March 2013 Canadian Economic Fundamentals
- Thread starter Ally
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EI recipient numbers drop in January, third time in four months
OTTAWA ` Statistics Canada says the number of people receiving regular employment insurance fell in December for the third time in four months, hitting a level similar to that of last spring.
The agency says there were 517,000 people on EI in December, down 1.6 per cent from November.
Read the full article here.
OTTAWA ` Statistics Canada says the number of people receiving regular employment insurance fell in December for the third time in four months, hitting a level similar to that of last spring.
The agency says there were 517,000 people on EI in December, down 1.6 per cent from November.
Read the full article here.
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Business investments slowing, StatsCan suggests
Canadian businesses have pared back their investment plans for 2013 amid signs of softness in the economy, an analysis by Statistics Canada suggests.
Statistics Canada says investment in construction and machinery and equipment should reach $398.2 billion this year, up $6.7 billion, or 1.7 per cent, from 2012.
Read the full article here.
Canadian businesses have pared back their investment plans for 2013 amid signs of softness in the economy, an analysis by Statistics Canada suggests.
Statistics Canada says investment in construction and machinery and equipment should reach $398.2 billion this year, up $6.7 billion, or 1.7 per cent, from 2012.
Read the full article here.
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Flaherty to double down on spending cuts, despite weakening economy
OTTAWA - The federal government will attempt to make up for the weaker economy by doubling down on spending cuts in hopes of balancing the budget in time for the next election in 2015, Finance Minister Jim Flaherty said Friday.
The statement follows the announcement by Statistics Canada that the economy suffered through another disappointing quarter of growth in the last three months of 2012, confirming that output in the country has essentially been stalled for half a year.
Read the full article here.
OTTAWA - The federal government will attempt to make up for the weaker economy by doubling down on spending cuts in hopes of balancing the budget in time for the next election in 2015, Finance Minister Jim Flaherty said Friday.
The statement follows the announcement by Statistics Canada that the economy suffered through another disappointing quarter of growth in the last three months of 2012, confirming that output in the country has essentially been stalled for half a year.
Read the full article here.
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Recessions aside, Canada's economy at it's weakest since mid-1990s
Canada`s economic performance in the fourth quarter represents the second-straight quarter of sub-1% growth, and marks the weakest six months of economic activity outside of a recession in nearly 20 years.
As expected, Canada`s gross domestic product grew 0.6% annualized in the October-to-December period, matching the economy`s performance in the third quarter. Canadian economic activity is struggling as debt-laden consumers are tapped out, the housing market is cooling, and global demand for Canadian-produced goods remains tepid.
Read the full article here.
Canada`s economic performance in the fourth quarter represents the second-straight quarter of sub-1% growth, and marks the weakest six months of economic activity outside of a recession in nearly 20 years.
As expected, Canada`s gross domestic product grew 0.6% annualized in the October-to-December period, matching the economy`s performance in the third quarter. Canadian economic activity is struggling as debt-laden consumers are tapped out, the housing market is cooling, and global demand for Canadian-produced goods remains tepid.
Read the full article here.
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Canadian economic growth rate improves, still weak
OTTAWA - The federal government will attempt to make up for the weaker economy by doubling down on spending cuts in hopes of balancing the budget in time for the next election in 2015, Finance Minister Jim Flaherty said Friday.
The statement follows the announcement by Statistics Canada that the economy suffered through another disappointing quarter of growth in the last three months of 2012, confirming that output in the country has essentially been stalled for half a year.
Read the full article here.
OTTAWA - The federal government will attempt to make up for the weaker economy by doubling down on spending cuts in hopes of balancing the budget in time for the next election in 2015, Finance Minister Jim Flaherty said Friday.
The statement follows the announcement by Statistics Canada that the economy suffered through another disappointing quarter of growth in the last three months of 2012, confirming that output in the country has essentially been stalled for half a year.
Read the full article here.
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Canadian GDP grows 0.6% in Q4
Statistics Canada reported Friday that the economy squeezed out a mere 0.6 per cent advance in the last three months of last year - following a 0.7 per cent increase in the third quarter - and was on a downward path in the final month, when output retreated by 0.2 per cent.
The sickly production numbers were in line with economist expectations, but that is only because analysts had been hurriedly batting down their forecasts in the weeks before the report.
Read the full article here.
Statistics Canada reported Friday that the economy squeezed out a mere 0.6 per cent advance in the last three months of last year - following a 0.7 per cent increase in the third quarter - and was on a downward path in the final month, when output retreated by 0.2 per cent.
The sickly production numbers were in line with economist expectations, but that is only because analysts had been hurriedly batting down their forecasts in the weeks before the report.
Read the full article here.
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First-time homebuyers face continuing affordability problems
An associate told me recently that he, his wife and two young children, after living for many years in a rental apartment, finally moved into a detached home in an established neighbourhood.
Here's the thing, though. David, who didn't want his last name used, just turned 40, and the home is owned by his wife's parents, who continue to live there and retain ownership of the property.
Read the full article here.
