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Home Affordability Improves For Canadians

The same economic pressures that have sent the Toronto Stock Exchange lurching into negative territory have created the first significant improvement in housing affordability since 1996, according to a recent Royal Bank study. Although our federal rate setter, the Bank of Canada, has not mirrored US interest rate cuts, it has consistently lowered rates, a trend paralleled by Canadian mortgage lenders. The Royal Bank reports that five-year mortgage rates averaged 7 percent in the January-to-May period compared to 8.15 percent in the fourth quarter of last year.

Canadian Advocacy Groups Form To Help New Home Buyers

After moving out of her new home because she says it makes her sick, an Ottawa woman has launched a consumer advocacy group for new home buyers and consumers who are renovating their houses.

Condo Trends: New Development Hits Hudson County Waterfront

As condo sales continue to hit bottom on resales in metro area after metro area, New Jersey water front is still all the rage across from the Big Apple. A piece in the Hudson Reporter states that "the resurrection of Journal Square, the possible rise of an 80-story office tower near the Hoboken train station, two new luxury hotels near the Hudson County waterfront, and the long-awaited opening of the retail and entertainment complex Xanadu in the Meadowlands will be the main topics of development discussion in 2009."

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