GoWest Realty Real Estate and Mortgage News

RBC reports that Canada’s housing, retail and labour numbers fell during the second quarter.

The US economy also slowed down in the second quarter due to slow job growth.

Canada’s economy remains steady and RBC predicts that Bank of Canada will raise overnight rate to 1% in September and 1.25% by end of 2010.

The Canadian home resale market is projected to decline modestly in 2010 and remain flat in 2011.

For the RBC housing outlook report

TORONTO, Aug. 18 /CNW/ – Continuing weakness in the U.S. economy may force the Bank of Canada to put interest rate hikes on hold after September, notes a new report from CIBC World Markets Inc.

“North America’s story is again darkening,” says CIBC’s Chief economist in the latest Global Positioning Strategy report. “We were looking for a material second-half slowdown for the U.S. but as it turns out, it’s already happened.”

link: A Slower World

Canada sees ‘dramatic’ housing slowdown, global report says

National Post

OTTAWA — Canada led in the global housing recovery in the first quarter of 2010, but moderating global growth, heightened financial market volatility and sluggish job creation have led to a “dramatic” slowdown in Canada, according to the Global Real Estate Trends report released Tuesday from Scotia Economics.

via Canada sees ‘dramatic’ housing slowdown, global report says.

RBC Drops 2- to 10-Year Fixed Rates

RBC has started off the week on a good note by dropping 2- to 10-year fixed rates by 0.10 percentage points.

Its posted 5-year fixed rate will now be 5.49%, a 4 1/2 month low.

RBC’s “special offer” 5-year rate is down to 4.09%. (RBC’s discretionary rates are in the high 3% range, like most of it’s competitors.)

If the other Big 6 banks follow by Wednesday, the qualifying rate (for variables and terms under five years) will fall to 5.49% on Monday August 23.