The Latest Economic and Real Estate News Releases
Bank of Canada on Sept 8 Raises the Overnight Lending Rate
The Bank Of Canada raised its target for the Overnight
Lending Rate 25 basis points (0.25 percentage points) to 1.0 per cent. The Bank reasoned that while economic growth both in Canada and
other developed countries like the United States had not unfolded as
well as forecast, personal consumption and business expenditure in
Canada was progressing more or less in line with expectations.
Remax Home Sales Report
2010 was a strong year and although sales have cooled in July, home prices remain steady. Read more.
Canadian Real Estate Market Rebounded in 2010
Toronto's housing market roared back to life in the first half of 2010, with single-detached homes and condominium apartments and townhouses posting unprecedented double-digit gains in average price in most districts, according to a report released today by RE/MAX Ontario-Atlantic Canada. Read more on the first half of 2010.
June Sales Slowing
TORONTO, JUNE 16, 2010 ‐ Greater Toronto REALTORS® reported 4,139 sales through
the Multiple Listing Service® (MLS®) during the first two weeks of June 2010, a 20% decrease compared to the 5,185 sales recorded during
the same period in 2009. New listings increased by 21 per cent annually to 7,985. Read more on June Home sales.
Remax Leads All Canadian Real Estate Brokers in Real Trends Canadian 200 Report
The Real Trends 200 Canadian report reveals Remax continuted leadership in the real estate sales sector. RE/MAX tops all other
national franchises in
survey’s look at 2009
Based on rankings by closed
transaction sides, RE/MAX held
65 percent of all positions, with
130 ranked brokerages in the
200. Read more on the Real Trends Canada survey.
Canadian Housing Starts for May - Good news for those selling their current homes.
Housing starts in Canada fell unexpectedly in May to an annual rate of 189,100 units from April’s upwardly revised 201,800 unit tally. May's drop materialized despite unseasonably warm – and construction-friendly – weather in central and eastern Canada.
Read more on the drop in new home construction.
RE/MAX tops 2010 RISMedia Power Broker Report
RE/MAX topped competitors in the 2010 RISMedia Power Broker Report, which
ranks top real estate offices in the U.S. RE/MAX.
Read more on the 2010 RISMedia Power Broker Report.
RE/MAX is Number 1 in the US
This chart compares Remax with other U.S. national franchise real estate organizations in the US.
Read more about Remax dominance in closing.
CANADIAN JOB MARKET HAS BITE IN APRIL
• The Canadian economy created 109,000 jobs in April, and the unemployment rate edged down to 8.1% as more people entered the labour force.
• Job gains were all concentrated in the service sector, while employment in the goods producing sector remained weak.
The recovery in Canada’s labour market moved up a gear, with a 109,000 new job created in April. This is the largest monthly job gain in percent terms in 16 years. On a three month moving average, job creation has accelerated to 50,000 positions, more than double the pace seen in the last 9 months of the recovery. Learn more about Canadian Jobs Recovery.
CREA MLS Rules
CREA has notified of changes to the MLS rules in response to competition bureau concerns.
CREA has changed its MLS rules regarding the services to be provided to the seller or buyer is a matter of agreement between the REALTOR and his or her client or customer. Read more about the new CREA mls rules.
ecoEnergy Retrofit program evaluations no longer being booked. Feds have stopped booking evaluations for the home improvement program. Read more about the ecoEnergy Retrofit program stoppage.
CANADA’S TRADE OUTPACES EXPECTATIONS IN FEBRUARY
• Trade surplus improved to $1.4 billion in February, as exports advanced robustly and imports stagnated.
• Strength in export values and volumes driven by robust demand for industrial materials and restart of auto plants after shutdowns.
Read more about the Trade Surplus Improvement
JOBS IMPROVE MODERATELY IN MARCH
• Employment gains by 17,900 with a shift toward part-time work and towards private-sector hiring.
• Unemployment rate remains at 8.2% as more youth workers enter labour force.Important Information regarding Energy Retrofit Program
Read more about March Employment numbers.
April 5, 2010 -- TREB Members should be aware of recent changes to the ecoEnergy Retrofit Program. Effective March 31, 2010, the Government of Canada ecoENERGY Retrofit – Homes program is no longer accepting bookings for pre-retrofit evaluations. Read more about the ecoEnergy Retrofit news.
March Resale Home Market Figures
TORONTO, April 6, 2010 – Greater Toronto REALTORS® reported 10,430 sales through
the Multiple Listing Service® (MLS®) in March, pushing total first quarter 2010 sales to
22,418 – the best result on record under the current Toronto Real Estate Board (TREB)
boundaries. The average price for March transactions was $434,696. The average price
for the first quarter was $427,948. Read more on the report on March home resales.
Know Your Limits: BMO Reports on Home Purchases
- 71 per cent of current and future homeowners think house prices are too high
- One-third complained they have lost sleep due to the stress of trying to buy a new home
- BMO continues to offer its lowest five-year fixed rate mortgage at 3.75 per cent- the Right Mortgage for Right Now
Read more about the Home Buyers Report from BMO.
