Doug Heldman

Sales Representative

Real Estate Homeward, Brokerage

 
doug heldman

Buying?

Selling?

Request

The Top 5 Mistakes intelligent Home Buyers make and how to avoid them.

Put An Extra $20,000 In Your Pocket When You Sell Your Home.

A free , no obligation home evaluation. Get the most for your home

Click Here Learn More Click Here

I Do The Work For You!  

Your Home Search Delivered DailyRealtor.ca Search

Sign Me Up!

 Beach Condos Best Buys

East York real estate, East York homes, East York house, East York Bungalow, East York Realtor, MLS East York, East York real estate listings, houses for sale in East York

Find Now

10 Best Buys In East York

East York Real Estate

Explore Now

Step 1

How Much Mortgage Can I get

Learn More

Contact Me!

As a professional realtor with experience since 1988, I have a marketing plan that while not a guarantee, is absolutely the best there is. Interested in how to sell your home for the most amount of money in the least amount of time? I can show you how it is done. Contact me for a confidential discussion!

Government removes non-bank lenders from the playing field

Originally posted on: November 21, 2016
Last updated on: November 21, 2016
Filed under: east york riverdale the beach leslieville
Will You Qualify For Your Mortgage After November 30th, 2016? Will You Qualify For Your Mortgage After Nov ...

The intended consequences of new housing policies

Originally posted on: October 27, 2016
Last updated on: October 27, 2016
Filed under: east york the beach riverdale lesliville canada mortgage and housing corporationbank of canadagovernmentpricemortgagehomehousinghousing policiesceconomycanadaconsequencesunintendedintendedeconomy
EVAN SIDDALL The intended consequences of new housing policies EVAN SIDDALL Contributed to The Globe and Mail ( ...

Seperated Cycle Lanes On Woodbine

Originally posted on: September 29, 2016
Last updated on: September 29, 2016
Filed under: east york riverdale the beach leslieville
Sep 28, 2016 | Separated cycle tracks may be coming to Toronto's Woodbine Avenue ...

Have Prices Crossed The Line?

Originally posted on: September 7, 2016
Last updated on: September 7, 2016
Filed under: east york riverdale the beach leslieville
The Toronto Real Estate Board publishes the above affordability chart monthly, showing the share of average household income used for mortgage, ...

5 Low-Cost Countries Where You Can Live on $1,500 a Month or Less

Originally posted on: March 4, 2016
Filed under: east york riverdale the beach leslieville
5 Low-Cost Countries Where You Can Live on $1,500 a Month or Less Posted on February 24, 2016 International Living ...

Bank Of Canada adds fuel to the hot housing market!

July 15, 2015
Bank of Canada Governor Stephen Poloz pauses during a news conference upon the release of the Monetary Policy Report in Ottawa in an April 15, 2015 file photo. (CHRIS WATTIE/REUTERS)

Bank of Canada slashes key rate as economy contracts, exports stall

The Bank of Canada is cutting its key interest rate for the second time this year, citing a larger-than-expected first half contraction and a “puzzling” stall in non-energy exports.

The central bank lowered its benchmark overnight rate by a quarter percentage-point Wednesday to 0.5 per cent, blaming faltering global growth, disinflation and low prices for oil and other commodities.

The Canadian dollar fell more than a cent in the wake of the decision. Banks also cut borrowing costs, with Toronto-Dominon Bank cutting its prime rate Wednesday morning by 10 basis points to 2.75 per cent.

The bank stopped short of characterizing the economy’s first-half stall as a recession, even a mild one. But some economists say that is exactly what Canada is facing.

The latest rate cut marks a sudden about-face by Bank of Canada Governor Stephen Poloz, who has repeatedly insisted that the economic hit from the oil price collapse would be quickly offset by surging non-oil exports, such as car parts, lumber and machinery and equipment. He had characterized his earlier January rate cut as “insurance.”

But six months later the rebound remains elusive, in spite of a much cheaper Canadian dollar, now worth less than 80 cents (U.S.).

The bank acknowledged in its latest forecast, also released Wednesday, that the failure to get a lift from non-energy exports is “puzzling.”

Making matters worse a massive plunge in business investment – down 16 per cent in the first quarter – has become a dead-weight on the economy. The bank now says it expects investment in Canada’s oil patch to plummet close to 40 per cent this year, significantly worse than the 30 per cent it initially thought, as long-term investments in the oil sands are delayed or put on hold until the price of crude comes back.

A lower overnight rate typically prompts banks to cut rates on home mortgages and other loans – a situation that could exacerbate record household debt levels in Canada and add fuel to the hot housing market in cities such as Toronto and Vancouver.

But Mr. Poloz and his central bank colleagues say the risk of weak growth and disinflation outweighs the worry that Canadians may pile on more debt.

“While vulnerabilities associated with household imbalances remain elevated and could edge higher, Canada’s economy is undergoing a significant and complex adjustment,” the bank said in its statement. “Additional monetary stimulus is required at this time to help return the economy to full capacity and inflation sustainably to target.”

The bank’s new forecast calls for a contraction in the first half of this year, with the economy shrinking at an annual rate of 0.6 per cent in the first quarter and 0.5 per cent in the second quarter. The bank does not use the word “recession,” although a recession is typically marked by two consecutive quarters of shrinking GDP.

Nonetheless, the bank said it expects growth for the entire year to hit 1.1 per cent – a sharp downgrade from the 1.9 per cent growth it forecast just three months ago. It’s calling for growth of about 2.5 per cent in 2016 and 2017.

The central bank said the Canadian economy won’t return to full capacity until the first half of 2017, versus its previous target of late 2016.

Canada’s fundamental problem is that it now has a distinctly two-track economy – one faltering badly because it’s tied to oil and other commodities, and another growing due to “solid” household spending and the recovering U.S. economy.

“As the second track gains strength and Canadian producers benefit from the depreciation of the Canadian dollar, it should re-emerge as the dominant one,” the bank said in its statement.

The non-energy economy makes up more than 80 per cent of the Canada’s GDP, but that side of the economy has been swamped by the effects of the oil price shock.

For now, the weight of the economic decline in Canada’s resource-dependent provinces is dragging on the national economy. Since last November, unemployment is up 1.3 percentage-points in the energy-intensive regions of the country, while retail sales are down nearly 1 per cent, along with steep declines in car and home sales.

It’s a vastly different picture in the rest of the country, including Ontario and Quebec, which depend more heavily on manufacturing exports.

The central bank put the blame on the U.S. and China, where growth “faltered in early 2015.” This has depressed prices for oil and many other commodities that typically drive Canada’s export-led economy.

Also Wednesday, the central bank matched the cut in the overnight rate by lowering the bank rate to 0.75 per cent from 1 per cent and the discount rate from 0.5 per cent to 0.25 per cent.


Tagged with: the beach the beaches toronto leslieville riverside riverdale east york
| | Share

Leave a comment...

Please enter the numbers found on the right.

 

Buying?

Selling?

Request

The Top 5 Mistakes intelligent Home Buyers make and how to avoid them.

Get over 400% ROI with just one of these 5 DIY improvements.

A free , no obligation home evaluation get the most for your home

Click Here Click Here Click Here
Powered by Lone Wolf Real Estate Technologies (CMS6)