Housing market feels impact of HST introduction

Ottawa Citizen- The new harmonized sales tax introduced in British Columbia and Ontario last month had an immediate impact on the housing market, according to the Canadian Real Estate Association.

The Ottawa-based group, which represents 100 boards across the country, said July sales plunged 6.8% on a seasonally adjusted basis from a month ago, a decline “almost entirely the result of fewer sales in British Columbia and Ontario.”

The slowdown had been expected as consumers rushed to buy homes ahead of the July 1 implementation in those provinces. The HST only applies to services used in purchasing and selling an existing home, such as real estate commission, and not the actual sale price.

In British Columbia sales dropped 14.1% from a month ago on a seasonally adjusted basis and Ontario the decline was 8%. The two provinces accounted for 85% of the the change in national activity…

Housing market feels impact of HST introduction

Canada’s May home resale prices up for 13th straight month, but not likely to be sustained

 

Vancouver Sun- Canadian home prices rose 1.3 per cent in May, their largest monthly gain since last September, but are unlikely to keep up the pace in months ahead, according to the Teranet-National Bank composite house price index, released Wednesday.

On an annual basis, prices rose 13.6 per cent and are now 4.2 per cent higher than their pre-recession peak.

Prices have now advanced for 13 straight months, the survey showed.

The yearly gains were strongly influenced by advances in Canada’s major markets, with Vancouver up 17.1 per cent year over year and Toronto up 16 per cent…

Canada’s May home resale prices up for 13th straight month, but not likely to be sustained

Canadian home sales fall 2.6 per cent in April as market cools down

Vancouver Sun- The Canadian housing market is cooling, but the decline will be moderate, thanks to the rebound in the labour market, economists say.

Canadian home sales fell 2.6 per cent in April from the previous month, with residential sales totaling 52,042 units last month, 6.8 per cent below the peak reached in December 2009, the Canadian Real Estate Association said Monday.

Listings, meanwhile, rose to 99,901 homes newly being put up for sale, a record for the month of April that suggests balance is returning to what had been a sellers’ market.

On a seasonally adjusted basis, the months of housing inventory available rose to 5.3 months, the highest level since last May.

"Canada’s housing market has gone from full gallop to stately canter and is poised to slow to a leisurely trot in the months ahead," said Bank of Montreal deputy chief economist Douglas Porter…

Canadian home sales fall 2.6 per cent in April as market cools down

Week Ahead: Bank of Canada likely to hold rate

Times Colonist- Interest rates and inflation are among the principle subjects of the coming week’s Canadian economic news.

On Tuesday, the Bank of Canada is scheduled to issue as decision on interest rates. It’s expected to keep the overnight interest rate at a historically low 0.25% and restating the commitment to keep it that way until — at earliest — the second half of this year.

When the bank put interest rates this low in April last year in an effort to ward off a frightening economic downturn, it said the rates would remain at that level until the end of 2010’s second quarter, barring any unexpected rise in the inflation threat…

Week Ahead: Bank of Canada likely to hold rate

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