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July 2014 Canadian Economic Fundamentals

Ally

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News articles for July 2014.
 

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Canadian finance minister says no housing bubble in Canada





LONDON (Reuters) - Canadian Finance Minister Joe Oliver said on Tuesday there is no housing bubble in Canada. Asked at a bond conference in London if there was a bubble, Oliver said: "No".





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Lack of skilled workers could jeopardize economic future





The problem would continue to grow as the population ages, Kenney told the one-day conference, which brought together stakeholders to discuss the labour market, employee training and those under-represented in the labour force.





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Canadian's confidence in the housing market keeps surging





SASKATOON, Saskatchewan , June 26, 2014 /CNW/ - Most Canadians expect home prices to keep on surging in 2014, according to a survey conducted by Point2 Homes, one of Canada's largest real estate portals.





Canadian respondents who anticipate an increase in residential property prices think prices will rise by an average of 8%. 73% of survey participants in Alberta are confident local prices will go up, as compared to 45% in British Columbia and 40% in Saskatchewan .





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CMHC policy on second homes fails to dent cottage sales





Canada Mortgage and Housing Corp.`s decision to stop insuring mortgages on second homes is not having a noticeable impact on the country`s cottage market, Re/Max says.





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The kilts got them a leg up. Now they're franchising





The turning point for Men in Kilts, a window cleaning company with headquarters in Surrey, B.C., can be traced to the moment in 2009 when Tressa Wood picked up the phone and called the company`s founder, Nicholas Brand, a Vancouver resident of Scottish descent.





Ms. Wood, who had just left her post as vice-president of operations for the successful Vancouver-based franchise 1-800-Got-Junk, had noticed Men in Kilts`s trucks, which feature an image of a squeegee-wielding man in a pleated tartan skirt ` much like the company`s window cleaners, who all show up for work in kilts and work boots (with shorts or leggings preserving their modesty or body heat).





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Canada's economic growth expected to accelerate after slow winter





Canada`s economy started the year with a whimper, dragged down by bad weather and an even worse U.S. economy.





Two key economic releases this week will provide a clue whether the rest of the year is any better ` gross domestic product for April on Monday and merchandise trade for May on Thursday.





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CMHC completes review of mortgage insurance business





OTTAWA, June 6, 2014 `
Canada Mortgage and Housing Corporation (CMHC) announced today two additional changes as it has completed the review of its homeowner and multi-unit mortgage loan insurance business. These are:




  • CMHC mortgage loan insurance for the financing of multi-unit condominium construction will be discontinued effective immediately. CMHC`s mortgage loan insurance for the homebuyers wishing to purchase a condominium is unaffected by this change; and
    CMHC will align its low-ratio transactional mortgage loan insurance product with its high-ratio product by establishing maximum house prices, amortization periods and debt servicing ratios effective July 31[sup]st[/sup].

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Mapped: Another way to look at job growth





The recovery since the Great Recession of 2008 has not been even, as shown by this map, which captures the last five years of employment growth. There`s still a lot of red in Ontario, representing cities where there are fewer jobs now than there were in 2009.





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Home sales in Canada see the largest increase in 4 years





Property sales nationwide in Canada recorded a sizable month on month increase in May with growth of 5.9%, according to the latest data from the Canadian Real Estate Association.






It is the largest month on month increase in nearly four years and sales rose in four out of every five local housing markets, including almost all large urban markets.





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Rental housing crisis needs focus from all government levels





There`s a housing crisis in York Region.





Fear not, there are still plenty of homes on the market, new ones continue to be built in our communities and prices are up and heading higher still. No, the issue to which we refer deals with those on the outside looking in when it comes to our generally affluent region.





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Can you afford a home in these cities





Housing affordability is a national disaster that begs further investigation.





The average national resale home price in May: $416,584.





The annual gross income needed to afford that price based on a 5-per-cent down payment and a five-year mortgage: $89,363.





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Summer cottage sales show no signs of cooling; rebounding from winter





Canada's summer cottage market is showing no signs of cooling off as it rebounds from a long winter and late spring, national realtor group Re/Max said Wednesday.





Sales in Ontario and Atlantic Canada were up in May after a sluggish April and Re/Max is forecasting mid to high single-digit price increase for cottages, cabins, vacation condos and camps throughout the rest of the year.





"What we're seeing is a healthy and stable real estate market supported by strong economic fundamentals that we believe are going to continue moving forward, at least in the foreseeable future," said Gurinder Sandhu, director for the Atlantic Ontario region.





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Renovation spending in Canada increases from HGTV effect





Canada`s renovation industry is now bigger than the new homes sector, reaching $63.4-billion, according to a report from Toronto-based real estate consultants Altus Group.





Altus says that the boom in home renovations is being driven by what it calls the `HGTV Effect.` The home renovations-oriented TV station was launched in 1997. Home renovation spending has been rising every year since 1999, even in the face of a serious recession that hit Canada in 2008.





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Canadian economy headed in right direction





OTTAWA - Canadian exports to foreign markets surged by a surprisingly robust 3.5 per cent in May, narrowing the country's trade deficit and setting the economy on a more sustainable growth path.





For contribution to economic output, the Statistics Canada report was even more encouraging as volumes increased by an even bigger 4.2 per cent, as price drops shaved 0.7 per cent from the value of shipments.





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How the loonie is flying farther off course and defying policy makers





OTTAWA ` The Canadian dollar has not been following the game plan of policymakers.





Instead, it has gradually gained ground on the U.S. currency and could threaten the competitive advantage we may have had in our biggest export market, and likely some others.





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High prices, low mortgage rates should be red flags on housing market: OSFI





OTTAWA - Canada's banking regulator is warning both lenders and borrowers to be careful about moving deeper into the still pricey housing market, saying the risks are increasing and are likely to remain elevated.





In a speech at a housing conference in Toronto, Mark Zelmer, the regulator's second in command, gave a general caution to lenders, mortgage insurers and borrowers.





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Household debt worries ease as pace of mortgage borrowing slows in May





Royal Bank says Canadians have been slowing down the amount of debt they are taking on to buy real estate, easing concerns about household vulnerability.





The RBC paper notes that overall household debt accumulation remained flat-lined at 4.2 per cent growth in May, about the same level as the previous three months.





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Canadian house prices will rise 5-6 percent for the remainder of 2014





TORONTO - Canada's housing market will continue to stay hot for the rest of the year, with home prices expected to rise on low interest rates and increased demand, says a report by TD Economics.





The bank upgraded its forecast for the real estate sector Thursday, predicting that home prices will gain an average of five to six per cent by the end of 2014.





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Frustration brews over temporary workers





The overhaul for the Temporary Foreign Workers (TFW) program is being met with frustration at the federal government`s plan to significantly reduce access.





A critical lifeline for many employers, the changes will make it more difficult for entrepreneurs in Alberta to meet their labour force needs when competing with government and multi-national oil and gas conglomerates, argues Richard Truscott, the province`s director for the Canadian Federation of Independent Business (CFIB).





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