8 of 12 securities dealers surveyed by Reuters predict the Bank of Canada will cut rates 1/2% on March 4. The other four expect a 1/4% cut. A majority expect the BoC to lower rates again in April and June, by 1/4% each time.
- Desjardins says Canada’s housing affordability index is at its lowest point in 17 years. The company says average disposable income is just 1.1% higher than that needed to finance the typical home. Higher mortgage rates and rising housing costs are the main causes.
- In Vancouver, average disposable income is only 2/3 of what’s needed to qualify for the average mortgage.
- CBC says, “Canadians are able to negotiate with (U.S.) banks to get some good bargains – sometimes paying 50 or 60 cents on the dollar for [U.S.] homes.”
- Manulife’s mortgage assets grew 8% in 2007.
- Mortgage Alliance has a new radio campaign and $100K sweepstakes.
