April 2014 Canadian Economic Fundamentals
- Thread starter Ally
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Bank of Canada could lag Fed in 'unprecedented' rate rise timing
A rise in interest rates in the United States is unlikely to be copied right away by the Bank of Canada, which may be good news for borrowers but also signals more challenges ahead for our economy.
A pair of Scotiabank economists is warning of the `serious risk of an unprecedented lag,` in rate rises between Canada and the U.S.
Read the full article here.
A rise in interest rates in the United States is unlikely to be copied right away by the Bank of Canada, which may be good news for borrowers but also signals more challenges ahead for our economy.
A pair of Scotiabank economists is warning of the `serious risk of an unprecedented lag,` in rate rises between Canada and the U.S.
Read the full article here.
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Canada's first-time homebuyers explore new paths to purchase
Maybe it's the sky-rocketing home prices in key markets, but Canadians are saying sayonara to the traditional way of buying a home and are either going in alone or doubling up with friends or relatives.
A quarter of Canadians who`ve bought a home in the last two years made the significant financial move on their own, while four in ten Canadians believe purchasing a home with friends and family is a great way to access the housing market, according to a survey by TD.
Read the full article here.
Maybe it's the sky-rocketing home prices in key markets, but Canadians are saying sayonara to the traditional way of buying a home and are either going in alone or doubling up with friends or relatives.
A quarter of Canadians who`ve bought a home in the last two years made the significant financial move on their own, while four in ten Canadians believe purchasing a home with friends and family is a great way to access the housing market, according to a survey by TD.
Read the full article here.
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Leading economist calls out government on lack of information about mortgage market
It wouldn`t have prevented a U.S.-style housing crash, but CIBC deputy chief economist Benjamin Tal is demanding more information about the mortgage market from the government.
`What was the dollar value of new mortgages originated in Canada in the last quarter? What is the credit score distribution of mortgage credit in Canada? What is the share of non-conforming loans in the Canadian landscape? What is the delinquency rate of those non-conforming loans? What is the trend in re-financing and pre-payments? What is the net equity position of new and existing mortgages? What is the flow of rental activity in the country? What is the share of foreign investors in the condominium market? What is the average down payment?`
Read the full article here.
It wouldn`t have prevented a U.S.-style housing crash, but CIBC deputy chief economist Benjamin Tal is demanding more information about the mortgage market from the government.
`What was the dollar value of new mortgages originated in Canada in the last quarter? What is the credit score distribution of mortgage credit in Canada? What is the share of non-conforming loans in the Canadian landscape? What is the delinquency rate of those non-conforming loans? What is the trend in re-financing and pre-payments? What is the net equity position of new and existing mortgages? What is the flow of rental activity in the country? What is the share of foreign investors in the condominium market? What is the average down payment?`
Read the full article here.
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Condo market set for moderate rise
A report sponsored by Canada's largest private mortgage default insurer shows a relatively flat condo market in Canada's eight largest markets for highrises.
Genworth Canada and the Conference Board of Canada forecast prices rising in 2014 in all eight markets surveyed, but barely ahead of inflation. Sales will also be positive, but even the most robust market, Quebec City, will only see a four per cent increase in resale condo activity.
Read the full article here.
A report sponsored by Canada's largest private mortgage default insurer shows a relatively flat condo market in Canada's eight largest markets for highrises.
Genworth Canada and the Conference Board of Canada forecast prices rising in 2014 in all eight markets surveyed, but barely ahead of inflation. Sales will also be positive, but even the most robust market, Quebec City, will only see a four per cent increase in resale condo activity.
Read the full article here.
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The barren wasteland of Canadian economic statistics
In Canada, we are reminded far too often that the quality, availability, and use of data often fail to measure up to what experts would like, and what our citizens deserve.
Stephen Gordon, professor of economics at Laval University, has been on the front lines of the battle for better data for quite some time. In January, Mr. Gordon wrote a post at Worthwhile Canadian Initiative titled `Statistics Canada`s Attention Deficit Disorder,` which slammed the agency for its truncated data series.
Read the full article here.
In Canada, we are reminded far too often that the quality, availability, and use of data often fail to measure up to what experts would like, and what our citizens deserve.
Stephen Gordon, professor of economics at Laval University, has been on the front lines of the battle for better data for quite some time. In January, Mr. Gordon wrote a post at Worthwhile Canadian Initiative titled `Statistics Canada`s Attention Deficit Disorder,` which slammed the agency for its truncated data series.
Read the full article here.
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Real estate won't boost economy
The real estate sector's not going to drive economic growth, Avery Shenfeld, chief economist at CIBC World Markets, said Thursday at a conference in Toronto.
Over the next two years, more condos will be finished than started. And that means fewer people working in residential construction two years from now. "This paints a picture of an economy that, if it's going to start to do better, needs to do better in the parts that depend on our exports and the capital spending tied to that," says Shenfeld.
Read the full article here.
The real estate sector's not going to drive economic growth, Avery Shenfeld, chief economist at CIBC World Markets, said Thursday at a conference in Toronto.
