July 2013 Canadian Economic Fundamentals
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Canada heading towards uninsurable housing market as extreme weather events increase
OTTAWA -- Millions of Canadians living in many parts of the country could find their homes declared uninsurable, as the insurance industry grapples with skyrocketing water damage claims.
That's the grim future predicted by Blair Feltmate, chair of the Climate Change Adaptation Project at the University of Waterloo.
"That's going to be the harsh reality," Feltmate said in an interview Tuesday.
Read the full article here.
OTTAWA -- Millions of Canadians living in many parts of the country could find their homes declared uninsurable, as the insurance industry grapples with skyrocketing water damage claims.
That's the grim future predicted by Blair Feltmate, chair of the Climate Change Adaptation Project at the University of Waterloo.
"That's going to be the harsh reality," Feltmate said in an interview Tuesday.
Read the full article here.
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Bank of Canada's Lane warns of impact of bank's mortgage securitization moves
A move by major banks to securitize government-insured mortgages may be exacerbating the buildup of household debt in Canada, a top Bank of Canada official says.
Canada has seen a doubling of securitized mortgages in the past five years, deputy governor Timothy Lane warned in a speech Wednesday to financial analysts in Toronto.
Read the full article here.
A move by major banks to securitize government-insured mortgages may be exacerbating the buildup of household debt in Canada, a top Bank of Canada official says.
Canada has seen a doubling of securitized mortgages in the past five years, deputy governor Timothy Lane warned in a speech Wednesday to financial analysts in Toronto.
Read the full article here.
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Most Canadian commuters drive alone to work
TORONTO - By the time she gets home every weeknight, Raquel Capovilla Lee has spent half as much time travelling to and from her office in downtown Toronto as she has at her desk.
The journey between her Hamilton home and Starcom MediaVest Group, where she works as a digital marketing assistant, takes about two hours and three different modes of transportation ` eating into her personal and family time, to say nothing of her energy.
Read the full article here.
TORONTO - By the time she gets home every weeknight, Raquel Capovilla Lee has spent half as much time travelling to and from her office in downtown Toronto as she has at her desk.
The journey between her Hamilton home and Starcom MediaVest Group, where she works as a digital marketing assistant, takes about two hours and three different modes of transportation ` eating into her personal and family time, to say nothing of her energy.
Read the full article here.
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CMHC says housing starts projected to be lower in 2013
OTTAWA, June 25, 2013 - Canada Mortgage and Housing Corporation (CMHC) expects housing starts to re-gain momentum in the later part of the year and/or into 2014, as employment, economic growth and net migration are forecast to improve over the forecast horizon. Overall, total annual housing starts are expected to be lower in 2013 compared to 2012, mostly due to moderation observed in the first half of 2013, according to CMHC's second quarter 2013 Housing Market Outlook, Canada Edition1.
"So far in 2013, the average monthly growth rates of MLSÂ sales, new listings and prices have all been increasing. This follows a period of average monthly declines that held sway over the second half of 2012," said Mathieu Laberge, Deputy Chief Economist for CMHC. "This change in the trend of the resale market is expected to eventually lead to a similar change in the trend of the new home market, as housing starts dynamics typically lag the resale market by one to three quarters."
Read the full article here.
OTTAWA, June 25, 2013 - Canada Mortgage and Housing Corporation (CMHC) expects housing starts to re-gain momentum in the later part of the year and/or into 2014, as employment, economic growth and net migration are forecast to improve over the forecast horizon. Overall, total annual housing starts are expected to be lower in 2013 compared to 2012, mostly due to moderation observed in the first half of 2013, according to CMHC's second quarter 2013 Housing Market Outlook, Canada Edition1.
"So far in 2013, the average monthly growth rates of MLSÂ sales, new listings and prices have all been increasing. This follows a period of average monthly declines that held sway over the second half of 2012," said Mathieu Laberge, Deputy Chief Economist for CMHC. "This change in the trend of the resale market is expected to eventually lead to a similar change in the trend of the new home market, as housing starts dynamics typically lag the resale market by one to three quarters."
Read the full article here.
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Canada housing market defies doomsayers
TORONTO (Reuters) - Daniel DiManno sold his Toronto house for less than he had hoped and wanted to see if prices would cool before he bought a new one. But Canadian mortgage rates are rising again and that's spurring DiManno and others to jump back into the market, cutting short an already brief housing downturn.
