Canadian Funding Corp. Reviews CMHC Statistics

According to data released today by the Canadian Real Estate Association, the number of homes sold in Canada in May, on a seasonally adjusted basis, was up for a fourth consecutive month. Moreover, it was 1.3% higher than in last September, that is, the pre-recession level. Today’s Hot Chart (left panel) shows that the turnaround in sales has been accompanied by a drop in new listings. As a result, the ratio of new listings to sales was the lowest in seventeen
months and well within the range where the market is considered balanced. This development reduces the risk of persisting home price deflation and of a corresponding deterioration in household balance sheet. On a regional basis, we note that sales in BC and Quebec more than recovered the ground lost since September. Even Ontario has
shown a significant pick-up in activity in recent months (see right panel).

NBF Financial Group…

http://www.news-to-use.com/2009/06/canada-existing-home-sales-back-to-pre.html

This report brought by Moishe Alexander, CFC CEO

TORONTO, ON – InterBay Funding Corp., a national wholesale lender specializing in small commercial real estate financing, announced today it will no longer originate commercial mortgages in Canada.

Dean West, Vice President Canadian Division, says the move to cease commercial lending is a result of the continuing weakness in the Capital Markets.

“The typical process of originating loans and selling the loan in a security instrument has changed dramatically since the fall of 2007.

Despite high demand for small commercial mortgage financing and a combination of favourable conditions (strong real estate values, low interest rates, strong employment stats, and performing mortgages) the investment markets remain sensitive to the sub-prime problems that have touched markets worldwide.” West said.

“With that disconnect, and the prospect of a lengthy recovery, it was decided that originations should cease.”

“I am extremely proud of our Canadian Interbay team and the sequent loss of these talented people is a very sad occasion.”

Ancillary department, Interbay Loan Servicing Corporation will continue servicing operations from the Toronto office, explaines Moishe Alexander, CFC CEO

http://activerain.com/blogsview/577245/interbay-funding-corp-ceases-lending-in-canada