Well I’m half way through my second week. Last Thursday/Friday I was one grumpy bear. My wife said I was acting like an ogre. I sure was sore. Today my legs are back. My complaint Tuesday was that I still couldn’t straighten my right arm from the curls last Friday. And that was not arm curls with a beer! Ugh.

I am now on a food plan provided by Heather with Pure Nutrition Consulting they are on Facebook too. Heather has really helped demystify healthy eating for me. I thought putting some healthy oil on my oatmeal in the morning was a good idea. Perhaps so she says but you are doubling the calories. Pure Nutrition Consulting takes the complex science and makes it realistic and practical.

Do you know what really impresses me... just how calorically speaking the metabolic test at the Pacific Institute of Sport Excellence, synergizes with the exercise and food plan. Mathematically, Kevin my trainer and Heather my dietitian have me working at a caloric deficit of about 7000 calories per week which equates to about an estimated 2 lbs of healthy weight loss per week. Who new!

The metabolic testing at PISE indicated that at rest my caloric expenditure is roughly 2900 calories per day. This is a significant component in setting my goals and tracking my results Check out Pacific Institute of Sport Excellence, you can find your optimum fitness level for testing too! Their exercise physiology team can answer your questions, assess your needs, set testing schedules, and suggest the best testing protocols for you.

I feel so lucky to have these resources available to me!

By the way when I was getting fitted for runners at Frontrunners I told Rob and his team that I was looking for shoes that didn’t go too fast... At the rate I am going maybe I will need faster ones.

Upcoming for the 5 of us is the Group Mental Training and the Grocery Tour. Also upcoming is the Superbowl on Sunday. Heather says everything in moderation.

Dennis lives in beautiful downtown Victoria with Ally his wife and their little dog Henry. Dennis is a full time Real Estate Agent with DFH Real Estate. Follow his Health Club Challenges and progress here and on Twitter @dennisdfh.

Monday I got to the Crystal Pool and Fitness Centreat 4:00 o’clock. I was greeted with a big welcome from Josh Taylor, administrator of health and fitness programs at Crystal Pool. Dana at the front counter had me checked in, in no time. Boom I met with Kevin Clarke my trainer. My one hour workout included, bike warm up, weights, treadmill and post stretch.

Workout #1 (Kevin had a great first workout prepared for me)

5 minute bike warm up

3x12 standing squats

3x12 leg press

3x10 bench press

3x10 tricep extensions

10 minute treadmill 3 mph with 3% incline.

We chose weights that both worked me and were still comfortable.

Post stretch of the quads and gluts. That’s it, simple and done.

Ok, I felt like Bambi on ice (not very graceful) trying to make it down the stairs after my workout because I didn’t know if my rubber legs were going to hold me.

Right after my work out I met with Heather from Pure Nutrition Consultingfor a one hour consultation. Heather is a professional with extensive knowledge and education in nutrition. We reviewed and discussed my diet for the last 3 days which I had recorded and with me. Heather will have an eating plan for me within the week. Heather asked me if I had ever been on a diet. Well, I was on a doctor supervised diet at age 15, on a weight loss program with high school football and with Simon Fraser football which was complete with weekly weighins to name a few. And I had a contract incentive to report to training camp under 275 pounds my first year with the BC Lions. So there you go.

I am starting to see how the metabolic testing at PISE, exercise and diet fit together. It’s a lot different than my experiences 25 years ago. The metabolic testing indicates my caloric expenditure at rest and with light, medium and heavy workloads. And those numbers relate directly to my daily caloric exercise expenditure and caloric intake through my diet. I guess I can dance around the math I want; I still have to exercise and eat sensibly. That’s where I am lucky to have the current professional knowledge of both Heather and Kevin. I will be sharing their expertise in my blogs to come.

By the way, there is still time to enter the Health Club Challenge and follow along with me: You can enter until Jan. 31 by going to Times Colonist Health Club Challenge

Dennis lives in beautiful downtown Victoria with Ally his wife and their little dog Henry. Dennis is a full time Real Estate Agent with DFH Real Estate. Follow him and his Health Club Challenges and progress here and on Twitter @dennisdfh.

As I’ve said for years,  it’s not all about the rate, never is, never should be!   It’s about providing the right advice and information to the client so they can make an informed decision.   Read the fine print.

