October 2013 Canadian Economic Fundamentals
- Thread starter Ally
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Under-insured house can spell ruin
You`ve purchased the coveted house, you`ve converted the old cellar into a basement suite and maybe even gone the extra mile with radiant-heat floors in the bathroom and a gas fireplace in the living room.
After a thorough search for the perfect tenant or tenants, you sign the lease, collect the damage deposit and sit back and start collecting the monthly rent that will go toward paying down your mortgage. But hang on ` what about obtaining documentation that your tenants have paid for their own property insurance? If you`re like most homeowner-landlords, you probably haven`t gone to the bother.
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Read the full article here.
You`ve purchased the coveted house, you`ve converted the old cellar into a basement suite and maybe even gone the extra mile with radiant-heat floors in the bathroom and a gas fireplace in the living room.
After a thorough search for the perfect tenant or tenants, you sign the lease, collect the damage deposit and sit back and start collecting the monthly rent that will go toward paying down your mortgage. But hang on ` what about obtaining documentation that your tenants have paid for their own property insurance? If you`re like most homeowner-landlords, you probably haven`t gone to the bother.
#entry-content .flex_ad {
BACKGROUND-COLOR: #fff
}
#entry-content .flex_ad .message {
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Read the full article here.
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Sales rise in majority of markets in August
August sales of existing homes were above July's level in 16 of the 28 major markets covered by this report. Year-over-year sales growth was, however, inflated by comparisons with a weak August 2012, as mortgage rules were tightened that month, putting a lid on sales. On a year-over-year basis, several markets enjoyed double-digit volume hikes this time around.
Listings rose between July and August in 19 markets and were higher than a year earlier in 24. The year-over-year gain was at least 5 per cent in 14 markets. Increases were led by a 39 per cent jump in Trois-RiviÃres and hikes above 20 per cent in both Regina and Saskatoon.
Read the full article here.
August sales of existing homes were above July's level in 16 of the 28 major markets covered by this report. Year-over-year sales growth was, however, inflated by comparisons with a weak August 2012, as mortgage rules were tightened that month, putting a lid on sales. On a year-over-year basis, several markets enjoyed double-digit volume hikes this time around.
Listings rose between July and August in 19 markets and were higher than a year earlier in 24. The year-over-year gain was at least 5 per cent in 14 markets. Increases were led by a 39 per cent jump in Trois-RiviÃres and hikes above 20 per cent in both Regina and Saskatoon.
Read the full article here.
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Meaningless consensus on climate change
Apart from a handful of eccentrics, everyone believes in the reality of manmade climate change. That`s the message of a recent paper in the journal Environmental Research Letters, the latest in a series of similar efforts that have been used as a stick with which to beat policymakers. But scratch at the surface of any of these publications and you find that there is considerably less to them than meets the eye.
Read the full article here.
Apart from a handful of eccentrics, everyone believes in the reality of manmade climate change. That`s the message of a recent paper in the journal Environmental Research Letters, the latest in a series of similar efforts that have been used as a stick with which to beat policymakers. But scratch at the surface of any of these publications and you find that there is considerably less to them than meets the eye.
Read the full article here.
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Canada's job recovery may not be the envy of the world after all
As the federal government assembles its parliamentary agenda for the next two years, and Finance Minister Jim Flaherty begins preparing his 2014 budget, some emphasis should be placed on addressing the burden of Canada`s mediocre economic recovery.
The government is often quick to remind us that Canada`s economy has been the envy of the developed world, and that our recovery has been more solid than most. It especially likes to point out Canada`s job creation performance. After falling sharply in the recession, total employment recovered within two years and is now 600,000 above its pre-crisis peak of 17.1 million.
Read the full article here.
As the federal government assembles its parliamentary agenda for the next two years, and Finance Minister Jim Flaherty begins preparing his 2014 budget, some emphasis should be placed on addressing the burden of Canada`s mediocre economic recovery.
