Hamilton, ON

Bank of Canada cut its overnight lending rate by 0.50% to 1.00%, the lowest since the central bank was formed in 1934. The decrease was inline with most economists expectations.

The previous lowest rate level set by the Bank of Canada was last seen at 1.12% in 1958.

In the past few days leading up to this morning’s announcement by the Bank of Canada, a few lenders began cutting some of their fixed term mortgage rates. It is expected that the various Canadian Banks will announce cuts to their Prime Rate either this afternoon or tomorrow.

Gina Burgio, Mortgage Agent
FSCO Lic. No. M08008590
VERICO Designer Mortgages Inc.
FSCO Lic. No. 10194
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com

Each VERICO Broker is an independent owner operator.

Metrolinx is set to announce the biggest multicity bus purchase in Ontario history. And with it comes yet another well-needed tangible spark that the core is being revitalized. With improved bus service East-West and shortly thereafter, North-South, resale and rental properties will experience a surge. The improved service is ideal for connecting students and new MacMaster core workers to suburbs that need the growth and divert some of the housing attention away from West Hamilton.

Hamilton is one of many municipalities across Ontario that signed a deal with the provincial agency, Metrolinx, for the joint purchase of buses in 2009, with an option to buy more the following year.

Hamilton will get 17 diesel New Flyer buses in each of the next two years. Because they replace existing buses, one-third of their estimated $17 million cost will be covered by a provincial subsidy, according to Don Hull, director of Hamilton transit.

He also stated that Metrolinx will anounce full funding of $16.5 million for 18 diesel-electric hybrid 60-foot buses, as Hamilton's express east-west B line and coming north-south A line on James Street use these articulated buses.

Because of the joint-city purchase, Hamilton saved apx. $15,000 per bus. The articulated buses are part of a $32 milion grant for plant upgrades and more that Metrolinx has given Hamilton, to upgrade the B line and add a A line express route.

"It's huge for us," Hull told the Hamilton Spectator. It will allow the B line to be entirely serviced by these long, articulated buses (accordion centres).

In September 2009, Stage 1 of the A line on James will introduce five of the articulated buses. In addition, the city recently approved an expansion to the Rymal 44 route so that it will go from Eastgate Square to Centennial Parkway and all the way to Ancaster Businss Park.

Robert J. Morrow is editor of www.HamiltonHomeReview.com, an online real estate magazine serving Greater Hamilton, Ontario. Click here for a FREE SUBSCRIPTION sent to your email monthly. Click here to receive new Hamilton area listings in your email daily.

The Bank of Canada on Tuesday cut its key lending rate by 75 basis points to 1.50%, more than many economists had expected.  This is the lowest since 1958.

Lower interest rates, if passed on by the commercial banks, encourage businesses and households to borrow and spend for expansion and consumer goods, thereby stimulating economic activity.

The interest rate cut today by the Bank of Canada was this biggest cut since October 2001.

The record low for Canada's key rate was 1.12 percent in 1958, a time when it was based on treasury yields rather than actions by policy makers.

The bank's next scheduled date for setting interest rates is Jan. 20.

 

 

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com

Each VERICO Broker is an independent owner operator.

 

Many Canadian banks are scheduled to begin reporting their 3rd quarter results, starting on Nov. 25 with Bank of Montreal.

Some analysts are expecting Canada's six big banks to report an average profit decline of 15 percent for Q3, the biggest drop in 6 years.

The Bank of Canada, the country's central bank, stated on Oct.23 that the Canadian economy, the world's 8th-largest economy, will slow to 0.6 percent this year, the lowest since 1991.

With the country suffering from weak demand in the US and lower prices for commodities, we will soon have the Q3 results from the Big Six Banks... and it will be interesting to see if they provide any indication of how they project their results will be like in the months to come. One thing can be expected however... if banks continue to report poor results, they may consider holding onto a portion of any future rate cuts in the near term from the Bank of Canada by not adjusting their prime lending rates by the same amount.

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Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com
www.ginaburgio.com

Each VERICO Broker is an independent owner operator.

This one comes from my good friend Jim at the City of Hamilton:

"I have fact checked this and it is a valid warning. Not a hoax. JR The Government of Canada has issued a warning not to consume Pirate's Gold Milk Chocolate Coins that

have been sold in Canada at Costco, (the candy may also be available in smaller quantities at dollar stores

and bulk stores). The candy has tested positive for melamine. Please pass on this important information

to everyone you know that have children going out for Hallowe'en. For additional details, please consult

the following link: http://news.gc.ca/web/view/en/index.jsp?articleid=421359 ."