January 2014 Canadian Economic Fundamentals

[Ally]

Canada's luxury home market on an upward trajectory: Re/Max





LAVAL, QC, Jan. 28, 2014 /CNW Telbec/ - Significant gains at the top end of the country's housing market continued to demonstrate the overall strength of Canadian real estate in 2013, according to a report released today by RE/MAX.





The RE/MAX Upper End Report, highlighting trends and developments in 16 major Canadian centres, revealed that:

• Seventy-five per cent of markets experienced year-over-year percentage increases in sales`including eight markets that posted double-digit gains. Greater Vancouver led the charge with a 36 per cent increase in luxury sales last year, followed by Calgary at 34 per cent, Edmonton at 32 per cent, Hamilton-Burlington at 31 per cent, Kitchener-Waterloo at 27 per cent, Winnipeg at 26 per cent, Greater Toronto at 18 per cent, and Saskatoon at 15 per cent.

Read the full article here.

 

[Ally]

Does Canada really have the best job creation in the G7?





OTTAWA - Government House Leader Peter Van Loan is using the return of Parliament to boast about the Conservatives' economic track record ` but OECD figures cast a small doubt over his claim that Canada tops the G7 in job creation.








"We have the strongest job-creation record in the G7, with the creation of over one million net new jobs since the recession," he said Monday.





Read the full article here.

 

[Ally]

2014 Economic Action plan to be tabled on February 11





January 27, 2014 ` Ottawa, Ontario` Department of Finance





Finance Minister Jim Flaherty announced today that he will table Economic Action Plan 2014 in the House of Commons on February 11, 2014.

Quick Facts

• The budget is the key policy document of the Government, defining how the Government intends to implement its priorities, which have often been previously defined through election commitments and the Speech from the Throne.
• The approval of Parliament must be obtained in order for measures proposed in the budget to be implemented. Members of Parliament also participate in the budget process through parliamentary standing committees, especially the House of Commons Standing Committee on Finance.
  

Read the full article here.

 

[Ally]

Here we go again with dropping mortgage rates





TORONTO ` Falling bonds yields could push mortgage rates lower in coming weeks as banks compete in the spring housing market, traditionally the strongest real estate period of the year.








Rob McLister, editor of Canadian Mortgage Trends, reported on his website Monday that Royal Bank of Canada had dropped its deep discounted rate on its fixed, closed five-year mortgage to 3.69%. It was just a 10 basis-point cut, but with the way bond yields have started to drop since the beginning of the year, the question is whether there is more to come.





Read the full article here.

 

[Ally]

Obama's 'all of the above' energy strategy bodes well for Keystone XL pipeline





President Barack Obama did not tip his hand on his views on the proposed Keystone XL pipeline, but in a largely conciliatory State of the Union address Tuesday evening he reiterated support for all forms of energy that are bringing America closer to energy independence.





Read the full article here.

 

[Ally]

Does Canada rank highest for job creation?





Government House Leader Peter Van Loan is using the return of Parliament to boast about the Conservatives` economic track record ` but OECD figures cast a small doubt over his claim that Canada tops the G7 in job creation.








`We have the strongest job-creation record in the G7, with the creation of over one million net new jobs since the recession,` he says.





Read the full article here.

 

[Ally]

Canada's most expensive cities








Real estate markets wax and wane, but which ones are the most expensive in the country? And, which ones are growing or shrinking? This week, we dug into data showing December and November average house prices for several cities to answer exactly these questions.





Read the full article here.

 

[Ally]

Buying a house? Here's how to get a big tax refund





The $25,000 Ottawa allows you take out of your retirement fund to buy your first home sure doesn`t go as far as it used to.





Under the home buyers` plan, Canadians can take $25,000 out of their registered retirement savings plan and pay it back over the next 15 years without incurring any penalty. For a couple that means $50,000.





Read the full article here.

 

[Ally]

Weak loonies wreaks havoc on some investors





The return of the underperforming loonie is playing havoc with investors who invest abroad.








The Canadian dollar this week slipped below US90Â, a level it has not been at since July 2009. The loonie back then was just beginning to crawl out of the trough it fell into after the commodity price crash that followed the financial crisis.





Read the full article here.

 

[Ally]

Canadian job numbers





In December, the Canadian economy lost 45,900 jobs, increasing the national unemployment rate to 7.2%, from 6.9% in November.





While there is significant volatility in the month-to-month job numbers, these numbers are nevertheless disappointing. Despite the decline in December, more jobs have been created than have disappeared over the last 12 months. For all of 2013, the Canadian economy created 102,000 jobs.





Read the full article here.

 

[Ally]

How higher rates might affect your mortgage





Interest rates have been so low for so long that we barely raise an eyebrow about the warnings of higher rates ahead. But long-term interest rates might tick upward this year as the U.S. Federal Reserve cuts back on its economic stimulus which has kept rates low.








For the past five years, the Fed has been buying U.S. Treasury bonds every month by creating the money. It writes a cheque to buy the bonds which has expanded consumer credit, making it cheaper to borrow money.






Read the full article here.

 

[Ally]

New Conference Board economic indicator shows Canadian economy not yet at take-off speed





OTTAWA, Jan. 31, 2014 /CNW/ - The Composite Leading Index, a new economic indicator published for the first time today by The Conference Board of Canada, shows that the Canadian economy will grow in the first half of 2014 ` but only modestly.








The increase in the Index of 0.3 per cent in December matched the gains made in both October and November. While this trend signifies that the economy is growing, the Index also projects that Canadian growth will not pick up the pace until later in the year.





Read the full article here.