The government is often quick to remind us that Canada`s economy has been the envy of the developed world, and that our recovery has been more solid than most. It especially likes to point out Canada`s job creation performance. After falling sharply in the recession, total employment recovered within two years and is now 600,000 above its pre-crisis peak of 17.1 million.
Read the full article here.
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Mortgage referrals to banks could lead to conflicts of interest
Has your real estate agent or financial adviser ever suggested that you go to a specific bank or broker for your mortgage? If they did, and they got paid for it, there`s potential for conflict of interest.
Most mortgage referrals are made in good faith. Your adviser recommends a banker or broker because they believe you`ll get a good deal, a fast approval and competent service.
Read the full article here.
Has your real estate agent or financial adviser ever suggested that you go to a specific bank or broker for your mortgage? If they did, and they got paid for it, there`s potential for conflict of interest.
Most mortgage referrals are made in good faith. Your adviser recommends a banker or broker because they believe you`ll get a good deal, a fast approval and competent service.
Read the full article here.
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Canadian economy bounces back in July
OTTAWA -- Canada's economy had one of the best months in years in July, rebounding strongly from a June swoon and putting it back on the path of moderate, steady growth.
The country's gross domestic product surged by 0.6 per cent in July, wiping out June's half-point
Read the full article here.
OTTAWA -- Canada's economy had one of the best months in years in July, rebounding strongly from a June swoon and putting it back on the path of moderate, steady growth.
The country's gross domestic product surged by 0.6 per cent in July, wiping out June's half-point
Read the full article here.
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Canadians more optimistic about their finances
OTTAWA -- A monthly measure of Canadian consumer confidence hit its highest level since 2010, although it remains below what could be described as "optimistic."
The Conference Board of Canada said Monday its index, based on interviews early in September, rose 6.2 points to 91.
Read the full article here.
OTTAWA -- A monthly measure of Canadian consumer confidence hit its highest level since 2010, although it remains below what could be described as "optimistic."
The Conference Board of Canada said Monday its index, based on interviews early in September, rose 6.2 points to 91.
Read the full article here.
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Economy not growing as quickly as expected: Bank of Canada official
OTTAWA -- The Bank of Canada has lowered its forecasts for economic growth in the second half of 2013 and possibly for next year, citing a more prudent consumer and an export sector that has yet to fully recover.
Senior deputy governor Tiff Macklem said Tuesday that the central bank no longer expects the July-September period to grow at a rate of 3.8 per cent as previously forecast.
Read the full article here.
OTTAWA -- The Bank of Canada has lowered its forecasts for economic growth in the second half of 2013 and possibly for next year, citing a more prudent consumer and an export sector that has yet to fully recover.
Senior deputy governor Tiff Macklem said Tuesday that the central bank no longer expects the July-September period to grow at a rate of 3.8 per cent as previously forecast.
Read the full article here.
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Canadian housing market remains strong
Canada`s housing market already topped what economists had expected for the spring and summer, and could do it again this fall.
Local real estate boards are beginning to release September`s data, and the numbers so far are strong. Toronto, Calgary and Vancouver are all reporting solid year-over-year increases.
Read the full article here.
Canada`s housing market already topped what economists had expected for the spring and summer, and could do it again this fall.
Local real estate boards are beginning to release September`s data, and the numbers so far are strong. Toronto, Calgary and Vancouver are all reporting solid year-over-year increases.
Read the full article here.
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Stephen Harper told mounting mortgage debt is putting 'our national economy at risk'
OTTAWA ` We have been warned before, and often. The federal government and the Bank of Canada, in particular, have lectured us about the evils of sky-high consumer debt and still-creeping house prices ` and the mounting threat to the economy ` as rock-bottom interest rates inevitably begin to rise.
Read the full article here.
OTTAWA ` We have been warned before, and often. The federal government and the Bank of Canada, in particular, have lectured us about the evils of sky-high consumer debt and still-creeping house prices ` and the mounting threat to the economy ` as rock-bottom interest rates inevitably begin to rise.
Read the full article here.
