http://forums.canadabanks.net/blog.php This is a discussion forum powered by vBulletin. To find out about vBulletin, go to http://www.vbulletin.com/ . en Sat, 04 Feb 2012 05:26:40 GMT vBulletin 60 http://forums.canadabanks.net/images/misc/rss.jpg http://forums.canadabanks.net/blog.php http://forums.canadabanks.net/blog.php?b=4 Fri, 05 Sep 2008 14:47:55 GMT It’s happening folks – the Toronto real estate prices in August 2008 are off 1% from August 2007 according to the Toronto Real Estate Board. The GTA... It’s happening folks – the Toronto real estate prices in August 2008 are off 1% from August 2007 according to the Toronto Real Estate Board. The GTA prices inched up 1% from last August, but I wonder how long would that last? Now the real kicker – the number of sales in Toronto declined 25% compared to August 2007! Yes, I didn’t mistype this; it’s 25% decline – think about that for a moment. The GTA sales were down "only" 22% - what a relieve.

The number of properties for sale in the City of Toronto has increased 31% from 19,145 (August 2007) to 25,076 in August 2008. These are really, really frightening numbers. After all it all boils down to supply and demand – if there is a great increase in supply (31% qualifies for sure) and lower demand (25% less sales) then the prices must come down adjusting to the new reality. The Toronto housing boom is officially over.


The title of the Toronto Real Estate Board press release reads "GTA Resale Housing Remains Steady Throughout Summer" :p. Now I admit that the guys and gals over at TREB must have a terrific sense of humor calling severe sales decline and huge increase in inventory "steady". Now if you are a Toronto homeowner who bought in the last 2-3 years this may not sound funny to you at all, but hey, what can you expect from people whose livelihood depends on housing prices going up forever? ]]> BankAdmin http://forums.canadabanks.net/blog.php?b=4 http://forums.canadabanks.net/blog.php?b=3 Thu, 21 Aug 2008 21:23:37 GMT Recent data released by the Canadian Real Estate Association have left a bitter taste in the mouth of home owners, as Canadian house sale prices... Recent data released by the Canadian Real Estate Association have left a bitter taste in the mouth of home owners, as Canadian house sale prices dropped 3.6 per cent this July when compared to last year’s figures.

Due to a drop off in sales in the four major housing markets - British Columbia, Calgary Alberta, Toronto, Vancouver and Victoria, the average house price reached a low of $327,020 Canadian and brokers up and down the country are trying to explain the stats to upset customers.

Vancouver, the strongest housing market in the country still saw a dip of 1 per cent, but it is other major cities, which caused the most worry among analysts.

The average house price in Calgary was leading the clouds as it dropped by a gloomy 7.8 per cent and in Edmonton they weren’t far behind, seeing a drop of 5.3 percent from July last year, in an equally dissatisfactory manner.

As well as house prices dropping, leaving those looking to sell in a tough situation, the number of those looking to buy homes has also seen a decrease since last year. The overall sales of houses dropped by 10.9 per cent, to a low 27,889 units. This however does come after last year, when July was the strongest on record. This though is still far from anything to smile about.

Although the problems are not quite on par with the issues happening over the border in the United States, this should come as negative news to anyone who has a stake in the Canadian real estate market, and that’s just about everyone in the country that lives in a home.

The real test will be to see if the plummeting prices reach a halt before they hit the deadly 30 per cent US level and surpass them. ]]> BankAdmin http://forums.canadabanks.net/blog.php?b=3 http://forums.canadabanks.net/blog.php?b=2 Wed, 30 Jul 2008 19:04:53 GMT According to the Mercer's Worldwide Cost of Living Survey 2008 Toronto is now the 2nd most expensive city for expatriates in North America, second only to New York. Of course that makes it the most expensive Canadian city :). Moscow remained the worldwide leader as the most expensive city for expatriates.

The curious thing is that Toronto jumped 28 places to # 54 worldwide. Other Canadian cities worth noting are Vancouver moving from 89th to 64th, Calgary moving from 92nd to 66th and Montréal moving from 98th to 72nd.

The report contributes the rapid rise of comparative cost of living of Canadian cities to the significant appreciation of the Canadian dollar against the US dollar during the last year.

Mercer’s report covers over 140 cities worldwide and evaluates the relative cost of around 200 items to compute the final results. The most important items covered in the cost comparison are housing, transportation, food, entertainment, and clothing. Mercer’s report is considered to be one of the world’s most comprehensive cost of living surveys.


]]> BankAdmin http://forums.canadabanks.net/blog.php?b=2 http://forums.canadabanks.net/blog.php?b=1 Sat, 07 Jun 2008 21:22:56 GMT Credit cards are integral part of our lives, if not for the credit, then just out of necessity - ever tried booking a hotel, or buying something from... Credit cards are integral part of our lives, if not for the credit, then just out of necessity - ever tried booking a hotel, or buying something from Amazon.ca without a credit card? The first problem every Canadian resident without an established credit history faces is getting a credit card. They might be just out of high school and looking for their first job, or they might have just immigrated to Canada from another country, but they all have one thing in common - they won't qualify for a regular unsecured credit card.

You want a credit card, but you have no credit history. In order to build a credit history you need a credit card (or other line of credit), but how to get one without a credit history? A classic "Catch 22" wouldn't you say?

Secured credit cards are meant to solve this problem, by providing consumers with credit card, while minimizing the risk for the lender. Getting a secured credit card requires a cash security deposit. The credit card issuer sets your card limit as a percentage of the deposit. For example if you deposit $500, the bank may offer you $500 in credit limit on your card. Other than that a secured credit card is exactly the same as any other credit card. If you fail to pay your credit card bills for certain period of time, the lender should be able to recoup their losses by using the cash deposit for the secured credit card.

Secured credit cards are the easiest way to build one's credit history (or re-build it for that matter in case of a bad credit history), but if you get one you have to use it responsibly and pay it off on time.

Not all Canadian banks and financial institutions offer secured credit cards, but the ones listed below do: ]]> BankAdmin http://forums.canadabanks.net/blog.php?b=1