An associate told me recently that he, his wife and two young children, after living for many years in a rental apartment, finally moved into a detached home in an established neighbourhood.
Here's the thing, though. David, who didn't want his last name used, just turned 40, and the home is owned by his wife's parents, who continue to live there and retain ownership of the property.
Read the full article here.
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Stigmatized real estate listings: Are disclosure rules fair on homes that were grow ops?
MONTREAL ` The basement of the six-bedroom cottage is exceptionally cheerful, with its hardwood floors, playroom filled with children`s toys and full-length mirror.
But despite $65,000 in renovations, along with generally favourable findings from air-quality and home inspectors, the basement remains a source of fear for potential buyers. It`s because of the basement that the West Island home ` listed at more than $67,000 below its $817,000 city evaluation ` has yet to be sold.
Read the full article here.
MONTREAL ` The basement of the six-bedroom cottage is exceptionally cheerful, with its hardwood floors, playroom filled with children`s toys and full-length mirror.
But despite $65,000 in renovations, along with generally favourable findings from air-quality and home inspectors, the basement remains a source of fear for potential buyers. It`s because of the basement that the West Island home ` listed at more than $67,000 below its $817,000 city evaluation ` has yet to be sold.
Read the full article here.
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BMO blows mortgage horn to lure spring homebuyers
The Bank of Montreal has fired the first audible volley as competition among mortgage lenders heats up heading into the important spring home-buying season.
The bank announced Sunday it has reduced its five-year, fixed mortgage rate by 0.10 points to 2.99 per cent in what is seen as a bid to grab a bigger share of the spring mortgage business.
Read the full article here.
The Bank of Montreal has fired the first audible volley as competition among mortgage lenders heats up heading into the important spring home-buying season.
The bank announced Sunday it has reduced its five-year, fixed mortgage rate by 0.10 points to 2.99 per cent in what is seen as a bid to grab a bigger share of the spring mortgage business.
Read the full article here.
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It's mortgage war, and you could be the winner
BMO threw down its mortgage gauntlet on Friday, with a rock-bottom five-year fixed-rate at 2.99% (down from 3.09%), effective immediately.
The rate drop is reminiscent of the bank`s 2012 attempt to win mortgage seekers during the busy spring real estate season. The move sparked a mortgage price war and prompted admonishments from an angered Finance Minister Jim Flaherty.
Read the full article here.
BMO threw down its mortgage gauntlet on Friday, with a rock-bottom five-year fixed-rate at 2.99% (down from 3.09%), effective immediately.
The rate drop is reminiscent of the bank`s 2012 attempt to win mortgage seekers during the busy spring real estate season. The move sparked a mortgage price war and prompted admonishments from an angered Finance Minister Jim Flaherty.
Read the full article here.
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Canada poised for slow growth in 2013
After a weak close to 2012, many worried that the Canadian economy might falter in 2013. But a new report from CIBC World Markets says 2013 will be a year of continued growth for Canada, albeit at a lacklustre pace.
`Any time growth slows to a crawl, one has to worry that it wouldn`t take much to push the economy over the edge,` says Avery Shenfeld, chief economist with CIBC. `Based on admittedly slim evidence, there are reasons to believe that Q1 growth will be better.`
Read the full article here.
After a weak close to 2012, many worried that the Canadian economy might falter in 2013. But a new report from CIBC World Markets says 2013 will be a year of continued growth for Canada, albeit at a lacklustre pace.
`Any time growth slows to a crawl, one has to worry that it wouldn`t take much to push the economy over the edge,` says Avery Shenfeld, chief economist with CIBC. `Based on admittedly slim evidence, there are reasons to believe that Q1 growth will be better.`
Read the full article here.
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BMO cuts mortgage rates again amid real estate slowdown
The Bank of Montreal is lowering its rate for a five-year fixed mortgage amid concerns about a cooling housing market.
Effective immediately the rate will drop to 2.99 per cent from the current 3.09 per cent.
The other big banks could follow suit.
Read the full article here.
The Bank of Montreal is lowering its rate for a five-year fixed mortgage amid concerns about a cooling housing market.
Effective immediately the rate will drop to 2.99 per cent from the current 3.09 per cent.
The other big banks could follow suit.
Read the full article here.
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Spring housing market could trigger mortgage rate wars as Bank of Montreal lowers rates
TORONTO ` The spring housing market is expected to bring on a new battle from mortgage lenders as they compete for what has become a shrinking pie in the form of lower real estate sales.
Bank of Montreal struck first on Friday with a five-year closed mortgage rate of 2.99% ` down from 3.09% and now the lowest published rate among the big banks ` with sources indicating the financial institution`s mortgage specialists are armed with discretionary power to go as low as 2.89%.
Read the full article here.
TORONTO ` The spring housing market is expected to bring on a new battle from mortgage lenders as they compete for what has become a shrinking pie in the form of lower real estate sales.
Bank of Montreal struck first on Friday with a five-year closed mortgage rate of 2.99% ` down from 3.09% and now the lowest published rate among the big banks ` with sources indicating the financial institution`s mortgage specialists are armed with discretionary power to go as low as 2.89%.