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Housing market shows few signs of long-feared hard landing
All that talk of a hard landing for Canada`s housing market seems a distant memory now. The latest monthly data on existing home sales from Canada`s two biggest markets ` Toronto and Vancouver ` suggest demand for housing is still alive and well. Existing homes sales in the Greater Toronto Area rose 30% in September from a year ago and a strong third quarter has the market about even with 2012 now, reports the Financial Post`s Garry Marr. The Toronto Real Estate Board said there was 7,4ll sales through the Multiple Listing Service in September, up from 5,687 sales a year ago.
Read the full article here.
All that talk of a hard landing for Canada`s housing market seems a distant memory now. The latest monthly data on existing home sales from Canada`s two biggest markets ` Toronto and Vancouver ` suggest demand for housing is still alive and well. Existing homes sales in the Greater Toronto Area rose 30% in September from a year ago and a strong third quarter has the market about even with 2012 now, reports the Financial Post`s Garry Marr. The Toronto Real Estate Board said there was 7,4ll sales through the Multiple Listing Service in September, up from 5,687 sales a year ago.
Read the full article here.
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Canada emerges from the "housing market correction no one noticed"
TORONTO, Oct. 10, 2013 /CNW/ - According to the Royal LePage House Price Survey released today, the average price of a home in Canada increased between 1.2 per cent and 4.1 per cent in the third quarter of 2013.
The survey showed a year-over-year average price increase of 3.7 per cent to $418,686 for standard two-storey homes, while detached bungalows rose 4.1 per cent to $381,811. During the same period, the average price for standard condominiums saw a more moderate increase, rising 1.2 per cent to $246,530. Sales volumes surged in a number of regions, as Canadians re-entered the housing market after sitting on the sidelines for more than a year - marking the end of the most significant housing market correction since the 2008-2009 global recession.
Read the full article here.
TORONTO, Oct. 10, 2013 /CNW/ - According to the Royal LePage House Price Survey released today, the average price of a home in Canada increased between 1.2 per cent and 4.1 per cent in the third quarter of 2013.
The survey showed a year-over-year average price increase of 3.7 per cent to $418,686 for standard two-storey homes, while detached bungalows rose 4.1 per cent to $381,811. During the same period, the average price for standard condominiums saw a more moderate increase, rising 1.2 per cent to $246,530. Sales volumes surged in a number of regions, as Canadians re-entered the housing market after sitting on the sidelines for more than a year - marking the end of the most significant housing market correction since the 2008-2009 global recession.
Read the full article here.
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12,000 new jobs added in September
OTTAWA, Ont. -- The unemployment rate dropped to 6.9 per cent in September -- its lowest level since 2008 -- as fewer young people looked for work, Statistics Canada said Friday.
The improvement in the unemployment rate from 7.1 per cent in August came as the economy added 11,900 new jobs for the month, just ahead of the 10,000 that had been expected by economists.
Read the full article here.
OTTAWA, Ont. -- The unemployment rate dropped to 6.9 per cent in September -- its lowest level since 2008 -- as fewer young people looked for work, Statistics Canada said Friday.
The improvement in the unemployment rate from 7.1 per cent in August came as the economy added 11,900 new jobs for the month, just ahead of the 10,000 that had been expected by economists.
Read the full article here.
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Canadian housing market expected to stay on hot streak
Canada`s housing market is back on a roll, a finding that should be evident in the September sales data that the Canadian Real Estate Association will release on Tuesday.
The slump that began in the summer of 2012 came to an end this past summer, with sales topping economists` forecasts, and the market showing a surprising amount of momentum.
Read the full article here.
Canada`s housing market is back on a roll, a finding that should be evident in the September sales data that the Canadian Real Estate Association will release on Tuesday.
The slump that began in the summer of 2012 came to an end this past summer, with sales topping economists` forecasts, and the market showing a surprising amount of momentum.
Read the full article here.
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Housing market had major correction, nobody noticed: Royal LePage
What if Canada had a housing market correction and no one noticed?
That`s what real estate expert Phil Soper says has played out over the past year: the sharpest decline in home sales since the Great Recession.
