No Crash for Canada's Real Estate Market
The Conference Board of Canada, an Ottawa based think-tank, released a report this week forecasting a slow down, not a crash in Canada's housing market. RBC also released a report late last week saying that the fears of a Canadian housing market crash are overblown.
“The housing market has lost its lustre. No doubt about it,” said Mario Lefebvre, the centre’s director for municipal studies. “However, this will not lead to a free fall for Canada’s housing market. This country will not experience home-price declines to the tune of what we have witnessed in the United States over the past few years.”
Housing market not in free fall, report argues (National Post)
Housing market not in ‘free fall,’ says Conference Board (Toronto Star)
Fears of a Canadian housing market crash overblown (RBC pdf file)
New Home Prices and Starts Decline
A couple of reports regarding the new housing market this week. Statistics Canada's new house price index slipped 0.1% month over month in July, the first time in over a year that the index has dropped. According to a Canada Mortgage and Housing Corporation report, annualized housing starts declined 3% in August compared to July.
New home prices drop in July (Toronto Star)
Housing prices and starts decline (Globe an Mail)
Bank of Canada Raises Interest Rates
The Bank of Canada raised its key interest rate by a quarter percent this week pushing the target for the overnight rate to one percent. The Globe and Mail's Rob Carrick has a good article on why rising rates haven't flattened the housing market.
Why rising interest rates haven’t flattened the housing market (Globe an Mail)
BOC's Carney: U.S. Slowdown Has Implications For Canada, Policy (Wall Street Journal)
More Real Estate News
GTA home sales plunge after rush to buy (Toronto Star)
Asian investors keep GTA flush with rental units (Globe and Mail)
Rough patch ahead for housing market (Financial Post)
The Top 10 Insider Tips when purchasing a new condo (Buzz Buzz Home)
Toronto the cool: Hip, urban youth bring new life to the core (Globe and Mail)
September 10, 2010This Week In Real Estate |