Daily Market Update

Smaller lenders offer deeper discounts
As competition in the mortgage market heats up smaller lenders, including credit unions, are offering better deals. The major banks have cut rates to an average of 2.79 per cent for a discounted five-year fixed rate, but some smaller players in the market are offering rates as low as 2.39 per cent for fixed rate and two per cent for variable deals. Credit unions in particular are able to slash rates due to their structure; with no shareholders to appease they can forego profit in return for gaining new customers. Read the full story.
 
Newfoundland, Alberta headed for recession, says CIBC
Alberta will dip into recession this year, but it will be mild and short-lived, according to a report by CIBC World Markets. The province will have GDP of negative 0.3 per cent but Newfoundland will see a deeper downturn of negative 1.3 per cent. Oil prices are responsible, of course, but are also helping other parts of the economy grow, especially with the loonie weaker against the U.S. dollar.
 
Super rich love Vancouver and Toronto
The world’s super-rich love buying property in Vancouver and Toronto, according to a new report by realtors Knight Frank. The study found that New York and Aspen top the list of 100 global locations favoured by the wealthiest investors, but Vancouver and Toronto also made the top 30 at numbers 25 and 30, respectively. To be considered wealthy for this poll buyers needed at least U$30 million in assets. Their spending power pushed up prices of luxury homes by 7.5 per cent in Vancouver and 5.3 per cent in Toronto for the 12 months to December 2014. See the top 100.
 
Waterloo region is Canada’s ‘land of opportunity’, says Colliers
The region of Waterloo will be one of the most dynamic real estate markets in Canada in coming years, according to a new report by Colliers International. With a new transit system, a sell-off of real estate by Blackberry and a growing population, the area is opening up great opportunities in the commercial sector, according to the report. The region’s new Light Rail Transit is one of the big draws for new tenants as John Lind of Colliers enthuses: “They now have an opportunity to position their business along the planned LRT routes for ease of access for employees and clients, and developers are seizing this opportunity to redevelop along those planned routes.” Read the full story.
 
Real estate career beats the catwalk
Would you rather have been an author, librarian or academic? A new survey has found that they are the three most desirable jobs. Real estate agent came in at number 23, with women four per cent more likely to choose it as a career than men. More people in the YouGov poll said they would rather be a Realtor than a model. 
 

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