Sleepless in Canada? One-third Of Canadians Losing Sleep Due to the Stress of Trying to Buy a New Home
BMO's 3.75 Per Cent Five-Year Fixed Low Rate Mortgage is the Right Mortgage for Right Now
TORONTO, April 1 /CNW/ - A significant number of current and future homeowners say the house-buying experience is causing them stress and anxiety. BMO is offering a 3.75 Five-Year Fixed Low Rate Mortgage but is advising Canadians to lock-in now before it goes up. Read more about the Harris Decima Poll on the stress of home buying.
CANADIAN REAL GDP ACCELERATES INTO 2010
• Canadian monthly real GDP advances by a better-than-expected 0.6% in January, suggesting a repeat blockbuster 5.0% annualized performance in the first quarter of 2010.
• The strongest gains were in the goods producing sector, while the service sector advanced at a more moderate pace.
Canadian economic data just keeps on getting better and better and better. A stronger-than-expected 0.6% advance in monthly GDP in January suggests a repeat blockbuster 5.0% annualized performance in the first quarter of 2010. With the Canadian economic recession now a thing of the past, the Canadian economy is making significant headwinds in digging its way out of the production hole left behind. After a 4.7% peak-to-trough decline, Canadian monthly GDP is just 1.8% below its pre-recession peak. Read more about TD Banks GDP update.
CANADA –THE LOONIE SPREADS ITS WINGS
The loonie has spread its wings, rising from 95 U.S. cents at the end of last month, to currently hovering near parity. The Canadian dollar has received support from a string of stronger-than-expected economic indicators increasing the odds that the Bank of Canada will move with the first 25 basis point interest rate hike in July. This contrasts with sentiment coming from the U.S., where interest rates are expected to remain unchanged for the rest of this year. Read more about the rising loonie.
CONSUMERS WAKE UP BEFORE HOME TAX CREDIT STOPS
• Retail sales increased by 0.7% in January; after adjusting for inflation, sales increased by 0.1%
• Sales were overwhelmingly driven by sectors which have benefitted from the home renovation tax credit; much of January’s sales were driven by Canadians trying to get in last minute purchases in time for the credit’s expiration that month. Learn more about how the economy has done since the home renovation tax was terminated.
CANADIAN EMPLOYMENT IN RECOVERY MODE
The Canadian economy created 21,000 jobs in February, pushing the unemployment rate down to 8.2%, from 8.3% in the prior month. There has been some chatter that a jobless recovery is in store for Canada’s economy. The concern is that since Canada didn’t shed as many jobs as expected during the downturn, we wouldn’t get strong job growth on the way up either. Indeed, the labour market performance during the most recent recession has been significantly better than during the last two major downturns, with the spike in the unemployment rate only half of that in each of the last two recessions. Read more on the Canadian Economic Recovery.
RBC Homeowners Survey Reveals Vast majority of Canadians view buying a home as a good investment
The 17th annual Royal Bank Homeowners survey shows that Canadians not only want to buy a home, they also see their home as their primary asset for retirement. The RBC study conducted by Ipsos Reid found that 91 per cent of Canadian homeowners believe a home is a good investment, the highest level in 12 years, and one-quarter (26 per cent) expect their home to be their primary source of income when they retire. Read more about Homeowners buying expectations.
GTA REALTORS® REPORT FEBRUARY RESALE HOUSING MARKET FIGURES
TORONTO, March 3, 2010 – Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509. Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year. Read more about February's Toronto Resale Housing Numbers.
US EMPLOYMENT DODGES A SNOWBALL
The U.S. labor market dodged a big fat snowball in February, managing to lose only 36K jobs despite a string of major snowstorms that blanketed the nation. When combined with an upward revision of 35K jobs to earlier months, the interpretation is not bad at all. Read more about US employment numbers in February.
BMO Announces new 5 Year Fixed Rate Mortgage
Today BMO announced a special offer for a 5 year fixed rate mortgage at 3.75% effective March 8th. A rate special with this type of discount is very encouraging for spring market buyers who can afford to amortize their mortgage over 25 years. More information on the 5 Year Fixed Rate Mortgage, contact: BMO Mortgage Specialist (416) 258-0156.
February Sales and Average Price
Increase Annually
TORONTO - Wednesday, March 3, 2010
Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509. Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year. “Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in the City of Toronto and surrounding 905 regions,” said TREB President Tom Lebour. “This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace.” Read more on Mississauga Home Prices in February.
Canadian GDP Rises 5% in Final Quarter of 2009
Real Gross Domestic Product (GDP), Canada’s broad measure of economic growth, increased by 5.0 per cent on an annualized basis in the fourth quarter. This was the largest quarterly increase since the third quarter of 2000. The goods producing sector posted its first quarterly gain since the second quarter of 2007. Read more about the rise in Canadian GDP.
US Existing Home Sales, January 2010 Results
Existing homes sales across the United States fell 7.2 per cent in January to a seasonally adjusted annual rate of 5.05 million units. However, sales were up 11.5 per cent from the 4.53 million-unit level recorded in January 2009. The median price for homes was $164,700, unchanged from a year ago. Read more on the US resale home market.
