Housing weakness expected to be a drag on growth
Filed Under Main Content · Tagged: Canada Mortgage And Housing, Declines, Diana, Drag On, Economic Growth, Economist, Economists, Economy, Five Months, Gdp, Gdp Growth, Housing Market, Housing Starts, Post Canada, Real Gdp, Rebound, Residential Investment, Second Half, Straight Quarters, Td Economics
Financial Post- Canada’s housing market helped lift the economy in the early part of the recovery but will now act as a drag on growth, with starts falling for two straight quarters and expected to continue to fall in the months ahead, economists say.
Canada Mortgage and Housing reported Friday housing starts declined 1.5 per cent in September from the previous month, bringing the seasonally adjusted annual rate to 186,400 units in September.
Analysts had called for a bigger drop in starts, to 179,000.
Starts have now fallen for four of the past five months, leading to two straight quarters of overcall declines.
"After helping to support the rebound in real GDP growth over the last year, residential investment is likely to be a drag on economic growth through the second half of this year," said Diana Petramala, an economist at TD Economics…
Housing weakness expected to be a drag on growth
B.C. home prices to rise this year before falling in 2011: report
Filed Under Main Content · Tagged: Cibc World Markets, Cibc World Markets Inc, Economic Analysis, Economist, Inflated Prices, Median Home Price, Vancouver Sun
Vancouver Sun- B.C.’s median home price is expected to rise five per cent this year from 2009 to $388,000, according to the latest economic analysis by Central 1 Credit Union.
But prices are forecast to drop five per cent in 2011 to $370,000 before rebounding three per cent in 2012 to $380,000. The gains in 2010 largely reflect higher prices and sales activity earlier in the year.
A separate report by CIBC World Markets Inc. says Canadian home prices are overvalued by about 12 per cent, largely because of inflated prices in B.C. where prices are 16.8 per cent overvalued. A CIBC economist says the province is due for a price correction…
B.C. home prices to rise this year before falling in 2011: report
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
Victoria’s housing market improves
Filed Under Main Content · Tagged: Abbotsford, Canada Vancouver, Conference Board Of Canada, Economist, Housing Market, Housing Starts, Metropolitan Areas, Times Colonist Victoria, Victoria Market
Times Colonist- Victoria, Vancouver and Abbotsford recorded increases in housing starts in August, with expectations that all three housing markets will remain positive, according to figures released yesterday by the Conference Board of Canada.
Vancouver showed a sharp increase and was ranked fifth of 27 metropolitan areas surveyed by the Conference Board.
"We expect more improvement in the next year," said economist Jane McIntyre, who wrote the report…
