Housing Prices Tumble in Metropolitan Canada
It was bound to happen. Housing prices are beginning to fall in metropolitan Canada. In the Greater Toronto Area, housing prices have tumbled the first time in over a decade, down by 3% from last year’s levels. Average existing home prices dropped to $368,549 in September, from the $380,132 recorded in the same month last […]
Federal Government Provides $25B Injection to Lending Industry
Finance Minister Jim Flaherty announced Friday that the federal government will buy $25 billion worth of mortgage debt from Canadian banks in a bid to stabilize the lending industry and encourage lower interest rates. Due to the subprime mortgage crisis, financial institutes are reluctant to lend money, and if they are, they’re charging significantly-higher rates. […]