Over the next two years, more condos will be finished than started. And that means fewer people working in residential construction two years from now. "This paints a picture of an economy that, if it's going to start to do better, needs to do better in the parts that depend on our exports and the capital spending tied to that," says Shenfeld.
Read the full article here.
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Falling loonie boosts business outlook
The sharp slide in the loonie is boosting foreign sales among Canadian companies, but also stoking fears of higher costs.
For the first time since its summer 2013 survey, more businesses reported accelerating rather than slowing sales growth in the previous 12 months, the Bank of Canada said Monday in its latest quarterly business outlook survey.
Read the full article here.
The sharp slide in the loonie is boosting foreign sales among Canadian companies, but also stoking fears of higher costs.
For the first time since its summer 2013 survey, more businesses reported accelerating rather than slowing sales growth in the previous 12 months, the Bank of Canada said Monday in its latest quarterly business outlook survey.
Read the full article here.
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Borrowing to invest? There are times when it makes sense
Debt, margin, borrowing, leverage. All supposedly bad words for investors. Things they should be sure to avoid.
There are times when I agree. Today is not one of those times.
Today I can get a five-year fixed mortgage at 2.99%. If I use those funds to invest in a taxable account, the interest costs become tax deductible. After tax my borrowing cost drops to about 1.6%. If I am in the 46% marginal tax rate (income between $136K and $514K in Ontario in 2014), then my after tax cost is just above 1.6%.
Read the full article here.
Debt, margin, borrowing, leverage. All supposedly bad words for investors. Things they should be sure to avoid.
There are times when I agree. Today is not one of those times.
Today I can get a five-year fixed mortgage at 2.99%. If I use those funds to invest in a taxable account, the interest costs become tax deductible. After tax my borrowing cost drops to about 1.6%. If I am in the 46% marginal tax rate (income between $136K and $514K in Ontario in 2014), then my after tax cost is just above 1.6%.
Read the full article here.
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Suburbs are not dead, but it can't keep up with downtown office demand
It`s not just Toronto, downtown living is becoming a worldwide phenomenon and office buildings will continue to serve that population.
That was the consensus of a panel of leading office building developers in Canada, during a discussion at CIBC`s annual real estate conference.
Read the full article here.
It`s not just Toronto, downtown living is becoming a worldwide phenomenon and office buildings will continue to serve that population.
That was the consensus of a panel of leading office building developers in Canada, during a discussion at CIBC`s annual real estate conference.
Read the full article here.
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Canada creates nearly 43,000 jobs in March - mostly part time
OTTAWA (Reuters) ` Canada's economy created twice as many jobs as expected in March and the unemployment rate dropped for the first time this year, but private-sector and full-time hiring remained weak in a sign businesses remain cautious amid a slack economy. Statistics Canada reported on Friday that the job market added 42,900 net new positions in the month, compared with market expectations of 20,000. The jobless rate dipped to 6.9 per cent from 7.0 per cent.
Read the full article here.
OTTAWA (Reuters) ` Canada's economy created twice as many jobs as expected in March and the unemployment rate dropped for the first time this year, but private-sector and full-time hiring remained weak in a sign businesses remain cautious amid a slack economy. Statistics Canada reported on Friday that the job market added 42,900 net new positions in the month, compared with market expectations of 20,000. The jobless rate dipped to 6.9 per cent from 7.0 per cent.
Read the full article here.
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Improved weather sparking spring real estate rebound
TORONTO ` Improving weather is sparking a spring pickup in Canada`s residential real estate market, according to one of the country`s leading real estate companies.
Royal LePage says that after a `remarkably drab winter` for real estate activity, the final month of the first quarter saw inventory increase noticeably as the industry saw what had been an underperforming spring market turn a corner in the final few weeks.
Read the full article here.
TORONTO ` Improving weather is sparking a spring pickup in Canada`s residential real estate market, according to one of the country`s leading real estate companies.
Royal LePage says that after a `remarkably drab winter` for real estate activity, the final month of the first quarter saw inventory increase noticeably as the industry saw what had been an underperforming spring market turn a corner in the final few weeks.
Read the full article here.
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Montreal real estate market continues to show signs of resilience
MONTREAL, April 8, 2014 /CNW/ - The Royal LePage House Price Survey, released today, showed a moderate increase in sales activity levels across all surveyed property types in the Greater Montreal area, compared to the first quarter of 2013. Over the same period, house prices showed healthy year-over-year appreciation for detached homes, while prices of condominiums remained relatively flat.
"The Montreal real estate market is well in motion as we head into the all-important spring season," said Dominic St-Pierre, director, Royal LePage for the Quebec region. "The market is more and more welcoming to buyers, given recent inventory increases across housing types, especially in the condominium category."
Read the full article here.
MONTREAL, April 8, 2014 /CNW/ - The Royal LePage House Price Survey, released today, showed a moderate increase in sales activity levels across all surveyed property types in the Greater Montreal area, compared to the first quarter of 2013. Over the same period, house prices showed healthy year-over-year appreciation for detached homes, while prices of condominiums remained relatively flat.
