Is housing market moving from ‘big thrill to big chill’?

The Globe and Mail- Sales of existing homes fell again in April, down by 2.6 per cent on a seasonally adjusted basis, which economists said signals that the real estate market will continue to cool as mortgage rates rise and higher house prices take a toll. New listings are also rising as sellers are increasingly enticed by what has been a remarkable rebound from the depths of the recession. Sales have now dipped month-over-month for three months out of the past four.

Average prices rose 12.2 per cent in April from a year earlier, which, while robust, is the “mildest gain” since last summer, noted BMO Nesbitt Burns deputy chief economist Douglas Porter. Raising the question of whether housing is moving “from big thrill to big chill,” Mr. Porter said…

Is housing market moving from ‘big thrill to big chill’? – The Globe and Mail

What’s behind Canada’s economic miracle?

The Globe and Mail- Looking back to last year, it would have been inconceivable to talk about a Canadian economic miracle; however, that is exactly what we have on our hands today.

Unlike the nascent U.S. rebound, the Canadian recovery has occurred with no arithmetic support from inventories, and with a lot less intervention in the form of fiscal stimulus. The National Bureau of Economic Research is still unsure of when (or whether) the recession ended south of the border, but Statistics Canada boldly told us a little more than a week ago that the domestic downturn was officially terminated back in the third quarter of last year.

So, what was the principal factor underpinning this impressive Canadian economic revival, especially in relation to what is happening in the United States? We can answer the question in one word: housing…

What’s behind Canada’s economic miracle? Housing – The Globe and Mail

Victoria primed for economic upswing

Times Colonist- Buoyed by increased construction activity, manufacturing output and a housing market that continues to show strength, Victoria is poised to see its economy grow 3.2 per cent in 2010, according to the Conference Board of Canada.

Vancouver topped all Canadian cities with expectations its economy, basking in the afterglow of the Olympic torch, would expand by four per cent this year.

"The Olympic Games provided a big, even if temporary, boost to retail trade, arts, entertainment and recreation, accommodation, and food services in Vancouver. All in all, the Olympics injected about $600 million into the Vancouver economy, lifting growth by about 0.8 percentage points," said Mario Lefebvre, director of the Conference Board’s Centre for Municipal Studies.

In its spring Metropolitan Outlook, the board noted construction activity in Victoria, which declined by 9.1 per cent in 2009, will drive the rebound as it is expected to bounce back with a 35 per cent increase in housing starts and continued commercial activity to drive construction growth to 3.1 per cent…

Victoria primed for economic upswing

Real estate sales ease in B.C.

Vancouver Sun- Real estate sales in January eased off the frenetic pace markets saw in December across British Columbia, the B.C. Real Estate Association reported Thursday.

While the overall provincial market in January represented a sea change from the doldrums of early 2009, demand appears to be lessening.

“We saw a dramatic rebound in sales since last January, and that pace of sales that we saw in December, and during the last quarter, was unlikely to be sustained through 2010,” Cameron Muir, the association’s chief economist said in an interview.

January’s sales, recorded through the Multiple Listing Service, hit 4,619 units, some 118-per-cent more than the same month a year ago, but down about 16 per cent from December…

Real estate sales ease in B.C.

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