"I saw that they are going to increase rates, so I called my bank last Friday and locked in 2.5 percent for 120 days," said the 31-year-old accountant, starting the clock on a four-month search for a new home before borrowing gets more expensive.
Read the full article here.
TORONTO (Reuters) - Daniel DiManno sold his Toronto house for less than he had hoped and wanted to see if prices would cool before he bought a new one. But Canadian mortgage rates are rising again and that's spurring DiManno and others to jump back into the market, cutting short an already brief housing downturn.
"I saw that they are going to increase rates, so I called my bank last Friday and locked in 2.5 percent for 120 days," said the 31-year-old accountant, starting the clock on a four-month search for a new home before borrowing gets more expensive.
Read the full article here.
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Montreal tenants stuck with high rents, aging buildings
MONTREAL ` Montreal tenants are having the easiest time in years finding new apartments, but rising rents and the city`s aging stock of buildings have emerged as new priorities for social housing activists.
While the number of Montreal households at risk of being left homeless after moving day on Monday has waned compared to previous years, a lack of new rental construction has created a shortage of affordable apartments in good condition, activists say.
Read the full article here.
MONTREAL ` Montreal tenants are having the easiest time in years finding new apartments, but rising rents and the city`s aging stock of buildings have emerged as new priorities for social housing activists.
While the number of Montreal households at risk of being left homeless after moving day on Monday has waned compared to previous years, a lack of new rental construction has created a shortage of affordable apartments in good condition, activists say.
Read the full article here.
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Home construction to recover in 2014
Sudbury's hot real estate market is expected to cool off for the rest of the year, before before bouncing back in 2014.
`Single-detached starts will see 15 per cent drop in 2013, while they are expected to post 12 per cent increase in 2014,` said a release this week from the Canadian Mortgage and Housing Corp. `Starts of semis, rows and apartments will exhibit similar declining trends this year, but are expected to recover next year, reaching 2012 levels.`
Read the full article here.
Sudbury's hot real estate market is expected to cool off for the rest of the year, before before bouncing back in 2014.
`Single-detached starts will see 15 per cent drop in 2013, while they are expected to post 12 per cent increase in 2014,` said a release this week from the Canadian Mortgage and Housing Corp. `Starts of semis, rows and apartments will exhibit similar declining trends this year, but are expected to recover next year, reaching 2012 levels.`
Read the full article here.
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Railways cash in on oil boom
From virtually nonexistent three years ago, shipments of crude oil are fast becoming a significant business for CN and CP while triggering considerable debate about their future importance. The rapid growth of oil-by-rail transportation is the result of North American oil companies suddenly having far more product to transport to market than existing pipelines can handle, James Cairns, CN`s Vice-President for Petroleum and Chemicals, told the annual Rail Government Interface conference in Ottawa.
As well, building new pipelines faces considerable opposition from environmental and First Nations groups while the railways have the ability to ramp up capacity with additional locomotives and tank cars, he added. National Steel Car Co. in Hamilton has begun building tank cars and that should help reduce the backlog in orders for them. `Pipelines will remain the dominant way of transporting oil and natural gas but rail can play a significant role,` he continued. `This is a niche opportunity for the railways.` They move the oil in unit trains, which on their return trips from refineries to the loading terminals can carry the diluent that`s mixed with the crude so it can be moved through pipelines.
Read the full article here.
From virtually nonexistent three years ago, shipments of crude oil are fast becoming a significant business for CN and CP while triggering considerable debate about their future importance. The rapid growth of oil-by-rail transportation is the result of North American oil companies suddenly having far more product to transport to market than existing pipelines can handle, James Cairns, CN`s Vice-President for Petroleum and Chemicals, told the annual Rail Government Interface conference in Ottawa.
As well, building new pipelines faces considerable opposition from environmental and First Nations groups while the railways have the ability to ramp up capacity with additional locomotives and tank cars, he added. National Steel Car Co. in Hamilton has begun building tank cars and that should help reduce the backlog in orders for them. `Pipelines will remain the dominant way of transporting oil and natural gas but rail can play a significant role,` he continued. `This is a niche opportunity for the railways.` They move the oil in unit trains, which on their return trips from refineries to the loading terminals can carry the diluent that`s mixed with the crude so it can be moved through pipelines.
Read the full article here.
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Youth jobless recovery: Good news in Canada at last?
