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Interest Rate Unchanged - Bank of Canada
Bank of Canada maintains overnight rate target at 1/4 per cent;
removes conditional commitment
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.Global economic growth has been somewhat stronger than projected, with momentum in emerging-market economies increasing noticeably. Exceptional stimulus from monetary and fiscal policies continues to provide important support in many countries. The recovery in the major advanced economies is still expected to be relatively subdued, reflecting ongoing balance sheet adjustments and the gradual withdrawal of fiscal stimulus commencing later this year. Despite recent progress, considerable uncertainty remains about the durability of the global recovery. In Canada, the economic recovery is proceeding somewhat more rapidly than the Bank had projected in its January Monetary Policy Report (MPR). The profile for growth is more front-loaded than that presented in the January MPR. The Bank now projects that the economy will grow by 3.7 per cent in 2010 before slowing to 3.1 per cent in 2011 and 1.9 per cent in 2012. This profile reflects stronger near-term global growth, very strong housing activity in Canada, and the Bank’s assessment that policy stimulus resulted in more expenditures being brought forward in late 2009 and early 2010 than expected. At the same time, the persistent strength of the Canadian dollar, Canada’s poor relative productivity performance, and the low absolute level of U.S. demand will continue to act as significant drags on economic activity in Canada. The Bank expects the economy to return to full capacity in the second quarter of 2011. The outlook for inflation reflects the combined influences of stronger domestic demand, slowing wage growth, and overall excess supply. Core inflation, which has been somewhat firmer than projected in January, is expected to ease slightly in the second quarter of 2010 as the effect of temporary factors dissipates, and to remain near 2 per cent throughout the rest of the projection period. Total CPI inflation is expected to be slightly higher than 2 per cent over the coming year, before returning to the target in the second half of 2011. In response to the sharp, synchronous global recession, the Bank lowered its target rate rapidly over the course of 2008 and early 2009 to its lowest possible level. With its conditional commitment introduced in April 2009, the Bank also provided exceptional guidance on the likely path of its target rate. This unconventional policy provided considerable additional stimulus during a period of very weak economic conditions and major downside risks to the global and Canadian economies. With recent improvements in the economic outlook, the need for such extraordinary policy is now passing, and it is appropriate to begin to lessen the degree of monetary stimulus. The extent and timing will depend on the outlook for economic activity and inflation, and will be consistent with achieving the 2 per cent inflation target.
removes conditional commitment
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.Global economic growth has been somewhat stronger than projected, with momentum in emerging-market economies increasing noticeably. Exceptional stimulus from monetary and fiscal policies continues to provide important support in many countries. The recovery in the major advanced economies is still expected to be relatively subdued, reflecting ongoing balance sheet adjustments and the gradual withdrawal of fiscal stimulus commencing later this year. Despite recent progress, considerable uncertainty remains about the durability of the global recovery. In Canada, the economic recovery is proceeding somewhat more rapidly than the Bank had projected in its January Monetary Policy Report (MPR). The profile for growth is more front-loaded than that presented in the January MPR. The Bank now projects that the economy will grow by 3.7 per cent in 2010 before slowing to 3.1 per cent in 2011 and 1.9 per cent in 2012. This profile reflects stronger near-term global growth, very strong housing activity in Canada, and the Bank’s assessment that policy stimulus resulted in more expenditures being brought forward in late 2009 and early 2010 than expected. At the same time, the persistent strength of the Canadian dollar, Canada’s poor relative productivity performance, and the low absolute level of U.S. demand will continue to act as significant drags on economic activity in Canada. The Bank expects the economy to return to full capacity in the second quarter of 2011. The outlook for inflation reflects the combined influences of stronger domestic demand, slowing wage growth, and overall excess supply. Core inflation, which has been somewhat firmer than projected in January, is expected to ease slightly in the second quarter of 2010 as the effect of temporary factors dissipates, and to remain near 2 per cent throughout the rest of the projection period. Total CPI inflation is expected to be slightly higher than 2 per cent over the coming year, before returning to the target in the second half of 2011. In response to the sharp, synchronous global recession, the Bank lowered its target rate rapidly over the course of 2008 and early 2009 to its lowest possible level. With its conditional commitment introduced in April 2009, the Bank also provided exceptional guidance on the likely path of its target rate. This unconventional policy provided considerable additional stimulus during a period of very weak economic conditions and major downside risks to the global and Canadian economies. With recent improvements in the economic outlook, the need for such extraordinary policy is now passing, and it is appropriate to begin to lessen the degree of monetary stimulus. The extent and timing will depend on the outlook for economic activity and inflation, and will be consistent with achieving the 2 per cent inflation target.