 16. Read fine print on low-rate mortgages

Toronto Star

Jan 19, 2012

Madhavi Acharya-Tom Yew

Bank of Montreal made headlines with the 2.99 per cent five-year mortgage it unveiled last week.

Most of the other big banks have followed suit, but before signing on the dotted line, you should read the fine print. These mortgages have restrictions that you won't find on other products.

"It's the lowest rate available, but I would only recommend it to people who are very sure of their circumstances for the next five years," said Kerri-Lynn McAllister, of RateHub.ca, a website that compares mortgage rates.

"You may want to look at a slightly higher rate that offers all the flexibility of a standard mortgage."

The Bank of Montreal says this mortgage offers Canadians a way to be mortgage-free faster because it offers a great rate and a shorter amortization.

The BMO product differs from a typical mortgage in several ways:

The maximum amortization period is 25 years. A typical mortgage offers an amortization period of up to 30 years.

You can make extra payments during the year or one annual lump sum payment as long as the total doesn't exceed 10 per cent of the principal amount owed. Most mortgages allow prepayments up to a maximum of 20 per cent or more of the principal.

You cannot skip a payment once a year for reasons of financial hardship or absence, a common feature of many mortgages. Nor can you double-up on a payment.

You cannot refinance or switch your mortgage to another lender for five years. Most homeowners who sign a five-year term don't make it that long. On average, they last three years and 9 nine months, and then they either refinance or move, according to Rate Hub.

McAllister said that because the amortization is capped at 25 years, you may not be able to borrow as much. That could hurt first-time buyers in markets such as Toronto and Vancouver where home prices are in the stratosphere.

The refinancing restriction means, "the only way you can refinance is if you do so with BMO," McAllister said.

"They know you're locked in to them, so you don't have any bargaining power if they don't offer you a good rate or term."

BMO agrees that this mortgage is best-suited for someone who plans to be in their home for awhile.

"Customers were telling us they wanted something simple and easy to understand that would allow them to be mortgage-free faster," said Katie Archdekin, head of mortgage products at the Bank of Montreal.

Archdekin said the shorter amortization rate is designed to do just that.

While many homeowners have good intentions when it comes to prepayments, very few actually take advantage of these options, she added.

"This product carries fewer features than our other mortgage products, but it's very easy to understand," Archdekin said. "This product really supports customers to pay off their mortgage faster by instilling that discipline directly into the regular payments."

BMO's 2.99 per cent mortgage offer is the lowest 5-year rate in modern Canadian history.

Other banks have also followed suit, with Toronto-Dominion Bank and Royal Bank of Canada cutting four-year rates to 2.99 per cent.

Canadian banks are becoming more competitive for mortgage business because they're concerned the market won't be growing as quickly over the coming years, experts say.

TD Economics

January 17, 2012

Bank of Canada leaves rates unchanged

• As was widely expected, the Bank of Canada held its benchmark overnight rate at 1.00% for the eleventh consecutive fixed announcement date. It continues to judge that historic low interest rates and a well functioning financial system are providing considerable policy stimulus in Canada.

• While more details will be released in tomorrow’s Monetary Policy Report, the Bank released its updated GDP growth outlook. It now expects growth to be 2.4% in 2011 2.0% in 2012 and 2.8% in 2013, compared to 2.1%, 1.9% and 2.9% respectively in the October MPR.

• That growth forecast implies less slack in the Canadian economy than previously forecast, and the Bank now sees the output gap closing, and inflation returning to target in the third quarter of 2013, one quarter earlier than in the October MPR.

• This stronger growth in 2012 is a product of a solid gain in the second half of 2011 that provided a good hand off to 2012, and the Bank expects growth going forward to be more modest than previously envisaged, largely due to the external environment.

• That weaker external environment includes (1) a recession in Europe, (2) a modest U.S. recovery hampered by household deleveraging and fiscal consolidation, and (3) Chinese growth that is decelerating to a more sustainable pace.

Key Implications

• Today’s statement is broadly in line with December’s, with a more explicit growth outlook. Our own outlook for the Canadian economy is somewhat more pessimistic over the next two years, and we view today’s announcement as consistent with our call for the Bank of Canada to leave interest rates unchanged until the first quarter of 2013.

