A Toronto woman is being ordered to pay RBC $95,000 after failing to realize she was being tricked into a mortgage fraud. Angela Isaacs accepted $6,000 to co-sign a stranger's mortgage and signed the documents without reading them, reported the Toronto Star. Madam Justice Anne Molloy of the Ontario Superior Court of Justice also decreed that Isaacs owes 6.3 per cent annual interest on the $95,000 loss from June 26, 2008 until the debt is paid and, within 30 days, $13,500 of the bank's legal ... Full Article...

First-time Homebuyers Retreat As Luxury Buyers Advance Mortgage trends cool Calgary home sales Calgary, July 2, 2010 – Calgary home sales continued to show a marked year-over-year decline in the month of June, according to figures released today by the Calgary Real Estate Board (CREB®). The number of single family homes sold in June 2010 in the city of Calgary was down 42 per cent from the same time a year ago, and condominium sales saw a decrease of 40 per cent from the same time a year ... Full Article...

Alberta man jailed for multi-million mortgage scam Thursday, 24 June 2010 An Alberta man was sentenced to three years in prison for a $3.9-million rural mortgage scam that included 32 separate fraud charges over two years. In the Edmonton courtroom on Wednesday June 23, Eugene Charnczuk, 40, was also ordered to pay approximately $1.3 million to the Canada Mortgage and Housing Corporation, Genworth Financial, CIBC and TD Canada Trust, reported the Edmonton Sun. "White-collar crime is a ser ... Full Article...

Housing affordability in Alberta improves, bucks national trend By Mario Toneguzzi, Calgary HeraldMarch 15, 2010 Housing affordability improved in Alberta in the fourth quarter of last year amid slower economic recovery, compared with other regions across the country, according to the latest housing report released today by RBC Economics. "The downturn in the housing market has created a large surplus of homes available for sale. This has held back the pace of price increases in the province ... Full Article...

Calgary Housing Market Shows Signs of Balance, not Bubble An expected rise in interest rates to fuel an active spring market   Calgary, March 1, 2010 – Calgary’s housing market continues to build stability and momentum in the second month of the year, according to figures released today by the Calgary Real Estate Board (CREB®).   The number of single family homes sold in February 2010 in the city of Calgary was up 25 per cent from the same time a year ago, while condominium sa ... Full Article...

Affordability Drives Calgary’s Housing Market With rising interest rates on the horizon buyers will see 2010 as the year to take advantage of low mortgage rates   Calgary, February 1, 2010 – Affordability continues to drive a recovery in Calgary’s housing market according to figures released today by the Calgary Real Estate Board (CREB®).   The number of single family homes sold in January 2010 in the city of Calgary was up 39 per cent from the same time a year ago, while cond ... Full Article...

Housing Recovery Continues with Active December Market Year-over-year sales increase for seventh consecutive month Calgary, January 5, 2010 – The Calgary housing market continues to show signs of a sustained recovery according to figures released today by the Calgary Real Estate Board (CREB®). The number of single family homes sold in December 2009 in the city of Calgary was up 78 per cent from the same time a year ago, while condominiums sales saw an increase of 66 per cent from the same ... Full Article...

Calgary Housing Market Rebound Continues Home prices edge upwards as demand holds steady Calgary, November 2, 2009 – The Calgary housing market continued to rebound in October, according to figures released by the Calgary Real Estate Board (CREB®). “Calgary’s housing market has clearly turned a corner,” says Bonnie Wegerich, president of CREB®. “We expect there to be a few bumps on this road to recovery but we believe the worst is over. Home prices have held firm ... Full Article...

OTTAWA - Canadian consumers appear to have their "mojo" back, and if all goes according Bank of Canada governor Mark Carney's plan, they'll be the key to Canada's economic rebound. "Consumer demand is going to be at the heart of this recovery," Carney said at a news conference in Ottawa on Thursday following the release of the bank's quarterly monetary policy report. Carney foresees consumer spending expanding considerably, helping to lift the economy from the depths of the recession in the sec ... Full Article...

Bank of Canada maintains overnight rate target at 1/4 per cent and reiterates conditional commitment to hold current policy rate until the end of the second quarter of 2010 OTTAWA - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent. Recent indicators point to the start of a global recovery from a deep, synchronous recession. Global economic and financial dev ... Full Article...

Calgary Home Prices Show Signs of Stability Recovery Continues in Calgary Housing Market Calgary, October 1, 2009 – Calgary home prices show signs of stability as recovery in the housing market begins to take hold. The average price of a single family Calgary metro home in September 2009 was $459,085, showing an increase of 1 per cent from August 2009, when the average price was $454,130, and showing an increase of 3 per cent from September 2008, when the average price was $444,048. The ... Full Article...

Lenders beware: Phony mortgages are the bank’s problem, court rules B.C. Court of Appeal says owners of properties hit by fraud don’t have to pay Homeowners can rest easier, but lenders may be scrambling after British Columbia’s highest court ruled in favour of the owners and left lenders holding the bag if someone fraudulently takes out a mortgage on property they don’t own. In two decisions released this week, the B.C. Court of Appeal said mortgages placed on property ... Full Article...