For more information on this or any other real estate topic contact us at connect@condoguys.com or on our site at www.condoguys.com
Waiting for the "green light"
So the design was a no-go. The new stairwell was problematic, we found out the house is skewed on the property and the perimeter of build-able space made it so that we could not create an upstairs bathroom and extension towards the East. The municipal requirement for a two car garage meant we would have to tear out a retaining wall and build outside the set back line.
Monty (Architect) came up with three possible solutions, we chose one and ran with it. The new plan had a three story extension to the South which we now refer to as 'the tower' where three trees would need to be removed and a height variance was necessary. We would still need the variance on the garage as well. We grew ever more anxious as the board of variance date was repeatedly postponed. Thinking positively, we moved ahead with the drawings and the tree removal and our risky move paid off when after a nail-biter of a meeting, the board of variance informed us that we would be getting the go ahead. Much more to come soon...
EcoEnergy Assessment in Lions Bay
Before cracking in on the demolition we brought in Luke Dolan to do the EcoEnergy Assessment so that we will be eligible for the grants offered by the Federal Government. Considering the house had almost no insulation and that there were very few energy upgrades our room for rebates greatly increased.
Vita 'Private Collection' Exclusive 2 Bedroom Luxury Residences at Symphony Place
Vita is the first brilliantly designed tower at Symphony Place located at 565 Smithe Street (at Seymour) downtown Vancouver. Developed by the SolTerra Development Group, the contemporary yet timeless architecture will allow Vita to blend in seamlessly with its sister tower, Dolce. Vita offers the ultimate luxuries for your downtown lifestyle including lofty over height ceilings, wide-plank hardwood flooring, sleek wood veneer cabinetry with integrated premium appliances, plus spa-like bathrooms with polished stone counters, deep soaker tubs and heated tile flooring in the master ensuite. The building amenities are truly five-star with a full featured fitness centre, exclusive lounge with big screen TV, designated children's play area stocked with toys, outdoor spa pool and roof terrace gardens, plus secure underground resident parking and personal storage lockers.
Condoguys has just listed suite #2204, located on the 22nd floor at the Vita. This 2 bedroom, 2 bathroom and den high-rise condominium is listed at $798,000 for this exclusive "Private Collection" at VITA which offers higher end finishes, over height ceiling and amazing views with balcony. This is luxurious elevated living with gorgeous VIEWS of the Northshore mountains, the waters of Burrard Inlet and sparkling city lights of downtown Vancouver! Sophisticated interior design with warm walnut wide plank hardwood floors, walnut cabinetry, kitchen granite and marble bathroom counter-tops. Radiant floor heating in the bathroom & his/her sinks in the master ensuite. Enjoy cooking in the gourmet kitchen that offers a gas stove and separate oven by AEG, Liebherr integrated fridge and a Fisher Paykel drawer-style dishwasher. Cozy up to the gas ribbon fireplace in the cool evenings and enjoy BBQ's on your private balcony high above the city on those warm summer days. For more information about this listing at the Vita, check out http://www.condoguys.com/listing15.html for full details, photo gallery, floor plan, printable brochure pricing, and to schedule your private showing of this amazing brand new hig-rise residence.