Bank of Canada holds the line on interest rates
The Canadian dollar was higher after the Bank of Canada announced its key overnight rate will remain unchanged at 0.25 per cent to help the economy's recovery offset the impact of a high dollar and weak U.S. demand. The loonie rose 0.91 of a cent to 96.92 cents US as the central bank also observed that the economy grew at a five per cent rate in the fourth quarter, higher than projected by the Bank of Canada in January. But the bank also warned Tuesday that ``the persistent strength of the Canadian dollar and the low absolute level of U.S. demand continue to act as significant drags on economic activity in Canada.''It repeated its conditional commitment to keep the key policy rate at the current level until the end of the second quarter. BMO Prime rate remains at 2.25% today. Read more from Mortgage Specialist .
Read more on Bank of Canada Overnight Rate.
Latest Healthy Economic Numbers
There has been much to digest since the last Bank of Canada decision, though little to motivate a major change to the monetary policy outlook. Central bank speakers have filled the calendar like never before, however none managed to reveal anything profoundly new on the outlook for monetary policy. The latest healthy economic numbers have burnished Canada’s image, but the outlook remains broadly in line with past estimates. Read more on the latest Canadian economic statistics.
Low inventory levels set stage for heated Spring Home Buying market
Mississauga, ON (February 24, 2010) - Lack of inventory will be the greatest challenge facing housing markets across the country this Spring, according to a report released today by RE/MAX. Read more Spring 2010 real estate markets.
National Resale Activity Edges Down in January
TORONTO, February 18, 2010 -- Greater Toronto REALTORS reported 3,555 sales through
the Multiple Listing Service during the first two weeks of February.
This represented a 74 per cent increase compared to the 2,044 sales recorded during the
same period in 2009 when resale transactions had dipped due to the recession. The
February mid-month sales total was also 7.7 per cent above the previous high set in 2006. Read more on Toronto February Home sales.
National Resale Activity Edges Down in January
OTTAWA, Feb. 17 - According to statistics released by The Canadian Real Estate Association, the number of homes sold through the Multiple Listing Service(R) (MLS(R)) Systems of Canadian real estate Boards declined in January 2010 from the previous month. Read more on National Home Resale Activity.
CORE INFLATION LIKELY TO BACK TRACK
The Bank of Canada’s core measure of inflation rose to 2.0%. However, the rise in core inflation was largely due to a base year Effect, and there are reasons to believe that core inflation will continue to moderate in the near-term. Read more on Core Inflation.
New Mortgage Rules
OTTAWA -- Jim Flaherty, the Finance Minister, says he is targeting "reckless" speculators who buy up multiple condominium units in the country's biggest cities with new rules introduced yesterday that will make it tougher for Canadians to get a mortgage. Read more on the new Mortgage rules.
US CONSUMER SPENDING PICKS UP STEAM IN JANUARY
Retail sales rose by a better than expected 0.5% M/M in January, following an upward revision to December’s estimate. While this was not a blockbuster performance, the report does suggest that U.S. consumers are continuing to do their part in sustaining the economic recovery. Read more on US Consumer Spending.
CANADIAN EXPORTS RISE ON U.S. INVENTORY RESTOCK
Canadian international trade data for December indicated that exports grew for the fourth consecutive month by 1.7%, while imports grew by a slightly greater 1.8%. This caused the trade deficit to widen from $201 million to $246 million. For the third consecutive month, the main driver of export growth has been U.S. demand, in spite of all the talk surrounding its subdued recovery. Read more about the lower Canadian dollar and the rise in Canadian exports.
GTA REALTORS® REPORT JANUARY RESALE HOUSING MARKET FIGURES
TORONTO, February 3, 2010 -- Greater Toronto REALTORS® reported 4,986 transactions
through the Multiple Listing Service (MLS®) in January 2010. This result represented a large
increase over the 2,670 sales in January 2009 when the home sales were in a recessionary
trough. Last month’s sales were slightly higher than the January average in the five years
preceding 2009. Read more January Home sales.
Canadian Economic Recovery Lead by Real Estate
The recovery in the Canadian economy continued unabated as GDP grew for the 3rd consecutive month by 0.4% in November. In tandem with October’s gain of 0.3%, overall economic activity in the fourth quarter of 2009 is on track to post its most significant gain since the recession began of about 4% annualized growth. Read more on the 2010 Canadian Economic Recovery.
Heated housing activity throughout 2009 lends little air to bubble theory in the GTA, says RE/MAX
Despite limited inventory levels in the Greater Toronto Area (GTA) in the latter half of the year, double-digit price appreciation failed to materialize in the single-detached housing category in 2009, says RE/MAX Ontario-Atlantic Canada. Read more about the Real Estate Market Bubble controversy.
WHO WOULD’VE THOUGHT WARM WEATHER WAS BAD FOR SHOPPING?
Today’s retail trade report indicated that Canadians took a more cautious step in November towards opening their wallets. After posting strong gains in 5 of the last 6 months, retail sales retreated slightly by 0.3%; a decline of 1% was recorded after price effects were stripped out, indicating some upward pressure on prices in the month. Read more on November retail sales.
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