes started between January and Maymight not have sold because the tax break came later in the year.
"They indicated that they had been working through the winter, trying tokeep people employed, so . . . there were a large number of buildingpermits between Jan. 1 and the May 1 date. The result of that, of course. . . potentially, would have been to strand that inventory," Mr.Dex-ter said.
Speaking at a Dartmouth townhouse construction site, Mr. Dexter saidthere were about 600 permits issued in the province between January andMay, although he didn't know how many homes were under construction.Opposition leaders said the tax incentive sounds more like a reward.
"I don't see it stimulating any activity that otherwise wouldn't havehappened," Liberal Leader Stephen McNeil said.
Mr. McNeil also said he is skeptical whether a $7,000 benefit will beenough to entice people making a $200,000 or $300,000 purchase. And hewondered whether home builders would increase their prices, negating thebenefit of the tax break to the buyer.
Mr. Dexter said buyers will negotiate their prices, and he thinkscompetition will take care of Mr. McNeil's concern.
"There are a lot of companies out there that are really looking to getwork, so I expect there to be a very competitive market, and that thisrebate will ultimately benefit those who are intended to benefit," hesaid.
Interim Tory leader Karen Casey said people now looking at buying a newhome may be concerned that the 1,500 rebates will be gone by the timethey apply.

Service Nova Scotia Minister Ramona Jennex said at the news conferencethat the website www.getyourrebate.ca <http://www.getyourrebate.ca>will track the number of applicants and rebates.
Ms. Casey said the original intent of the program - to spur economicactivity and keep tradespeople working - was good, but that doesn't seemto be happening.
"I consider this now a reward, rather than an incentive," she said.
Andrew Holley, president of the home builders association, said he wouldhave preferred the qualifying date go back to October, but he was stillpleased with the new program.
"We didn't get everything that we wanted, but it was a good compromise,"Mr. Holley said.
Mr. Dexter said the NDP did its own due diligence on the proposal anddecided the province could do it.
The province would forgo $10.5million if the maximum number of peoplegets the top rebate.
The maximum - $7,000 - kicks in for homes costing $175,000 or more.
"I don't think there's anything wrong with listening to the stakeholderswho are involved in the industry, and thereby turn-ing the wheels of theeconomy," Mr. Dexter said.
"That's really what we're here for, to try and make sure that we getthrough what is a very difficult economic time, try to recog-nize theimportance of the residential construction sector and make sure that wekeep trades-people working."
Mr. Holley said more than 20,000 people work in the residentialconstruction industry across the province, while new housing accountsfor more than $800 million in annual revenue.
A Canada Mortgage and Housing Corp. report released this week saidhousing starts, which include apartment buildings, were down close to 30per cent in the province during the spring and early summer. In Halifax,the decline was 44 per cent.
Housing sales, provincewide, were also down by 14.5 per cent whencompared to the same peri-od last year.

More information is available at www.getyourrebate.ca<http://www.getyourrebate.ca> , or by calling 424-5200 in the Halifaxre-gion or toll-free 1-800-670-4357.
(djackson@herald.ca <mailto:djackson@herald.ca> )

Access Nova Scotia - Sackville location opening soon

Halifax fifth top city in Canada

Home Insurance ...

Recession is over ...

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Inflation rate ...

June housing market was good

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Low mortgage rates - high savings

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Report: Metro Schools Student Population

In 2006 - 68.4 per cent of Canadian households owned their home

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Metro Halifax Real Estate May 2009 Stats

Comparing May 2009 to the May 2008
The residential real estate market in Metro Halifax, (areas 1-40) has slowed down some. In May of 2009 there were 511 single family homes that sold on the MLS®, down 104 units from May 2008. The average list price for May 2009 was $274,450. This represents an increase of 3.14% from the average list price of $266,085 at the same time in 2008.The average sale price for a single family home for May 2009 was $267,807 up 2.73% from $260,691 at same time in 2008.Sellers are still getting quite close to list price this year. Buyers paid 98% of list price average, unchanged from May 2008.The average listing duration increased from 75 days in May 2008 to 87 days in May 2009.

Mortgage Pre-approvals - Will you be able to get one?

FREE 1st Time Home Buyer Seminar

If you have been thinking about buying a home, we would love to have you join us! We offer a complete and detailed overview of the home buying process. Whether you are a first time home buyer or have not purchased a home in the last couple of years, we have information valuable to you.

Thursday June 18th, 2009
7:15 pm - 8:15 pm
Sackville Sports Stadium

Seating limited. Registration required call 471-7499 or email Julie@DealWithTheSteeles.com to reserve your spot.
Seminar will be held in the conference room beside the Q-Cafe in the food court.

Julie Steele - Realtor - Sutton Group Professional Realty
Scott Walker - Mortgage Specialist –Home Loans Canada