August 2013 Canadian Economic Fundamentals
- Thread starter Ally
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Does Canada have too many homebuyers
U.S. home ownership rates have reached 18-year lows but don`t expect Canadian levels to follow anytime soon.
Even if Canadian home sales continues to slide ` and there are plenty of signs the market might actually be turning around ` it could take some time before home ownership rates are actually impacted.
Read the full article here.
U.S. home ownership rates have reached 18-year lows but don`t expect Canadian levels to follow anytime soon.
Even if Canadian home sales continues to slide ` and there are plenty of signs the market might actually be turning around ` it could take some time before home ownership rates are actually impacted.
Read the full article here.
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Brace yourself for an underperforming Canadian economy
It`s hard to believe, but true: Canada and the United States are now entering the fifth year of economic recovery from the recession that hit both countries over 2008-09.
In the United States, the downturn first took hold in late 2007 and extended through the next 18 months. After enduring its worst slump in 50 years, the American economy officially stopped shrinking in June 2009. Since then, the U.S. has enjoyed 15 consecutive quarters of growth in inflation-adjusted gross domestic product (GDP), although the expansion has been sluggish by historical standards. Indeed, the American economy has been growing at barely half the pace of typical previous recession-recovery cycles. Moreover, per-capita GDP has yet to return to its 2007 level, and employment is well below its pre-recession peak.
Read the full article here.
It`s hard to believe, but true: Canada and the United States are now entering the fifth year of economic recovery from the recession that hit both countries over 2008-09.
In the United States, the downturn first took hold in late 2007 and extended through the next 18 months. After enduring its worst slump in 50 years, the American economy officially stopped shrinking in June 2009. Since then, the U.S. has enjoyed 15 consecutive quarters of growth in inflation-adjusted gross domestic product (GDP), although the expansion has been sluggish by historical standards. Indeed, the American economy has been growing at barely half the pace of typical previous recession-recovery cycles. Moreover, per-capita GDP has yet to return to its 2007 level, and employment is well below its pre-recession peak.
Read the full article here.
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Canada tightens mortgage lending rules to cool housing market
TORONTO (Reuters) - Canada's federal housing agency took small step to tighten mortgage lending in 2013, limiting guarantees it offers banks and other lenders on mortgage-backed securities in another attempt to keep a lid on the country's robust housing market.
The move by the Canada Mortgage and Housing Corp may drive mortgage rates up by a small amount as banks and other big lenders are shut out of an inexpensive way to issue loans and have to take on more risk themselves at a time when some say Canada's housing market is overheated.
Read the full article here.
TORONTO (Reuters) - Canada's federal housing agency took small step to tighten mortgage lending in 2013, limiting guarantees it offers banks and other lenders on mortgage-backed securities in another attempt to keep a lid on the country's robust housing market.
The move by the Canada Mortgage and Housing Corp may drive mortgage rates up by a small amount as banks and other big lenders are shut out of an inexpensive way to issue loans and have to take on more risk themselves at a time when some say Canada's housing market is overheated.
Read the full article here.
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CMHC cap on banks could mean higher loan rates
Canadians may soon be paying more for new home loans as Canada Mortgage and Housing Corp. begins to clamp down on guarantees for mortgage-backed securities.
The government agency has notified banks, credit unions and other mortgage lenders that they will each be restricted to a maximum of $350 million of new guarantees this month under its National Housing Act Mortgage-Backed Securities (NHA MBS) program.
Read the full article here.
Canadians may soon be paying more for new home loans as Canada Mortgage and Housing Corp. begins to clamp down on guarantees for mortgage-backed securities.
The government agency has notified banks, credit unions and other mortgage lenders that they will each be restricted to a maximum of $350 million of new guarantees this month under its National Housing Act Mortgage-Backed Securities (NHA MBS) program.
Read the full article here.
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Toronto, Vancouver housing markets defy warnings
Canada`s two most expensive cities for housing continue to defy warnings that their markets are poised to crash.
Both Vancouver and Toronto saw sales surge in July, outpacing expectations and further confusing buyers unsure of when the right time is to get in.
