Canadian housing market not too hot, not too cold
Not too hot, not too cold, but ‘just right’ – the Goldilocks scenario that appears to be playing out in the Canadian housing market. Mark Chandler, head of fixed income and currency strategist at RBC Capital Markets, noted that the latest round of mortgage measures – instituted in the summer of 2012 – looks like a success in terms of cooling demand. “After an initial period of weakness in resale activity and subsequent rebound, sales have broadly stabilized,” Mr. Chandler said. “At present, there remains few signs the ‘holding pattern’ we have seen in the sector is apt to change.”
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SOURCE : Financial Post - CREA Dec 13 2013
Home sales and prices near five-year high
Canadian consumers remained remarkably steadfast in their determination to achieve homeownership in 2013, fuelling residential real estate sales and average price nationally to a five-year high, despite a spotty regional performance, says RE/MAX. Stronger global and local economies, along with low interest rates and rising consumer confidence, means housing sales and values will rise even more in 2014, RE/MAX says in its 2014 outlook.
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SOURCE: Advisor - CREA Dec 12 2013