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More signs of a receding recession were evident on Monday, including a "spectacular" housing report that featured a record-high average sale price last month for properties in Canada.
That was tempered by other indicators, such as big stock-market losses, that showed there are still economic kinks to be worked out in Canada and elsewhere.
The Canadian Real Estate Association said the average price of listed housing resales last month was $319,757, the highest on record. That`s up 16.4 per cent from the January low, and sales last month were up 43 per cent from a seasonally adjusted basis from that chilly period.
"We seem to be stabilizing," said Sal Guatieri, senior economist with BMO Capital Markets. "The home-sales numbers for May are quite spectacular, and there`s no doubt that homebuyers are responding to record-low mortgage rates."
Statistics Canada on Monday released April figures for manufacturing sales, which were down a less-than-expected 0.1 per cent month-to-month, and new-vehicle sales for the same month, which were flat compared to March.
Guatieri said such data suggest a bottoming out in some of the areas that contributed to the recession in Canada.
Meanwhile, the Bank of Canada on Monday released a report saying there is growing confidence in the global financial system, and credit markets around the word have shown improvement recently.
Read the full article here.
That was tempered by other indicators, such as big stock-market losses, that showed there are still economic kinks to be worked out in Canada and elsewhere.
The Canadian Real Estate Association said the average price of listed housing resales last month was $319,757, the highest on record. That`s up 16.4 per cent from the January low, and sales last month were up 43 per cent from a seasonally adjusted basis from that chilly period.
"We seem to be stabilizing," said Sal Guatieri, senior economist with BMO Capital Markets. "The home-sales numbers for May are quite spectacular, and there`s no doubt that homebuyers are responding to record-low mortgage rates."
Statistics Canada on Monday released April figures for manufacturing sales, which were down a less-than-expected 0.1 per cent month-to-month, and new-vehicle sales for the same month, which were flat compared to March.
Guatieri said such data suggest a bottoming out in some of the areas that contributed to the recession in Canada.
Meanwhile, the Bank of Canada on Monday released a report saying there is growing confidence in the global financial system, and credit markets around the word have shown improvement recently.
Read the full article here.