"The Montreal real estate market is well in motion as we head into the all-important spring season," said Dominic St-Pierre, director, Royal LePage for the Quebec region. "The market is more and more welcoming to buyers, given recent inventory increases across housing types, especially in the condominium category."
Read the full article here.
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Canada ranks no. 1, 2, & 3 on an international index of world's most resilient cities
LONDON, ENGLAND -- (Marketwired) -- 04/08/14 -- A report released today by Grosvenor's research team suggests that Canadian cities are the best bet for long-term real estate investment, with Toronto, Vancouver and Calgary taking the first, second and third spots respectively.
Read the full article here.
LONDON, ENGLAND -- (Marketwired) -- 04/08/14 -- A report released today by Grosvenor's research team suggests that Canadian cities are the best bet for long-term real estate investment, with Toronto, Vancouver and Calgary taking the first, second and third spots respectively.
Read the full article here.
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Four Canadian cities to present opportunities for foreign property buyers
Four Canadian cities are increasingly punching above their weight on the global stage, and are poised to attract more capital from foreign real estate investors, Jones Lang LaSalle says in a new report.
The brokerage firm is forecasting rising demand from global investors for commercial properties such as offices, shopping malls and factories in these cities.
Read the full article here.
Four Canadian cities are increasingly punching above their weight on the global stage, and are poised to attract more capital from foreign real estate investors, Jones Lang LaSalle says in a new report.
The brokerage firm is forecasting rising demand from global investors for commercial properties such as offices, shopping malls and factories in these cities.
Read the full article here.
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Oil and gas salaries average $130,000
CALGARY ` Canadian oil and gas worker salaries jumped six per cent to an average of $130,000 US in 2013 and the trend is expected to continue, according to a survey released Wednesday.
Furthermore, despite ongoing worries about oil transportation bottlenecks, nearly three-quarters of employers who took part in the survey by global recruiting firm Hays Oil & Gas say they expect their companies will hire more people in 2014.
Read the full article here.
CALGARY ` Canadian oil and gas worker salaries jumped six per cent to an average of $130,000 US in 2013 and the trend is expected to continue, according to a survey released Wednesday.
Furthermore, despite ongoing worries about oil transportation bottlenecks, nearly three-quarters of employers who took part in the survey by global recruiting firm Hays Oil & Gas say they expect their companies will hire more people in 2014.
Read the full article here.
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Top Canadian economists defend country's housing market
Benjamin Tal never imagined himself the defender of the Canadian housing market, but the deputy chief economist at Canadian Imperial Bank of Commerce squared off Thursday against a U.S. commentator to call out what he sees as our bloated real estate market.
The Thursday morning debate, closed to the public, was part of a global investor conference, held in conjunction with the International Monetary Fund spring meetings in Washington.
Read the full article here.
Benjamin Tal never imagined himself the defender of the Canadian housing market, but the deputy chief economist at Canadian Imperial Bank of Commerce squared off Thursday against a U.S. commentator to call out what he sees as our bloated real estate market.
The Thursday morning debate, closed to the public, was part of a global investor conference, held in conjunction with the International Monetary Fund spring meetings in Washington.
Read the full article here.
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Canadian cities tops in stability
Looks like Florida is no longer the wise spot to play the real estate investment game. Now it's Canadian cities!
Private real estate group Grosvenor has come out with a "most resilient cities" list -- ranking 50 cities around the world.
Don't take a bite out of the Big Apple anytime soon -- New York City is placed at 14th. London is further down at 18th. Cairo, Jakarta and Dhaka are last.
Read the full article here.
Looks like Florida is no longer the wise spot to play the real estate investment game. Now it's Canadian cities!
Private real estate group Grosvenor has come out with a "most resilient cities" list -- ranking 50 cities around the world.
Don't take a bite out of the Big Apple anytime soon -- New York City is placed at 14th. London is further down at 18th. Cairo, Jakarta and Dhaka are last.
Read the full article here.
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Real estate market poised for a robust spring and summer
TORONTO, APRIL 15, 2014 /CNW/ - Today RE/MAX released its Spring Market Trends Report, showcasing key housing market trends in 24 residential real estate markets across Canada.
An unusually harsh winter delayed the start of the spring real estate season in many Canadian markets east of British Columbia, while low inventory was a key theme in major urban centres across the county, leading to significant price increases in markets where supply struggled to keep pace with demand. Natural resources, manufacturing and major infrastructure projects continue to drive economic confidence, creating a strong foundation for residential real estate growth from coast to coast through the rest of the year.
Read the full article here.
TORONTO, APRIL 15, 2014 /CNW/ - Today RE/MAX released its Spring Market Trends Report, showcasing key housing market trends in 24 residential real estate markets across Canada.
An unusually harsh winter delayed the start of the spring real estate season in many Canadian markets east of British Columbia, while low inventory was a key theme in major urban centres across the county, leading to significant price increases in markets where supply struggled to keep pace with demand. Natural resources, manufacturing and major infrastructure projects continue to drive economic confidence, creating a strong foundation for residential real estate growth from coast to coast through the rest of the year.
Read the full article here.