After nearly five years of discouraging or even depressing prospects ` what could be called a `youth jobless recovery` ` the May job numbers in Canada provided welcome relief. Some 95,000 jobs were created in Canada in the month, and the vast majority ` 54,000 ` went to young workers. The Canadian youth unemployment rate fell by almost a full percentage point, to 13.6 per cent.
Read the full article here.
After nearly five years of discouraging or even depressing prospects ` what could be called a `youth jobless recovery` ` the May job numbers in Canada provided welcome relief. Some 95,000 jobs were created in Canada in the month, and the vast majority ` 54,000 ` went to young workers. The Canadian youth unemployment rate fell by almost a full percentage point, to 13.6 per cent.
Read the full article here.
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Should people living in high-risk locations rent instead of buy?
The news that property owners in Alberta may not be covered by their insurance policies for damage and loss caused by the recent floods has infuriated many Canadians. But until that lack of coverage is addressed, people who live in areas that have a high risk of flooding should consider renting a home, instead of buying.
Read the full article here.
The news that property owners in Alberta may not be covered by their insurance policies for damage and loss caused by the recent floods has infuriated many Canadians. But until that lack of coverage is addressed, people who live in areas that have a high risk of flooding should consider renting a home, instead of buying.
Read the full article here.
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The buyers are back
Reuters) - Daniel DiManno sold his Toronto house for less than he had hoped and wanted to see if prices would cool before he bought a new one. But Canadian mortgage rates are rising again and that's spurring DiManno and others to jump back into the market, cutting short an already brief housing downturn.
"I saw that they are going to increase rates, so I called my bank last Friday and locked in 2.5 percent for 120 days," said the 31-year-old accountant, starting the clock on a four-month search for a new home before borrowing gets more expensive.
Read the full article here.
Reuters) - Daniel DiManno sold his Toronto house for less than he had hoped and wanted to see if prices would cool before he bought a new one. But Canadian mortgage rates are rising again and that's spurring DiManno and others to jump back into the market, cutting short an already brief housing downturn.
"I saw that they are going to increase rates, so I called my bank last Friday and locked in 2.5 percent for 120 days," said the 31-year-old accountant, starting the clock on a four-month search for a new home before borrowing gets more expensive.
Read the full article here.
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Canada's day, Canada's era
As the Houses of Parliament adjourn for the summer, Canadians can reflect on the fact that this country is in better condition than all but a few others. And that small group certainly does not include the United States.
The state of American policy is now beginning to transcend even the indulgence of the most tenacious believers in Barack Obama`s statesmanlike aptitudes. The `Reset` button with Russia has led to a torrent of insolences from the Kremlin, including increased intimacy with Iran in promoting the survival of the Assad regime in Syria. The corrupt Karzai regime in Afghanistan, for which thousands of Americans and their allies (including 158 Canadian Forces personnel) have died and a trillion dollars have been spent, has now embraced Tehran as a senior ally. And Washington itself has convened peace talks that include Mullah Omar`s Taliban, the host to Osama bin-Laden and his lieutenants when al-Qaeda was planning 9/11.
Read the full article here.
As the Houses of Parliament adjourn for the summer, Canadians can reflect on the fact that this country is in better condition than all but a few others. And that small group certainly does not include the United States.
The state of American policy is now beginning to transcend even the indulgence of the most tenacious believers in Barack Obama`s statesmanlike aptitudes. The `Reset` button with Russia has led to a torrent of insolences from the Kremlin, including increased intimacy with Iran in promoting the survival of the Assad regime in Syria. The corrupt Karzai regime in Afghanistan, for which thousands of Americans and their allies (including 158 Canadian Forces personnel) have died and a trillion dollars have been spent, has now embraced Tehran as a senior ally. And Washington itself has convened peace talks that include Mullah Omar`s Taliban, the host to Osama bin-Laden and his lieutenants when al-Qaeda was planning 9/11.
Read the full article here.
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Allophone exodus grows in Quebec
MONTREAL - The gap between the number of anglophones who leave Quebec for another Canadian province each year and the number who arrive here is continuing to shrink, census data show.
According to new interprovincial migration figures released last week, Quebec recorded a net loss of 5,695 anglos (defined as residents whose mother tongue is English) between 2006 and 2011.
Read the full article here.
MONTREAL - The gap between the number of anglophones who leave Quebec for another Canadian province each year and the number who arrive here is continuing to shrink, census data show.
According to new interprovincial migration figures released last week, Quebec recorded a net loss of 5,695 anglos (defined as residents whose mother tongue is English) between 2006 and 2011.