Sales in Toronto`s housing market were up 16 per cent in July compared to the same month last year, while Vancouver, already the most expensive city in Canada in which to own a home, saw a surprising 40-per-cent jump.
Read the full article here.
Canada`s two most expensive cities for housing continue to defy warnings that their markets are poised to crash.
Both Vancouver and Toronto saw sales surge in July, outpacing expectations and further confusing buyers unsure of when the right time is to get in.
Sales in Toronto`s housing market were up 16 per cent in July compared to the same month last year, while Vancouver, already the most expensive city in Canada in which to own a home, saw a surprising 40-per-cent jump.
Read the full article here.
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CMHC cap could hurt Montreal's housing market
MONTREAL - Future tightening of federal rules on insured mortgages could derail the fragile housing market recovery in Greater Montreal, where sales continue to slump below last year's levels, real estate agencies say.
"We are extremely worried that either the CMHC (Canada Mortgage and Housing Corp.) or the federal government could bring further measures in place to temper the real estate market," said Dominic St-Pierre, director, Quebec region, for Royal Le-Page. "That's what's keeping me awake at night."
Read the full article here.
MONTREAL - Future tightening of federal rules on insured mortgages could derail the fragile housing market recovery in Greater Montreal, where sales continue to slump below last year's levels, real estate agencies say.
"We are extremely worried that either the CMHC (Canada Mortgage and Housing Corp.) or the federal government could bring further measures in place to temper the real estate market," said Dominic St-Pierre, director, Quebec region, for Royal Le-Page. "That's what's keeping me awake at night."
Read the full article here.
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Canada's drop in building permits is nothing to worry about
Canada`s dramatic decline in building permits in June is a reminder that just because you have a bad number, it doesn`t mean you have a problem.
First, let`s consider this measure itself. This is one volatile economic indicator. As the first chart in Statistics Canada`s building-permits report from Wednesday shows, big swings from month to month are commonplace. It also shows that the general trend in permits this year is upward; indeed, July`s decline was the first in six months. Given the tepidness of the broader Canadian economy in recent months, permits were overdue for a step backward.
Read the full article here.
Canada`s dramatic decline in building permits in June is a reminder that just because you have a bad number, it doesn`t mean you have a problem.
First, let`s consider this measure itself. This is one volatile economic indicator. As the first chart in Statistics Canada`s building-permits report from Wednesday shows, big swings from month to month are commonplace. It also shows that the general trend in permits this year is upward; indeed, July`s decline was the first in six months. Given the tepidness of the broader Canadian economy in recent months, permits were overdue for a step backward.
Read the full article here.
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Canada's cities are magnets for foreign investment
Unbeknownst to many Canadians, our cities are increasingly selected as desirable destinations for Foreign Direct Investment (FDI).
FDI inflows to Canada rose by 17 per cent to $1.5 trillion in 2011, up from $1.29 trillion in 2010. In 2012, fuelled by Chinese oil giant CNOOC`s $15-billion purchase of Calgary`s Nexen Inc., Canada replaced Australia as the lead country in the world for Chinese outward-bound direct investment. A ramping up in Chinese investment interest is particularly significant given the OECD`s prediction that China`s economy will eclipse that of the United States ` Canada`s longtime largest trading partner ` as soon as 2016.
Read the full article here.
Unbeknownst to many Canadians, our cities are increasingly selected as desirable destinations for Foreign Direct Investment (FDI).
FDI inflows to Canada rose by 17 per cent to $1.5 trillion in 2011, up from $1.29 trillion in 2010. In 2012, fuelled by Chinese oil giant CNOOC`s $15-billion purchase of Calgary`s Nexen Inc., Canada replaced Australia as the lead country in the world for Chinese outward-bound direct investment. A ramping up in Chinese investment interest is particularly significant given the OECD`s prediction that China`s economy will eclipse that of the United States ` Canada`s longtime largest trading partner ` as soon as 2016.
Read the full article here.
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Condo 'softness' to continue, Royal LePage says
The operator of Royal LePage says the market for Canadian houses is poised for an upward swing this year but the condo market will remain soft awhile longer.