• Once again, the Bank reminded markets that Canada has a target rate near historic lows, a well functioning financial system and considerable monetary policy stimulus. In fact, one new item in the statement was that these favourable financing conditions will buttress consumer spending and housing activity, taking the household-debt-to-income ratio even higher. Given Canadians record debt levels, we judge that the global financial situation would have to become quite dire for that Bank to cut rates. The theme that interest rates will need to remain lower for longer remains intact.

Leslie Preston, Economist

416-983-7053

3. Flaherty keeping wary eye on housing market

The Globe and Mail

Jan 18, 2012

TARA PERKINS, GRANT ROBERTSON and BILL CURRY

Online link

Finance Minister Jim Flaherty says he stands ready to intervene in the housing market again, just as a mortgage price war breaks out among Canada’s major banks.

Mr. Flaherty said Tuesday that he’s watching the market closely, although he has no plans to tighten the market again at this point.

His comments came on the same day that the Bank of Canada projected that the debt burden on households will continue to rise, a troubling sign that means stretched consumers are vulnerable to shocks in this climate of heightened economic uncertainty.

Mr. Flaherty said he is in close contact with the big banks, most of whom are now offering 2.99-per-cent fixed-rate mortgages, the lowest ever.

Both the Finance Minister and Bank of Canada Governor Mark Carney have been urging consumers to get a handle on their debts, the bulk of them in mortgages, and not allow low interest rates to entice them into taking on more credit than they can handle.

Mr. Flaherty announced his most recent round of tightening a year ago, when he made a number of changes, including reducing the maximum length of insured mortgages to 30 years from 35 and restricting the amount Canadians could borrow when refinancing.

While low interest rates in Canada, the U.S. and Europe are intended to help fuel economic growth, they are also causing issues for Canadian policy makers, who worry homeowners will take out bigger mortgages than they’ll be able to afford once rates rise.

Some bank executives have recently indicated that they would support Mr. Flaherty taking further steps to tighten the mortgage market, for example by trimming the maximum length of federally insured mortgages to 25 years from 30.

Toronto-Dominion Bank chief executive officer Ed Clark told The Globe and Mail last month that he would not be opposed to the government tightening the mortgage rules further. “If you thought the Canadian economy was strong enough to take another adjustment, then we would say take the 30 [year amortization limit] down to 25 and get this back to where it originally was,” Mr. Clark said.

Bankers also argued that the 2.99 per cent fixed-rate mortgages they have begun to offer, after Bank of Montreal spurred a price war, are not a big problem for consumer debt levels, in part because many Canadians still have variable-rate mortgages that are even lower than that.

“We have been cautioning Canadians for some time that they need to be prepared to have higher interest rates in the future and be aware of the affordability issue that that may create for some Canadians, not to assume that mortgage interest rates will remain low for a long period of time,” Mr. Flaherty said Tuesday. “So we all have to be cautious in our financial planning.”

The ratio of Canadian household debt to personal disposable income hit 152.98 in the third quarter, compared to 150.57 per cent in the prior quarter and 146 per cent in 2010.

Mr. Flaherty added that there are some signs that Canada’s housing market is softening, and he hopes it will continue to moderate.

Mortgage credit, which accounts for 69 per cent of total household credit, “shows no signs of slowing in the near term,” said National Bank Financial analyst Peter Routledge.

“A substantial array of leading and coincident indicators suggests to us that Canadian households will continue to augment their leverage,” he wrote in a note to clients Monday. That, in his opinion, is not a good thing.

“It would be great if everyone just settled down and we saw housing come off 5 or 10 per cent and we kept having an economy that was growing but household credit levelled off, and that would be what I call a soft deleveraging,” he said in an interview. “But we’re not going to have it. And so, I think folks should prepare for – not this year, but somewhere down the line – a more disruptive resolution.”

CANADA – BANK OF CANADA: HOW TO REITERATE A MESSAGE AND SAY NEW THINGS AT THE SAME TIME

As uncertainty spreads among Canadian households and businesses, increased attention is being paid to announce­ments by the Bank of Canada. This week, the Bank was in the news on separate days for two different reasons, but the message it sent out was quite consistent.