Read the full article here.
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1% hike could sink the housing market
Canada`s banks have declared a `soft landing` for the housing market, noting with evident relief that home sales in markets like Vancouver and Calgary have recently been showing surprising strength. (Sales in Toronto's incomprehensible housing market slumped one per cent even as prices jumped 4.7 per cent in June.)
But few would deny that Canada`s house prices are strained to the brink ` even the optimistic bank economists concede there is simply no room for prices to grow much in the coming years. Many of them continue to say there is a risk of falling house prices.
Read the full article here.
Canada`s banks have declared a `soft landing` for the housing market, noting with evident relief that home sales in markets like Vancouver and Calgary have recently been showing surprising strength. (Sales in Toronto's incomprehensible housing market slumped one per cent even as prices jumped 4.7 per cent in June.)
But few would deny that Canada`s house prices are strained to the brink ` even the optimistic bank economists concede there is simply no room for prices to grow much in the coming years. Many of them continue to say there is a risk of falling house prices.
Read the full article here.
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Labour market conditions weaken for young Canadians
Men and women under 25-years-old experienced lower employment outcomes between 1981 and 2012, finds Statistics Canada. In this age group, unemployment rates increased both for men (from 13.7% in 1981 to 15.9% in 2012) and women (11.7% to 12.6%).
Read the full article here.
Men and women under 25-years-old experienced lower employment outcomes between 1981 and 2012, finds Statistics Canada. In this age group, unemployment rates increased both for men (from 13.7% in 1981 to 15.9% in 2012) and women (11.7% to 12.6%).
Read the full article here.
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Economists predict disappointing jobs report
Economists expect Statistics Canada will report the Canadian economy lost 7,500 jobs in June, while the unemployment rate will remain at 7.1 per cent, following a gain of 95,000 jobs in May.
TD, which is expecting a loss of 10,000 jobs, says the weakness in the job market will likely come from a reduction in the number of students entering the job force and surveys suggesting businesses are less likely to hire new employees.
Read the full article here.
Economists expect Statistics Canada will report the Canadian economy lost 7,500 jobs in June, while the unemployment rate will remain at 7.1 per cent, following a gain of 95,000 jobs in May.
TD, which is expecting a loss of 10,000 jobs, says the weakness in the job market will likely come from a reduction in the number of students entering the job force and surveys suggesting businesses are less likely to hire new employees.
Read the full article here.
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Canada jobs hold steady after May's massive gain
OTTAWA ` Job creation in Canada returned to earth last month as employers pulled back following an apparent hiring binge in May that proved too good to be sustained.
Employers added 195,000 new jobs to their payrolls last month, the Labor Department said on Friday, while the unemployment rate held steady at 7.6% as more people entered the workforce.
Economists had expected payback from May`s purported growth of 95,000 jobs and they got it with Friday morning`s flat reading ` actually a statistically meaningless loss of 400 jobs in June.
Read the full article here.
OTTAWA ` Job creation in Canada returned to earth last month as employers pulled back following an apparent hiring binge in May that proved too good to be sustained.
Employers added 195,000 new jobs to their payrolls last month, the Labor Department said on Friday, while the unemployment rate held steady at 7.6% as more people entered the workforce.
Economists had expected payback from May`s purported growth of 95,000 jobs and they got it with Friday morning`s flat reading ` actually a statistically meaningless loss of 400 jobs in June.
Read the full article here.
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Ottawa's new rules creating 'red hot' markets for homes under $999,999
The hottest new Canadian housing-market niche isn`t stacked urban townhouses or suburban condo towers, but homes of any kind priced just shy of $1-million, since federal government rules began favouring homebuyers paying in the six-figure range over bidders that break the million-dollar mark.
The market for homes under $1-million has become `red hot,` agents say, and that`s at least partly because new rules brought in by Ottawa last year make it impossible to get a loan backed by mortgage-default insurance if the property is valued in the seven figures.
Read the full article here.
The hottest new Canadian housing-market niche isn`t stacked urban townhouses or suburban condo towers, but homes of any kind priced just shy of $1-million, since federal government rules began favouring homebuyers paying in the six-figure range over bidders that break the million-dollar mark.
The market for homes under $1-million has become `red hot,` agents say, and that`s at least partly because new rules brought in by Ottawa last year make it impossible to get a loan backed by mortgage-default insurance if the property is valued in the seven figures.
Read the full article here.