The chief executive of Brookfield Real Estate Services says the market is in the late stages of a downward trend that resulted in fewer houses trading hands.
Read the full article here.
The operator of Royal LePage says the market for Canadian houses is poised for an upward swing this year but the condo market will remain soft awhile longer.
The chief executive of Brookfield Real Estate Services says the market is in the late stages of a downward trend that resulted in fewer houses trading hands.
Read the full article here.
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Real estate markets set for 'major' slowdown
Residential land sales in Canada's three largest housing markets dropped sharply in the first half of 2013 and could stay down into next year according to a new study of real estate deals in Toronto, Calgary and Vancouver.
Purchases of residential land in the Toronto area were down 51 per cent in the first six months of 2013, according to analysis by RealNet Canada, while sales of new high- and low-rise homes fell 34 per cent.
Read the full article here.
Residential land sales in Canada's three largest housing markets dropped sharply in the first half of 2013 and could stay down into next year according to a new study of real estate deals in Toronto, Calgary and Vancouver.
Purchases of residential land in the Toronto area were down 51 per cent in the first six months of 2013, according to analysis by RealNet Canada, while sales of new high- and low-rise homes fell 34 per cent.
Read the full article here.
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Canada sheds 40,000 jobs as Canada grinds its gears
OTTAWA -- Canada lost nearly 40,000 jobs in July - the latest manifestation of an economy stuck awkwardly between recession and recovery.
The sharp drop in employment last month, led by losses in the public sector, comes just two months after the economy turned in a record monthly job gain of nearly 100,000. Since January, the job numbers have ranged from a drop of 54,500 to a surge of 95,000.
Read the full article here.
OTTAWA -- Canada lost nearly 40,000 jobs in July - the latest manifestation of an economy stuck awkwardly between recession and recovery.
The sharp drop in employment last month, led by losses in the public sector, comes just two months after the economy turned in a record monthly job gain of nearly 100,000. Since January, the job numbers have ranged from a drop of 54,500 to a surge of 95,000.
Read the full article here.
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Canada's unemployment rate sitting at 7.2% in July
For the fourth time in seven months, the Canadian economy has shed jobs, pushing the jobless rate in July up to 7.2 per cent.
Statistics Canada reported Friday that the economy lost 39,400 jobs last month, pushing the unemployment rate up 0.1 percentage points to 7.2 per cent.
Read the full article here.
For the fourth time in seven months, the Canadian economy has shed jobs, pushing the jobless rate in July up to 7.2 per cent.
Statistics Canada reported Friday that the economy lost 39,400 jobs last month, pushing the unemployment rate up 0.1 percentage points to 7.2 per cent.
Read the full article here.
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Ottawa's employment silver lining
There is some good news in the latest job numbers from Statistics Canada. And it certainly applies to a government town like Ottawa.
Yes, over-all job numbers are down in July compared to June. But most of the loss came from cuts to the public service. Many areas of the private sector actually gained jobs.
Read the full article here.
There is some good news in the latest job numbers from Statistics Canada. And it certainly applies to a government town like Ottawa.
Yes, over-all job numbers are down in July compared to June. But most of the loss came from cuts to the public service. Many areas of the private sector actually gained jobs.
Read the full article here.
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What is the unemployment rate in your city?
OTTAWA - The national unemployment rate was 7.2 per cent in July. Statistics Canada also released seasonally adjusted, three-month moving average unemployment rates for major cities but cautions the figures may fluctuate widely because they are based on small statistical samples. (Previous month in brackets.)
Read the full article here.
OTTAWA - The national unemployment rate was 7.2 per cent in July. Statistics Canada also released seasonally adjusted, three-month moving average unemployment rates for major cities but cautions the figures may fluctuate widely because they are based on small statistical samples. (Previous month in brackets.)
Read the full article here.
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July housing starts in Canada
OTTAWA, ONTARIO`(Marketwired ` Aug. 9, 2013) - Housing starts in Canada were trending at 187,416 units in July compared to 182,142 in June, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup](1)[/sup] of housing starts.
