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Blog by Micah Verceles

The ups and downs of unemployment and interest rates

August 16th, 2019
Canadian employment took an unexpected hit in July and that has market watchers turning to the Bank of Canada to see if there will be a response. There are a few forecasters predicting a rate cut by the bank in October, but they are in the minority at this time.

Economists will tell you that job numbers are notoriously hard to predict on a month by month basis, so it makes more sense to look ...

Residential Market Commentary - BoC not reacting to U.S. interest cut

August 15th, 2019
As was widely predicted the U.S. Federal Reserve has gone ahead with an interest rate cut. It is the first reduction by the American central bank since the financial collapse more than a decade ago.

The Fed trimmed a quarter-point off its benchmark rate bringing it to a range of 2.0% to 2.25%, and a step closer to the Bank of Canada’s policy rate of 1.75%. It remains unlikely the BoC will be ...

Brookfield to take control of Canadian mortgage insurance giant in $2.4 billion deal with Genworth

August 13th, 2019
Genworth Financial Inc. agreed to sell its Canadian unit to Brookfield Business Partners LP for $2.4 billion as it works to win regulatory approval for its acquisition by China Oceanwide Holdings Group Co.

Brookfield Business Partners LP will purchase 48.9 million shares, or a 57 per cent stake, at $48.86 apiece in Genworth MI Canada Inc., giving it majority control of Canada’s largest privat ...

Towers of trouble: Toronto's condo market has no rule book | Doc Zone

August 12th, 2019
The Condo Game examines the forces at play behind the fastest moving condo market in North America – Toronto - and discovers that the glittering glass hides a sea of troubles. The first startling revelation for many people will be how very much the condo market is focused on investor profit, not affordable housing. One expert even says that it’s really not a housing market but a commodities p ...

The Real Estate Board of Greater Vancouver - July 2019 Stats

August 7th, 2019
Home buyer demand picked up across Metro Vancouver* last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent in ...

CMHC sees 'moderate overvaluation' in Canada's housing market, but little vulnerability overall

August 6th, 2019
Quarterly report finds pockets of concern, but overall lower level of risk

After waving a red flag of warning about Canada's housing market for more than two years, Canada's national housing agency says the overall level of vulnerability has inched down from high to moderate over the past six months.

That's one of the main takeaways of a quarterly report from the Canada Mortgage and Housing ...

The Fed's Quarter-Point Rate Cut Not the Start of Something Big

August 1st, 2019
The Federal Open Market Committee (FOMC) cut the overnight target rate by 25 basis points as expected today. Chairman Jerome Powell, however, said it was designed to "insure against downside risks" rather than to signal the start of multiple rate cuts. President Trump called for "large" rate cuts on Twitter and has for months pressured the Fed to ease monetary policy. It is very unusual for t ...