Canadians paying off mortgages early: CMHC

OTTAWA — Canadian homeowners are doing a good job of paying off their mortgages early, according to the Canada Mortgage and Housing Corp., which released its third-quarter results Tuesday. While mortgage repayments can be spread out over 30 years, the CMHC reports that the average amortization period for mortgages insured by the national housing agency… Read More

Why living downtown has become more attractive

When Jeff Walker purchased his home a decade ago in downtown Ottawa, environmental sustainability and transportation costs were a big reason. “I had to sacrifice 20 per cent more space and yet pay 20 per cent more for the home, but I figured it was worth it,” said Walker, who is a vice-president and chief… Read More

Economy creates 61,000 new jobs, unemployment rate drops to 7.1%

OTTAWA—Statistics Canada says the economy created 61,000 new jobs last month, taking the unemployment rate down to 7.1 per cent, the lowest level since December 2008. The surprisingly strong performance, a rise of two notches in September, surprised economists who were expecting a modest 15,000 pickup. The details were somewhat softer, however, since the increase… Read More

Math is tougher than reading, study finds

Why is it that for some children reading is a snap, but math is daunting? About six years ago, Jo-Anne LeFevre, director of the Institute of Cognitive Science at Carleton University, and her colleagues studied elementary students in Winnipeg, Ottawa and Peterborough. One of the things they learned was that children need a more complex… Read More

NDP will choose new leader in Toronto next March

OTTAWA — The federal New Democrats will choose their new leader at a convention in Toronto next March, giving time for the party to let its membership catch up to its caucus in Quebec. “The leadership rules will provide for a vigorous and dynamic debate of ideas,” Rebecca Blaikie, the NDP federal treasurer told reporters… Read More

Home building slows in Canada

OTTAWA — Canadian housing starts declined more than expected last month, Canada Mortgage and Housing Corp. said Friday. There was an annual rate of 184,700 homes for which work began on in August, the federal housing agency said. That was down 9.7% from 204,500 in July, which was revised down slightly from the previously reported… Read More

Interest rate hikes a long way off

OTTAWA—Faced with an increasingly bleak global economic picture, Bank of Canada Governor Mark Carney has pulled back from his oft-repeated plan to begin pushing up interest rates to head off a possible burst of inflation. The central bank on Wednesday kept its trend-setting overnight rate at 1 per cent and signaled any increase in borrowing… Read More

Flaherty expects growth later this year, despite this quarter’s contraction

OTTAWA—The Canadian economy shrank in the second quarter as a number of one-time shocks rippled through the economy, taking their toll on the key exports sector. But economists said Wednesday that it was unlikely the country would make a second misstep and slip back into a recession as growth is forecast to return in the… Read More

Real estate board ups battle with regulators

The Toronto Real Estate Board has accused Ottawa’s Competition Commissioner of “unnecessary posturing for publicity,” and plans to press ahead with a new policy the federal watchdog has already rejected as anti-competitive. On Thursday, the board is expected to approve a Virtual Office Website policy that it claims will open up its computerized Multiple Listing… Read More

Flaherty, Carney brace for lower economic growth

OTTAWA—Canada’s top economic policymakers are preparing for slower domestic growth in the wake of financial market turmoil and severe problems with the economies of the United States and Europe. Acknowledging that this country cannot escape the negative impact from the global economic storm, Finance Minister Jim Flaherty for the first time said Ottawa might need… Read More