Home ownership costs continuing to climb despite slowing activity: RBC
Filed Under Main Content · Tagged: Affordability, Canada, Consecutive Quarter, Downturn, Economics Research, Economist, Hogue, Home Ownership Costs, Mortgage Rates, Ottawa Citizen, Owning A Home, Rbc, Resale Market, Rose, Slowdown, Tandem
Ottawa Citizen- The cost of owning a home in Canada rose for the fourth consecutive quarter despite the slowdown in the resale market, according to a housing report released Monday by RBC Economics Research.
"Higher mortgage rates in tandem with a further appreciation in home prices boosted the monthly costs associated with carrying a mortgage on a typical home," said RBC senior economist Robert Hogue. "This extended the deteriorating trend in affordability since the middle of last year."
But despite the downturn, he said affordability remained "within a safe range…”
Home ownership costs continuing to climb despite slowing activity: RBC
Wealth effect is anything but
Filed Under Main Content · Tagged: Assets, Bank Of Canada, Consecutive Quarter, Economist, First Quarter, Household, Net Worth, Ottawa Citizen, Recession, Royal Bank Of Canada, Statistics Canada, Stock Portfolios, Trillion, Wealth Effect
Ottawa Citizen- There is something about our stock portfolios and homes being worth more that makes us want to spend.
“It’s called the wealth effect. If you feel you have more, you are more willing to spend more,” says David Onyett-Jeffries, an economist with Royal Bank of Canada.
“When people see their house value increase, they are more willing to spend because there is less requirement to save. They view these assets as being marketable and gaining value.”
Statistics Canada said this week that household net worth increased by 1.3% in the first quarter to $6-trillion — a fourth consecutive quarter of improving wealth. Household net worth has recovered 96% of what was lost during the recession…
Mortgage debt surges as economy picks up steam
Filed Under Main Content · Tagged: Business Investment, Canada Economy, Canada S Economy, Consecutive Quarter, Consumer Spending, First Quarter, Fourth Quarter, Globe And Mail, Import Volumes, Mail Canada, Mortgage Debt, Pace, Residential Investment, Services Statistics, Statistics Canada, Steam, United States
The Globe and Mail-Canada’s economy is on fire, surging 6.1 per cent in the first quarter at an annualized pace. As a measure of comparison, that compares to 4.9 per cent in the fourth quarter of last year, and just 3 per cent in the United States in the first quarter. It’s the best
“Residential investment increased for a fourth consecutive quarter, as did consumer spending on goods and services,” Statistics Canada said this morning. “Export and import volumes both rose for a third consecutive quarter, with growth in imports outpacing growth in exports in the first quarter.”
Notably, business investment rose 0.2 per cent. Spending on machinery and equipment rose 1.8 per cent, Statistics Canada said, though it is still 23 per cent below the peak in the first quarter of 2008…
Mortgage debt surges as economy picks up steam – The Globe and Mail
Canada’s economy grows faster than expected
Filed Under Main Content · Tagged: Canada Economy, Canada S Economy, Consecutive Quarter, Consumer Spending Statistics, Consumer Statistics, Economists, First Quarter, First Three Months, Fourth Quarter, Gdp, Gdp Growth, Gross Domestic Product, Import Volumes, Last Quarter, Pace, Residential Investment, Statistics Canada
The Gazette- Canada’s economy grew at a faster pace than expected in the first quarter of 2010, led by consumer spending, Statistics Canada reported Monday.
Gross domestic product rose at an annualized pace of 6.1 per cent between January and March, the biggest jump since the last quarter of 1999. Growth in the fourth quarter of last year was 4.9 per cent.
Most economists had expected GDP growth of 5.8 per cent in the first three months of 2010.
"Residential investment increased for a fourth consecutive quarter, as did consumer spending on goods and services," Statistics Canada said. "Export and import volumes both rose for a third consecutive quarter, with growth in imports outpacing growth in exports in the first quarter…”