On Tuesday, the Bank of Canada announced that it was keeping its benchmark overnight rate at 1.00%, where it has been since September 2010. This was widely expected by markets. Given the absence of any surprise, analysts turned to their new hobby: parsing Bank language to find a “word of the month”. The new key word is now considerable, as in “with the target interest rate near historic lows and the financial system functioning well, there is considerable mon­etary policy stimulus in Canada.” Translation: rates are not far from their lower effective bound (generally considered to be 0.25%), and that is very expansionary monetary policy. Barring a recession, don’t expect them to go any lower. This is consistent with our call for the Bank of Canada to leave interest rates unchanged until the first quarter of 2013.

Then, on Thursday, the Bank released its winter Fi­nancial System Review, which often flies under the radar compared to other releases and announcements. This time, the Bank worked out the details of how the European crisis could have a financial impact on Canada’s economy. This led observers to stop and listen. The Bank explained that Canadian institutions are not too vulnerable, given that they have only 10% of their tier 1 capital in European sovereign debt. Overall, Canada’s financial system is doing relatively well, but risks remain elevated. In fact, a look at pension and life insurance funds revealed that low interest rates have lowered the returns on their investments, putting their ability to meet future financial obligations at risk.

In both cases, the Bank acknowledged that global fi­nancial markets are not in great shape, and that Europe is in recession. And while it noted that the U.S. and Canadian economies are doing better than expected in the second half of this year, not much of this momentum is likely to be carried into 2012. Regular readers of the Bottom Line will no doubt notice that the Bank of Canada and TD Econom­ics are singing from a very similar hymn book these days regarding the economic outlook and the risks attached to it. More details on our views will become available next week as we release our updated Quarterly Economic Forecast.

The week closed with the release of Canada’s October trade statistics, raising the question as to whether they would align with recent signs of strength in the U.S. and of weakness in Europe. To a degree, they did. Exports to the U.S. declined only 1% in October, compared to a 13% drop in exports to Europe, albeit mainly caused by trade with the U.K. More in line with the prevailing narrative are the year-over-year numbers, which show a 15% increase in exports to the US, compared to a 2% decline in exports to Europe. Expect this divergence to become more severe over the coming months.

Overall, the October trade data were disappointing, as Canada’s trade balance shifted into deficit. Still, expect that the firming in U.S. demand will show through with improved results in November and December.

Jacques Marcil, Senior Economist 416-944-5730

“Did you know?”      

Did you know -  your purchaser can borrow up to 90% financing to purchase a second residence,  could be occupied by son/daughter or direct relative!

Did you know – your purchaser can borrow up to 95% financing to purchase a condo if their son/daughter goes on Title as well.

Did you know – there are no interest rate premiums or surcharges for CMHC or Genworth for this type of program.

Did you know – the purchaser can also add improvements/upgrades into the purchase price under these programs.

What Do Professional Athletes And Professional Sales People Have in Common?
By Richard Robbins | Blog Update Aug 11, 2011

I've always believed that professional athletes and professional salespeople have a lot in common.

As a pro athlete, you wake every morning starting again at zero, understanding that your success is based on how you perform in the next game. There is no tenure, no taking it easy because you had a great game yesterday--it's today's game that matters.

Sales is much the same. What matters is how you perform today. To be successful, you need to be 100% in the game every day--whether you feel like it or not.

Like pro sports, sales is performance-based. I'm a huge fan of professional golf. I believe it's one of the purest sports there is. There are no lucrative long-term contracts like baseball, football, hockey, or basketball. There is no team to pick up the slack when you're down. You're on your own. Moreover, you're paid based on your success in each tournament. Much like sales, you only get paid when you perform.

Yes, some professional golfers have enormous endorsement contracts, but they got these because of their past performance and most of the compensation that comes from them is paid out based on future performance.

Sales and Sports Are Both Mental Games
What has intrigued me about golf lately is the number of players that now have mental coaches. For decades, fitness coaches, swing coaches and putting coaches have been commonplace, but more and more athletes now use mental coaches to take their game to the next level.

Dr. Bob Rotella has been the mental coach guru on the tour for years. He began at a time when it was almost unheard of to have a mental coach. When he started to produce great results for the likes of Tom Kite and Nick Price years ago on the PGA tour, many other players took notice. Now a mental coach has become as common as a swing coach.

Why the boost in mental coaching popularity? While physical coaching might create skill and technique, players have struggled for years to figure out why one day they can shoot 65, and the next day fumble their way to 75. Clearly it's not about ability--after all, they had the skill to shoot 65 the day before. It's about what's going on in their heads.