Read the full article here.
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Housing an aging population
One of the biggest challenges facing communities today is how to house an aging population. The Terwilliger Center, in partnership with ULI`s Senior Housing Council, will explore this issue with two concurrent sessions at the upcoming Housing Opportunity 2013 conference in Seattle, WA March 20-22.
Boomers Housing Preferences Segment by Segment (March 22 at 9:15 a.m.) will explore the many faces and housing preferences of 55+ consumers. Who are the Boomers and where will they move? The Investment Case for Age-Qualified Housing and Criteria for Due Diligence (March 22 at 10:45 a.m.) will use data and case studies to highlight what developers, investors, planners and others need to know before investing in or developing age-qualified communities.
Read the full article here.
One of the biggest challenges facing communities today is how to house an aging population. The Terwilliger Center, in partnership with ULI`s Senior Housing Council, will explore this issue with two concurrent sessions at the upcoming Housing Opportunity 2013 conference in Seattle, WA March 20-22.
Boomers Housing Preferences Segment by Segment (March 22 at 9:15 a.m.) will explore the many faces and housing preferences of 55+ consumers. Who are the Boomers and where will they move? The Investment Case for Age-Qualified Housing and Criteria for Due Diligence (March 22 at 10:45 a.m.) will use data and case studies to highlight what developers, investors, planners and others need to know before investing in or developing age-qualified communities.
Read the full article here.
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Home sales slip further, but signs of traction emerge
Canada`s housing market may still be cooling, but there are fears in some quarters that `bubble fatigue` will pump it back up heading into the spring season.
What economist Benjamin Tal means when he uses that phrase is that home buyers are skeptical about whether the residential real estate market is heading for a sharp price and sales drop. At the same time, mortgage rates are declining, not rising.
Read the full article here.
Canada`s housing market may still be cooling, but there are fears in some quarters that `bubble fatigue` will pump it back up heading into the spring season.
What economist Benjamin Tal means when he uses that phrase is that home buyers are skeptical about whether the residential real estate market is heading for a sharp price and sales drop. At the same time, mortgage rates are declining, not rising.
Read the full article here.
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Loonie lower, central bank leaves rates unchanged, suggests hikes a long way off
TORONTO - The Canadian dollar was lower after the Bank of Canada said it's leaving the key overnight interest rate unchanged at one per cent and again suggested it will stay that low for some time.
The currency slipped 0.4 of a cent to a fresh, eight-month low of 96.88 cents US as the bank said that "the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required."
Read the full article here.
TORONTO - The Canadian dollar was lower after the Bank of Canada said it's leaving the key overnight interest rate unchanged at one per cent and again suggested it will stay that low for some time.
The currency slipped 0.4 of a cent to a fresh, eight-month low of 96.88 cents US as the bank said that "the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required."
Read the full article here.
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Help-wanted index jumps to highest level ever
CALGARY ` The Conference Board of Canada`s national Help-Wanted Index jumped 12.3 points in January, the largest gain since March 2011, and it brought the index to 139.8 ` its highest level ever.
The board said Tuesday that the index has been on an upward trend over the past three years.
Read the full article here.
CALGARY ` The Conference Board of Canada`s national Help-Wanted Index jumped 12.3 points in January, the largest gain since March 2011, and it brought the index to 139.8 ` its highest level ever.
The board said Tuesday that the index has been on an upward trend over the past three years.
Read the full article here.
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Let's put real estate overvaluation into perspective
More than a few media headlines are focusing on Canada`s overvalued real estate. According to Fitch, an American-based ratings agency, housing prices in Canada are 20% overvalued in real terms. The fine print, however, is that this overvaluation only applies to a couple of major urban centres, such as Toronto, Vancouver and Montreal.
Read the full article here.
More than a few media headlines are focusing on Canada`s overvalued real estate. According to Fitch, an American-based ratings agency, housing prices in Canada are 20% overvalued in real terms. The fine print, however, is that this overvaluation only applies to a couple of major urban centres, such as Toronto, Vancouver and Montreal.
Read the full article here.
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Canadian luxury real estate set for a boost from the newly rich
Dramatically growing numbers of mobile, wealthy individuals around the world promise to push up demand for luxury real estate, making high-end properties in Canada`s biggest cities increasingly valuable.
In 10 years, there will be 50 per cent more people on the planet with more than $30-million (U.S.) in net assets ` or about 286,000 ` according to a new report from British-based real estate consultancy Knight Frank. Emerging markets in Asia and Latin America will see the most dramatic growth, with China`s wealthy population expected to more than double by 2022.
Read the full article here.
Dramatically growing numbers of mobile, wealthy individuals around the world promise to push up demand for luxury real estate, making high-end properties in Canada`s biggest cities increasingly valuable.
In 10 years, there will be 50 per cent more people on the planet with more than $30-million (U.S.) in net assets ` or about 286,000 ` according to a new report from British-based real estate consultancy Knight Frank. Emerging markets in Asia and Latin America will see the most dramatic growth, with China`s wealthy population expected to more than double by 2022.
Read the full article here.