April 10, 2010 CMHC released the April Housing Starts statistics.  Read all the details on the CMHC website.
 
 
Reported this morning by the Calgary Herald, luxury homes sales in the Calgary area have increased in the first quarter of 2010.  67 upper-end properties valued at more than $1 million were sold in the first quarter of this year compared with 35 during the same period a year ago.

Full article here.
 
 
The Bank of Canada left their key overnight rate unchanged as expected this morning.  However, their removal of the conditional commitment to leave rates unchanged until the end of the 2nd quarter of 2010 shows a pretty clear intention of theirs to raise rates on June 1st.
 
 
Housing starts report from CMHC today shows increases in all Canadian regions except Ontario.  

In Western Canada where Alta Pacific Mortgages operates, housing starts in urban areas are seeing a rather sharp increase year over year (March 2010 compared to March 2009).  

Prairie Regions (Manitoba, Saskatchewan, Alberta) saw a March increase from 967 housing starts in March 2009 - to 2,508 housing starts in March 2010.  

British Columbia saw March 2010 housing starts hit 1,726; up from 739 housing starts in March 2009.

Read the full CMHC article and report here
 
 
Inflation is above target for the month of February, leading analysts into a bit of a frenzy.  While this could lead to a rate hike earlier than expected, many also believe the buzz of the Vancouver 2010 Olympics drove prices up temporarily. Source: today's National Post
 
 
As reported in Tuesday's Montreal Gazette, more Canadians plan to buy homes in the next 2 years.  The strength of the Canadian housing market relative to worldwide markets has increased confidence in real estate. 
 
 
Olympic February saw rise in housing sale, Vancouver, FraserValley, Calgary
 
 
Keeping their promise to hold rates until mid 2010, Bank of Canada has held the key rate at .25%, stating underlying factors in the Canadian Recovery are unchanged as reported in The Wall Street Journal today.
 
 
Canada's economic recovery is steamrolling ahead (as read in today's Montreal Gazette).  While recovery is always good, it also means we must keep our eyes on the rates.  If you're in a variable, you will inevitably make the decision to lock in, or stay floating.  After you know how rates work, you can hopefully make an informed decision in the future. 
 
 
Earlier this week Finance Minister Jim Flaherty announced changes to the Canadian Mortgage Rules.  The changes are subtle and have been well-received by economists and the public for calming down the market without de-railing it.  The new policies are:
-Applicants for CMHC backed mortgages must pass a credit test
-Applicants must qualify on the 5-year rate (up from the 3-year)
-You may only refinance your home to 90% loan to value (scaled back from 95%)
-Minimum 20% down on rental properties