News & Updates

Lower oil prices, dollar to fuel growth in B.C., report says

(January 31, 2015, posted in Economy)

VANCOUVER — British Columbia is poised to be a top economic performer in Canada, with lower oil prices working to the province's advantage, according to a report by the Business Council of B.C. Real GDP growth is expected to rise from 2.3 per cent in 2014 to 2.6 per cent in 2015 and 3.1 per cent in 2016. Unemployment is expected to drop from 6.1 per cent in 2014 to six per cent.

"In summary, our as... read more.

60 millionaire immigrant investors to be offered permanent residency

(January 27, 2015, posted in Immigration)

Canada will start accepting applications from millionaire immigrant investors and their families on Wednesday under a revamped version of a program critics once denounced as "cash for citizenship."

The government announced in December it would give permanent residency to international investors who can invest $2 million in Canada, in an effort to attract experienced business people who could give t... read more.

Property developers bullish on Metro Vancouver real estate market

(January 27, 2015, posted in Real Estate)

VANCOUVER — Continuing low interest rates and a healthy stream of newcomers will ensure the good times keep rolling in 2015 for the Lower Mainland’s property development industry. But it also means pricing will continue to pose a challenge.

Three of B.C.’s biggest developers used adjectives like “great” and “incredibly positive” as they delivered a forecast last week to more than 1,100 industry ins... read more.

Bank of Canada will cut interest rate again

(January 26, 2015, posted in Economy)

The Bank of Canada will cut its key interest rate again in March, TD Bank predicts in an update to its 2015 forecast.

Last week, the Bank of Canada cut its target for the overnight lending rate from an already low one per cent to 0.75 per cent, in light of the risk posed to the Canadian economy by slumping oil prices.

Economists had expected to hold the rate at one per cent, where it had been since... read more.

Canadian banks on brink of mortgage price war

(January 26, 2015, posted in Economy)

Canada’s major banks are heading into a renewed mortgage price war in the wake of the Bank of Canada’s surprise decision to cut interest rates.

Mortgage brokers reported that Royal Bank of Canada dropped its five-year fixed rate for qualified borrowers to 2.84 per cent over the weekend. While smaller, non-bank lenders have started offering even cheaper rates, RBC's rate cut is likely a record for a... read more.

RBC lowers mortgage rates on heels of Bank of Canada’s surprise cut

(January 26, 2015, posted in Economy)

Royal Bank of Canada is the first major lender to lower mortgage rates after five-year bond yields fell in the wake of a surprise cut by the Bank of Canada last week, according to rate-monitoring websites.

Royal Bank, the country’s second-biggest lender by assets, offered a five-year fixed rate of 2.84% on Jan. 24, down from 2.94% last week, according to rate-tracking website That’s be... read more.

How the Bank of Canada’s rate cut may spur growth faster than expected

(January 24, 2015, posted in Economy)

The Bank of Canada’s surprise rate cut this week could result in much quicker and surprising economic growth than many are expecting, market watchers said Thursday.

Peter Hall, chief economist at Export Development Canada, said the rate cut comes at a time a number of high-profile deal and job announcements have been made by manufacturers, even as layoffs in the energy sector have overshadowed thos... read more.

Surrey, B.C. Named One Of World's Top 7 Intelligent Communities

(January 24, 2015, posted in Local News)

A Metro Vancouver city that is constantly battling an image problem received an ego boost this week when it was named one of the world's most intelligent communities.

The Intelligent Community Forum (ICF), a New York-based economic and social development think tank, released its "Top7 Intelligent Communities of 2015" list Thursday, and Surrey, B.C. made the cut.

"Surrey is a city in transition from... read more.

Low dollar equals ‘bargain’ Vancouver real estate for international buyers

(January 22, 2015, posted in Real Estate)

The low dollar, the interest rate cut and the recovery of the American economy should mean good news for the real estate markets in most places in B.C., experts say.

But the plummeting cost of oil and the resulting instability of the Canadian economy could hurt domestic demand and spell bad news for resort areas such as the Okanagan, which rely on people from Alberta buying vacation homes.

Dan Scarr... read more.

With BoC rate cut, sub-2% mortgages are coming to a bank near you

(January 22, 2015, posted in Economy)

By this time next week, Canadian consumers borrowing for a home might be looking at the lowest rates in the country’s history as a result of the Bank of Canada’s rate cut on Wednesday.

Top five takeaways from Bank of Canada’s surprise rate cut

Governor Stephen Poloz called the cut ‘insurance’ against low oil prices. Here are the bank’s top messages on how the oil rout could impact the economy
Interes... read more.

BoC interest rate drop may boost Vancouver housing market

(January 21, 2015, posted in Real Estate)

Already ranked as one of the most unaffordable cities in the world, Vancouver's heated real estate market could get a further push, after the Bank of Canada cut the overnight lending interest rate to 0.75 per cent.

The rate had been at one per cent since September 2010 and the cut shocked markets on Wednesday. It will likely result in lower interest rates for variable rate mortgages, lines of credi... read more.

Bank of Canada shocks market with rate cut

(January 21, 2015, posted in Economy)

The Bank of Canada announced a surprise quarter-percentage-point cut to its key interest rate Wednesday – a move it calls “insurance” against the potentially destructive effects of the oil price collapse.

The reduction in the bank’s overnight rate to 0.75 per cent from 1 per cent – its first move since September, 2010 – comes as a precipitous drop in the price of crude slams Canada’s oil-dependent... read more.

Why Canadians can expect low interest rates for much longer

(January 15, 2015, posted in Economy)

Don’t look for another interest rate hike for two more years; in fact, there is a one in three chance the Bank of Canada will actually cut rates before the end of this year, Morgan Stanley predicts.

The latest forecaster to take a stab at the impact of plunging oil prices on Canada’s economy, the American bank stands out for its bearish take.
The bank not only pushed its forecast for the first rate... read more.

Markets eye Bank of Canada rate cut for first time as oil rout damage deepens

(January 15, 2015, posted in Economy)

Collapsing oil prices and a weakening economy are pushing markets to start pricing in a potential interest rate cut by the Bank of Canada this year.Those expectations grew Tuesday after Bank of Canada deputy governor Timothy Lane gave a speech in Madison, Wisc., that economists saw as tilting more dovish than usual. Mr. Lane’s speech focused on the economic effects of dropping oil prices, which ha... read more.