It has been said that 80% of success in golf is what goes on between the ears. Sales is no different. Why does a salesperson have a great couple of days, weeks or months and then go into a slump? It's not about ability--it's about mentality. It's what's going on upstairs. Like athletic slumps, all sales slumps are mental.

The difference between the good and the great in sports and in sales is not how we perform on the days we feel like performing. It's how we perform on the days we don't. It's not what we do when our confidence is high, it's what we do when our confidence is low. The difference is almost entirely psychological.

Did you know?”      

Did you know  - Mobile Home financing is available up to 95% of the purchase price?

Did you know – Mobile Homes can be financed on both leasehold and monthly rental situations.

Did you know – Mobile Home amortization can be up to 25 years.  Older mobile homes may have amortization reduced if they have not been upgraded.

Did you know -  All mortgages on mobile homes have to be CMHC insured, regardless of the amount of down payment.

For further information, don’t hesitate to call,  if I don’t have an immediate answer,  I’ll find out and get back to you.

Home Sales to Rise 5 Per Cent This Year
BCREA 2011 Second Quarter Housing Forecast

Vancouver, BC – June 30, 2011. The British Columbia Real Estate Association (BCREA) released its 2011 Second Quarter Housing Forecast today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 5 per cent from 74,640 units in 2010 to 78,200 units this year, before increasing a further 3.1 per cent to 80,700 units in 2012.

“Home sales will post some modest gains over the next two years,” said Cameron Muir, BCREA Chief Economist. “However, positive housing fundamentals like job growth, rising wages and an expanding population base will be somewhat offset by higher borrowing costs over the next eighteen months.”   

“Following a decade where unit sales broke all records, consumer demand over the next few years will be relatively moderate,” added Muir. The ten-year BC MLS® residential sales average is 87,000 units. A record 106,300 MLS® residential sales were recorded in 2005. 

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Gerry Smith AACI, P.App                                                           

Senior Manager, Residential Mortgages                                                      

Tel. (250) 361-7068

Email: gerry.smith@td.com

“Did you know?”      

Did you know - we can provide Bridge financing where there is a mismatch between possession dates as long as we are involved in providing some end mortgage financing.

Did you know - we can provide Interim financing (subject to qualification) where a purchaser wants to complete a new purchase prior to selling their existing residence.

Did you know – our pre-approvals for clients are a full and complete credit adjudication, the only thing missing is the real estate.   

                           The majority of approvals through brokers are essentially only a ‘rate hold’ as the client’s file has not been adjudicated by a lender.

How many times has a client advised you they are pre-approved and then there is a problem with the deal after the contract has been written.   Ask the hard question or refer them to me to make sure they are actually pre-approved and don’t just have a rate guarantee.

Home Sales to Climb Eight Per Cent in 2011
BCREA Housing Forecast Update - First Quarter 2011

Vancouver, BC – February 23, 2011. The British Columbia Real Estate Association (BCREA) released its Housing Forecast for the first quarter of 2011 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 8 per cent from 74,640 units in 2010 to 80,900 units this year, and increase another 4 per cent to 83,950 units in 2012.

“British Columbia housing markets are returning to normalcy after two years of volatility,” said Cameron Muir, BCREA Chief Economist. “Employment and population growth will fuel consumer demand over the next two years. However, higher mortgage interest rates and tighter credit conditions for low equity home buyers will limit home sales to below the ten-year average of 87,600 units.”   

“Total active residential listings in the province declined 14 per cent since last spring. However, the inventory of homes for sale is expected to edge higher as the number of new listings to the market advances during the first two quarters of 2011,” added Muir. “Regional market differences continue in the province, with Vancouver trending into a seller’s market, while the Okanagan, Kootenay and Kamloops markets trend from a buyer’s market toward balanced conditions.”

The average MLS® residential price is forecast to increase 2 per cent to $517,000 this year and remain relatively unchanged in 2012, albeit declining by 0.4 per cent to $515,400.  

- 30 -

The full BCREA Housing Forecast Update is available at: www.bcrea.bc.ca/economics/HousingForecast.pdf.

For more information, please contact:

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

To demonstrate the profession’s commitment to improving Quality of Lifein BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.

