Toronto, Ontario (PRWEB) March 27, 2013
On 15 March, Statistic Canada reported a rise in Canadian Dollar value. The gain was reported after the Canadian dollar took a small dive earlier this week. According to Marcus Arkan, CTO of Syndicate Mortgages, the cooling housing market has a very significant role in the stability of the economy and the rise of the currency’s value.
According to sources, the Loonie closed 0.48 of a cent at 97.82 cents US. At the same time, Canada Real Estate Agency also revealed a 2.1 percent drop in home sales last month. The latest data can be viewed at CREA’s website. Mortgage Expert Marcus Arkan opines that there are a number of factors that have aided the Canadian currency climb. “The American economy is getting back on track. Their real estate market is blooming and unemployment rate has been lower. While these factors have positively affected our currency, the situation of our own housing market is also playing its role,” he added.
Cape Burton Post also related the cooling housing market to value gain of the Canadian Dollar in an article published on 15th March. According to the article, the rise of consumer prices in the US is also one of the underlying factors in this aspect. Higher prices were triggered by a 9.1 percent rise in gasoline rates in the US. However, the article also stated that consumer prices, according to the Labor Department rose a seasonally adjusted 0.7 percent.
Similarly, Statistic Canada reported a steady household credit market debt to disposable income ratio at 165 percent for the last quarter. “There was, however, a 1.4 percent hike in the household net worth in Canada. This signals a cool down but definitely not a crash. That is exactly what is keeping the economy on the track right now,” Mr. Arkan added.
In this aspect, Bloomberg recently shared the opinion of Jack Spitz, managing director of foreign exchange at National Bank of Canada (NA) who stated that more US dollar selling is possible in the near future. At the same time, Statistic Canada also reported that the sum of the net worth of persons and unincorporated businesses as well as government and corporate sectors saw an increase of one percent and reached $6.9 trillion.
For more information about Canada mortgage rate, housing market and its impact on the economy, visit the website http://www.syndicatemortgage.com
About Syndicate Mortgages Inc.
Syndicate Mortgages Inc. is one of the leading Canadian mortgage brokerage firms. Founded in 2008 in Ontario, the company specializes in residential, commercial and construction financing across Canada. With years of experience and expertise in the mortgage industry, and access to an array of lending institutions across Canada, Syndicate is known for finding the best mortgage rates for their customers. Syndicate has branch locations across Canada. For contact, please use the following details.
Syndicate Mortgages Inc.
Toll Free: (888) 646-1062