Bank of Montreal : Canadian Housing Market Moderating; BMO Economics Projects Sales and Prices to be Flat in 2012
January 16, 2012 at 08:43 pm
By
Share
TORONTO, ONTARIO--(Marketwire - Jan. 16, 2012) - The
Canadian housing market showed distinct signs of moderation
in late 2011, according to a BMO Economics report on the
latest data for Canadian home sales.
"While seasonally adjusted sales did manage to rise
1.8 per cent from the prior month in December, sales were
up a moderate 4.6 per cent from year-ago levels,"
according to Douglas Porter, Deputy Chief Economist, BMO
Capital Markets. "Most signs continue to indicate that
the market is broadly balanced on a national basis. The
supply of existing homes for sale is 5.8 months, and the
ratio of new listings to sales is also well within
long-term norms."
Mr. Porter expects further moderation in housing in the
year ahead. "We look for both sales and prices to be
roughly flat this year. That could be just what the policy
doctor ordered, allowing incomes to catch up to higher
prices."
"While the housing market is showing moderation,
it's always important for Canadians to examine ways to
reduce overall housing costs," said Katie Archdekin,
Head of Mortgage Products, BMO Bank of Montreal. "BMO
has been a leader developing products, such as the low-rate
mortgage with a maximum 25-year amortization, that we
believe are directly relevant to today's environment
and specifically designed to help Canadian consumers manage
their debt. In September, BMO urged Canadians to choose a
25-year amortization as a way to significantly reduce the
amount of interest paid over the life of the
mortgage."
BMO Bank of Montreal has lowered the rate for its 5 year
low-rate 25 year amortization mortgage by 50 basis points
to 2.99 per cent. This limited time offer is available only
until January 25th, 2012. By getting pre-approved,
customers have up to 90 days to search for the home of
their dreams and take advantage of a guaranteed low rate
that won't be around forever.
Media contacts:
Peter Scott
416-867-3996
PeterE.Scott@bmo.com
Matt Duffin
416-867-3996
matthew.duffin@bmo.com
Sarah Bensadoun
514-877-8224
sarah.bensadoun@bmo.com
Laurie Grant
604-665-7596
laurie.grant@bmo.com
distribué par
Ce noodl a été diffusé par BMO - Bank of Montreal et initialement mise en ligne sur le site http://www.bmo.com. La version originale est disponible ici.
Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-16 21:36:03 PM et restera accessible depuis ce lien permanent.
Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité.
Bank of Montreal (BMO) is a Canada-based company, which offers a wide range of personal banking services. The Company is engaged in providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to customers across Canada, the United States, and in select markets globally. The Company offers services, such as bank accounts, credit cards, mortgages, loans, investments, creditor insurance, and travel insurance. The Companyâs segments include P&C, U.S. P&C, Total P&C, BMO Wealth Management, BMO Capital Markets, and Corporate Services. Its bank accounts include checking accounts, and savings accounts. Its credit card services include no fee, low interest, cash back, BMO Rewards, AIR MILES, travel, and lifestyle. Its credit cards include BMO eclipse Visa Infinite Card, BMO Ascend World Elite Mastercard, BMO eclipse Visa Infinite Privilege Card, BMO Preferred Rate Mastercard and BMO CashBack Mastercard.