Archive for Newfoundland and Labrador
Bank of Canada holds firm on Prime
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As expected, the Bank of Canada recommitted yesterday to leaving its benchmark interest rate at a record low of 0.25% through to the middle of next year.
The central bank is taking a brighter view of the economy, citing stronger-than-expected household spending. Policymakers said that Canada’s GDP would shrink 2.3% this year, compared with an earlier estimate in April that the economy would contract 3%. GDP will expand 3%, compared with an earlier call for growth of 2.5% next year, the BoC said in its latest policy statement.
The revisions reflect what the central bank said are “increasing signs that economic activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures to stabilize the global financial system.”
Still, the BoC called the recovery “nascent” and emphasized that “effective and resolute policy implementation remains critical to sustained global growth.”
Canadian retail sales rose much more than expected in May after a surprise drop the previous month, Statistics Canada said today.
Sales increased 1.2% during the month to $34 billion, with gains in seven of eight sectors, led by a 2.4% increase in automotive products, the federal agency said.
“Retail sales have been generally rising since the beginning of 2009,” Statistics Canada said.
Most economists had expected sales to rise by just 0.5% in May after a 0.6% decline in April. – Financial Post
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Newfoundland and Labador Mortgages and Home Loans
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St. John`s mortgages: This most easterly province of Canada comprise the island of Newfoundland and Labrador on the mainland, with thousands of small island included. Main resources and industries are oil, fish products, newsprint, iron ore and electricity. Most of the population of 508,944 (2008) are living on the island of Newfoundland even though Labrador is larger. An interesting fact is an iceberg south of Newfoundland was responsible for sinking the famous Titanic in 1912.
The capital and largest city is St. John`s. It is one of the oldest cities in North America. Tourism is one of its main industries as people from all over come to see its beautiful and historic scenes. this seaport city is a mixture of wooden row houses, imposing churches, tress, lakes and walking trails. With a fluid and changing real estate market, St. John`s mortgages are competitive with rates expecting to be fairly stable in 2009.
This makes for an attractive mortgage and home ownership environment.
Mortgage lenders tend to consider the St.John`s Mortgage market as quite good and many lenders will consider doing a St.John`s Mortgage. Contact a Mortgage Shopper Canada mortgage broker to help answer any questions on mortgage qualifications and funding.
Speak with a professional mortgage broker now and get free advice that could help you find the best mortgage! Call 1-800-662-7757 or:
Click here to receive up to 5 Quotes on a home purchase Loan, Home refinance Loan, Home Equity Loan or a Debt Consolidation Loan.
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