`Canada experienced a significant housing market correction over the last four quarters that most in the nation missed entirely," Soper, president and CEO of Royal LePage, said in the company`s third-quarter report.
Read the full article here.
What if Canada had a housing market correction and no one noticed?
That`s what real estate expert Phil Soper says has played out over the past year: the sharpest decline in home sales since the Great Recession.
`Canada experienced a significant housing market correction over the last four quarters that most in the nation missed entirely," Soper, president and CEO of Royal LePage, said in the company`s third-quarter report.
Read the full article here.
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World economy casts gloom over Canadian business
OTTAWA, Ont. ` Canadian firms are turning progressively gloomier about the slow pace of the world`s economy and say they want to see signs of progress before ramping up hiring and investment, a new Bank of Canada survey suggests.
The findings of the central bank`s much-watched quarterly business outlook survey is not good news for those hoping to see a strong economic rebound in the second half of this year or in 2014 after what has been almost two years of sluggish growth.
Read the full article here.
OTTAWA, Ont. ` Canadian firms are turning progressively gloomier about the slow pace of the world`s economy and say they want to see signs of progress before ramping up hiring and investment, a new Bank of Canada survey suggests.
The findings of the central bank`s much-watched quarterly business outlook survey is not good news for those hoping to see a strong economic rebound in the second half of this year or in 2014 after what has been almost two years of sluggish growth.
Read the full article here.
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Economy posts 12,000 net jobs gain in September
OTTAWA - The unemployment rate dropped to 6.9 per cent in September ` its lowest level since 2008 ` as fewer young people looked for work, Statistics Canada said Friday.
The improvement in the unemployment rate from 7.1 per cent in August came as the economy added 11,900 new jobs for the month, just ahead of the 10,000 that had been expected by economists.
Read the full article here.
OTTAWA - The unemployment rate dropped to 6.9 per cent in September ` its lowest level since 2008 ` as fewer young people looked for work, Statistics Canada said Friday.
The improvement in the unemployment rate from 7.1 per cent in August came as the economy added 11,900 new jobs for the month, just ahead of the 10,000 that had been expected by economists.
Read the full article here.
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Fraser Institute report says pipeline safer mode of transport than rail or truck
CALGARY - A report by the Fraser Institute released Tuesday says pipeline is by far the safest way to transport oil when worker injury rates are compared, but it remains unclear which is the safest from an environmental standpoint.
Using data from the U.S. Department of Transportation between 2005 and 2009, the study found the rates of injury requiring hospitalization in the U.S. were 30 times lower among pipeline workers than rail workers involved in shipping oil.
Read the full article here.
CALGARY - A report by the Fraser Institute released Tuesday says pipeline is by far the safest way to transport oil when worker injury rates are compared, but it remains unclear which is the safest from an environmental standpoint.
Using data from the U.S. Department of Transportation between 2005 and 2009, the study found the rates of injury requiring hospitalization in the U.S. were 30 times lower among pipeline workers than rail workers involved in shipping oil.
Read the full article here.
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Millennials, even those with children, are multimodal and urban
If anyone is under the impression that young adults` preference for urban, multimodal living is a passing fad, they need to think again. Unlike previous generations, Millennials are unlikely to move to distant suburbs in droves as soon as they start raising families, according to a just-released study by the American Public Transportation Association based in Washington, DC.
The study focused on the transportation and living preferences for the Millennial generation, here defined as born from 1982 through 2003. (When we first heard about this generation, the ages given was 1978 to 1996, but other reports say 1980 to 2000, and other ranges.)
Read the full article here.
If anyone is under the impression that young adults` preference for urban, multimodal living is a passing fad, they need to think again. Unlike previous generations, Millennials are unlikely to move to distant suburbs in droves as soon as they start raising families, according to a just-released study by the American Public Transportation Association based in Washington, DC.
The study focused on the transportation and living preferences for the Millennial generation, here defined as born from 1982 through 2003. (When we first heard about this generation, the ages given was 1978 to 1996, but other reports say 1980 to 2000, and other ranges.)
Read the full article here.