`The trend in total housing starts continued to be relatively stable in July, remaining within a narrow range of roughly 182,000 to 188,000 units since March 2013,` said Mathieu Laberge, Deputy Chief Economist at CMHC. `For the past few months, total housing starts have followed the stabilizing trend observed in sales of existing homes earlier this year. As expected, the trends in the two market segments typically follow a similar pattern with the new home market lagging behind the existing home market by a few months.`
Read the full article here.
OTTAWA, ONTARIO`(Marketwired ` Aug. 9, 2013) - Housing starts in Canada were trending at 187,416 units in July compared to 182,142 in June, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup](1)[/sup] of housing starts.
`The trend in total housing starts continued to be relatively stable in July, remaining within a narrow range of roughly 182,000 to 188,000 units since March 2013,` said Mathieu Laberge, Deputy Chief Economist at CMHC. `For the past few months, total housing starts have followed the stabilizing trend observed in sales of existing homes earlier this year. As expected, the trends in the two market segments typically follow a similar pattern with the new home market lagging behind the existing home market by a few months.`
Read the full article here.
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Annual rate of housing starts relatively stable in July, CMHC says
OTTAWA - Canada Mortgage and Housing Corp. says total housing starts continued to be relatively stable in July.
The federal agency estimates there were 17,993 actual starts in July which, extrapolated over 12 months, gives a seasonally adjusted annual rate of 192,853 starts.
Read the full article here.
OTTAWA - Canada Mortgage and Housing Corp. says total housing starts continued to be relatively stable in July.
The federal agency estimates there were 17,993 actual starts in July which, extrapolated over 12 months, gives a seasonally adjusted annual rate of 192,853 starts.
Read the full article here.
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Canada's housing market posts mixed signals
OTTAWA -- Canada's much-watched housing market is sending out mixed signals these days -- even for analysts.
A spate of fresh data and yet one more market-cooling tweak from Ottawa last week has put one of the most important sectors in the Canadian economy, and the most important asset-source for most Canadians, on a kind of death watch.
Read the full article here.
OTTAWA -- Canada's much-watched housing market is sending out mixed signals these days -- even for analysts.
A spate of fresh data and yet one more market-cooling tweak from Ottawa last week has put one of the most important sectors in the Canadian economy, and the most important asset-source for most Canadians, on a kind of death watch.
Read the full article here.
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Housing market still running hot
The surprising resilience of the country's housing market is renewing concerns that it could be overshooting.
Housing starts, sales and prices are once again defying expectations, one year after Finance Minister Jim Flaherty shocked the market with tighter mortgage insurance rules. The sector is showing such strength this summer that some economists are wondering whether Mr. Flaherty will go further in a bid to stem rising house prices and consumer debt levels.
Read the full article here.
The surprising resilience of the country's housing market is renewing concerns that it could be overshooting.
Housing starts, sales and prices are once again defying expectations, one year after Finance Minister Jim Flaherty shocked the market with tighter mortgage insurance rules. The sector is showing such strength this summer that some economists are wondering whether Mr. Flaherty will go further in a bid to stem rising house prices and consumer debt levels.
Read the full article here.
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Recent mortgage changes to push rates even higher
Look up` Way up! That`s the direction fixed mortgage rates will trend in August, according to the expert mortgage panel at RateSupermarket.ca. New limitations introduced by the CMHC to lender mortgage securities follow a month of investor unease as a result of U.S. bond buying speculation. Both factors are expected to have an elevating effect on fixed rates. However, variable mortgage rates will uphold the status quo, as little change in economic growth calls for sustained stimulus measures from the Bank of Canada until 2014.
Read the full article here.
Look up` Way up! That`s the direction fixed mortgage rates will trend in August, according to the expert mortgage panel at RateSupermarket.ca. New limitations introduced by the CMHC to lender mortgage securities follow a month of investor unease as a result of U.S. bond buying speculation. Both factors are expected to have an elevating effect on fixed rates. However, variable mortgage rates will uphold the status quo, as little change in economic growth calls for sustained stimulus measures from the Bank of Canada until 2014.
Read the full article here.