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Chris’ News Roundup – Canadian Edition

Bank of Canada faces pressure to make deep cuts in interest rates

The Bank of Canada will step up to the plate to support the slumping economy with a whopping three-quarter-point cut in interest rates before Christmas, analysts with Canadian financial institutions projected.

I’m glad I’m on a variable rate mortgage. I love getting the note in the mail telling me how much more of my payments go to principle, and thus how much more cashflow I can have if I want it.

Canada to speed up immigration

Ottawa announced plans to take in up to 265,000 new permanent residents in 2009 and speed up the processing of applications for potential new Canadians in dozens of high-demand occupations.

I think this is great news, and another reminder that there’s lots of jobs out there. People with jobs make good renters.

No further stimulus in the works, Flaherty says

I agree with him that no action is required right now. That dosen’t play well in the media, but it’s the right thing to do, and a number of economists agree. (Quick aside: Stephen Gordon’s blog is one of the most interesting, intelligent and engaging reads on Canadian Economics out there. Don and Russ, you should think about inviting him to speak.)

“When you contrast [Canada’s stimulus] with the United Kingdom and the United States, you will see that both of those countries are trying to catch up with what Canada has already done in terms of stimulus,” Mr. Flaherty said.

The Tories Blink, Move Budget Up a Month

If you haven’t caught this travesty of democracy, get reading. This is ridiculous.

Fight recession through infrastructure: Flaherty

This is one of the best ideas yet, and if the P3 partners can get funding it’ll work just fine. There’s a great video about this topic I’ll try to find.

BMO weathering financial storm well despite $338-million loss on investments

Canadian customers were one of the main sources of growth from BMO, with income from domestic retail operations rising 19 per cent to $344 million.

Rates are coming down!

Which leads to:

Banks’ mortgage rate cuts add to housing affordability

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