Rob Chuter

Bank of Canada lowers overnight rate target by 1/2 percentage point to 3 per cent OTTAWA – The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 3 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 3 1/4 per cent. Growth in the global economy has weakened, reflecting the effects of a sharp slowdown in the U.S. economy and ongoing dislocations in global financial markets. Growth in the Canadian economy has also moderated as buoyant growth in domestic demand, supported by high employment levels and improved terms of trade, has been

 

Regional overviews

British Columbia - expect more balance in 2008

As forecast, affordability conditions deteriorated across every home segment in

the final quarter of 2007 and we still believe the market is poised for some affordability

relief. The two-storey segment continues to carry the brunt of the deterioration

as the hot Vancouver market remains in deeply stressed territory. The

province-wide sales-to-new listings ratio is slowing, indicating a gradual re-balancing

of markets. Mortgage rates should be a positive for markets this year as

we

Highlights include: A Tax-Free Saving Account (TFSA) that lets Canadians age 18+ contribute up to $5,000 a year starting in 2009. Contributions are not tax-deductible; income earned is not taxable. $110 million to the Mental Health Commission of Canada to support homelessness projects. Vancouver, Winnipeg, Toronto, Montreal and Moncton will share this amount. $250 million over five years to the automotive sector to develop fuel-efficient vehicles. To help fund this initiative, the government cancelled its rebate program that offered $2,000 to buyers of energy-efficient vehicles. $500 million in support of capital investments to improve public transit.

For the third consecutive budget, the BC government has increased the Property Transfer Tax (PTT) first-time buyer exemption price threshold. First-time buyers can now buy a home priced up to $425,000 and not pay the PTT. The previous ceiling was $375,000. Buyers of homes priced up to $450,000 can claim a proportional exemption.     First-time buyers can now pay down their mortgages by any amount in the first year of ownership without being disqualified from the exemption. Gone are the PTT financing rules that required buyers to have at least a 70 per cent mortgage and registered financing to qualify for the exemption.

I have just sold this town home located at #56 1055 Riverwood Gate , Port Coquitlam to my clients Josh and Michelle

I have just Sold the townhome located at # 75 1195 Falcon Drive , Coquitlam

If anybody would like a note pad to keep by the phone or to stick on the fridge .Please let me know by emailing me .

Just reduced 317 Gloucester Court  to $559,900

I have just received a new supply of fridge magent type  calenders and note pads . Please email me if you would like some

Thanks

Rob

Just removed the conditions to make the sale firm on 15728 108A , Surrey . The buyers will move in at the end of November