Daily Market Update

RBC chief says we could see prices drop 15 per cent
The chief executive of the Royal Bank of Canada says that there could be a price drop of as much as 15 per cent when interest rates rise. But David McKay isn’t joining the list of doom-mongers; instead he says a correction would be “healthy” for Canada’s economy. The Bank of Canada recently made a rare statement on over-valuation of the housing market and put its figures somewhere between 10 and 30 per cent. McKay says that he doesn’t believe the story will end badly, but rather that an easing of the low supply-high demand-low rates triangle would be a good thing, especially for those trying to enter the market. Read the full story.
Ontario downgraded by Fitch
Credit agency Fitch has downgraded the long-term debt rating for Ontario over concerns that the provincial government may not hit targets for balancing the budget. The Liberal government expects to get the books to balance by 2017-18 but Fitch says that it will have more limited options available to try to eradicate the $12.5 billion deficit in the proposed timescale. Ontario’s credit rating has been downgraded from AA to AA- however Fitch has noted that the government have demonstrated ability in tackling the deficit and have changed the outlook forecast from ‘negative’ to ‘stable’. Read the full story.
Chinese property buyers increasing in Washington State
Realtors in Washington State are reporting an uptick in interest from Chinese buyers especially in high-end properties. The state is second only to California in the places Chinese property buyers are interested in and numbers continue to grow. Chinese students now make up around half of the 7,300 of the international students at the University of Washington and as trade links increase there will certainly be more interest.  Read the full story.

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