Senior Manager, Residential Mortgages                                                      

Tel. (250) 361-7068

        I COULD GO INTO A WHOLE LITANY OF THE PERMUTATIONS,  RAMIFICATIONS AND MACHINATIONS OF THE RECENT GOVERNMENT CHANGES APPLICABLE TO PURCHASERS.  HOWEVER  FROM YOUR PERSPECTIVE IN DEALING WITH BUYERS, THESE ARE THE IMPORTANT ISSUES AND HOW TO DEAL WITH  

        THEM.

            1.   MAKE SURE YOUR PURCHASER IS FULLY PREQUALIFIED,  NOT JUST AN INTEREST RATE GUARANTEE!  ASK TO SEE THEIR PREQUALIFICATION CERTIFICATE,  MANY PURCHASERS DON'T KNOW WHAT THEY  HAVE IS A RATE GUARANTEE CERTIFICATE AND THAT'S ALL.

     2.  PURCHASERS WILL REQUIRE AN ACCEPTED OFFER TO PURCHASE IN THEIR HANDS DATED NO LATER THAN MARCH 18, 2011 TO QUALIFY UNDER THE CURRENT RULES TO KEEP THE 35 YEAR AMORTIZATION.

      3.   THE PURCHASE OF THE NEW PROPERTY MUST COMPLETE WITHIN 90 DAYS OF MARCH 18, 2011 TO KEEP THE 'OLD' TERMS  (35 YEAR AMORTIZATION)

      4.   THE EXCEPTION IS BUILDER'S PROJECTS OR CONSTRUCTION OF SINGLE FAMILY DWELLINGS WHERE WE CAN HOLD THE RATE FOR 12 - 24 MONTHS, ONCE WE HAVE AN APPROVAL WE CAN KEEP THE 35 YEAR AMORTIZATION, BUT AN ACCEPTED OFFER TO PURCHASE MUST BE   

               IN PLACE BY NO LATER THAN MARCH 18, 2011.

     5.     LASTLY.  YOU JUST NEED MY TELEPHONE NUMBER   250 361-7068  THAT WILL SOLVE MOST OR YOUR PROBLEMS AND YOUR PURCHASER'S PROBLEMS.      SEEMS SIMPLE DOESN'T IT?  DON'T WAIT TO CALL. 

TD Economics

Release: November extends the climb in home sales to four months

• Existing home sales increased for a fourth consecutive month in November, climbing by 4.8% M/M to nearly 38,000 units (seasonally-adjusted).  As of these November figures, sales were roughly halfway between their peak of December 2009 and their trough of July 2010.
• Sales activity increased in two-thirds of local markets.  Within large core urban markets, the uptick in sales was led by Vancouver (+11%), Montréal (+8%), and Edmonton (+7%).
• Stepping back to the national trough in sales of July, the 20% increase in sales since then has been led by British Columbia (+29%), Ontario (+24%), and Saskatchewan (+20%). Other regions/provinces have also seen an uptick in activity, but it has been more subdued in Alberta (+15%), Québec (+11%), and the Atlantic (+9%).
• On the supply side of the national market, new listings were down 0.7% M/M.  Combined with the sales figure, this resulted in a firmer market balance than in October.  The sales-to new listings ratio rose to 0.55 (from 0.52 in October), while the months of inventory measure declined to 5.8 months (from 6.1 months in October).
• The seasonally-adjusted average price rose by 1.8% M/M in November, while the actual (unadjusted) price gained 2.0% Y/Y.  Monthly (seasonally-adjusted) average home values have been accelerating over past four months, reflecting the firmer market balance.  Meanwhile, year-over-year changes, while still modest, have also been picking up over the last two months after near flat readings in August and September.

Key Implications

• With the November figures in and assuming steady sales in December, Q4 would mark a 14% increase in sales.  As such, and not coincidentally, it appears that Q3 was not only the low-water mark in economic growth, but also in resale housing activity.
• We expect home sales to remain well supported over the next couple of quarters before increases in borrowing rates eventually begin to ease the pace of sales.  Reading through the quarterly volatility, we expect the market to move mostly sideways over the next couple of years.  The bottom line is that before long, eroding affordability and resale housing sector sluggishness will slightly dampen economic growth.  Further analysis and forecasts are provided in “Canadian Housing Landing Safely” (Dec. 9) and the latest edition of our Canadian Quarterly Economic Forecast, to be released today.   

Pascal Gauthier, Senior Economist