Dec 18 (Reuters) – Canadian condominium construction has
surged but population growth has kept oversupply in check, the
federal housing agency said in a report on Wednesday that also
showed declining mortgage arrears and high home-equity levels.
In its annual report on the housing market, the Canada
Mortgage and Housing Corp pointed to steady mortgage debt and an
increasing number of households as evidence that residential
real estate is in good shape, despite warnings from observers
that the market is overheated.
TORONTO, Dec 16 (Reuters) – Sales of existing homes in
Canada dipped in November from October as a surge in autumn
sales spurred by rising mortgage rates abated, the Canadian Real
Estate Association said on Monday.
The industry group for Canadian real estate agents said
sales activity was down 0.1 percent last month from October.
TORONTO, Nov 15 (Reuters) – Sales of existing homes in
Canada declined in October from September, suggesting the summer
surge in sales was boosted by homebuyers who jumped into the
market amid the threat of rising mortgage rates, dampening
demand as the year draws to a close.
The Canadian Real Estate Association said on Friday sales
activity was down 3.2 percent last month from September, ending
a string of monthly gains that began in the spring.
TORONTO, Nov 13 (Reuters) – Canadian home prices edged
higher in October from the month before but the gain was lower
than average, suggesting the market is cooler than usual, the
Teranet-National Bank Composite House Price Index showed on
The index, which measures price changes for repeat sales of
single-family homes, showed overall prices rose 0.1 percent last
month from September. The average October monthly gain over 15
years of data has been 0.2 percent, Teranet said.
TORONTO, Nov 8 (Reuters) – The Canada Pension Plan
Investment Board, one of the world’s biggest pension fund
investors, is prepared to sit back and wait for good deals to
come along since most assets appear fully valued right now, its
chief executive said on Friday.
The head of CPPIB, which reported gross investment returns
of 1.8 percent to help grow its net assets to C$192.8 billion in
its latest quarter, said the fund will stick its money in
passive investments if needed as it waits for investment
opportunities where the price is not too high.
TORONTO, Nov 8 (Reuters) – It would be foolish for Canadian
rules on foreign investment to be too clear because Ottawa needs
a certain amount of discretion when considering takeover bids,
Prime Minister Stephen Harper said on Friday.
Last December, Canada allowed China’s CNOOC Ltd to
buy domestic energy firm Nexen Inc despite unhappiness among
some legislators in the ruling Conservative Party, who said they
did not like the idea of foreign state-owned enterprises buying
Canadian energy assets.
TORONTO, Nov 8 (Reuters) – Canadian housing starts rose more
than expected in October and September starts were revised
higher, according to data released on Friday that will add to
fears the property sector could be overheating.
Data from the Canada Mortgage and Housing Corp showed the
seasonally adjusted annualized rate of housing starts was
198,282 units last month, up from an upwardly revised 195,929 in
September and surpassing analysts’ expectations for 190,800.
TORONTO, Oct 31 (Reuters) – Canada’s federal housing agency
has bumped up its forecast for housing starts in 2013 but
trimmed its forecast for 2014, setting an essentially flat
outlook for a once-roaring market.
The Canada Mortgage and Housing Corp said on Thursday
housing starts will be in a range of 179,300 to 190,600 units in
2013, with a point forecast, or most likely outcome, of 185,000.
That is up from its August estimate of 182,800.
TORONTO, Oct 28 (Reuters) – Canadian financial advisers have
watched regulators around the world ban embedded fees on popular
products like mutual funds, but the slow pace of change in
Canada has left them lobbying hard to preserve a profitable
While Canada’s relatively high fees on financial products
were long overlooked when the economy boomed, low returns and
the advent of low-cost products like exchange-traded funds
(ETFs) have spurred calls for reform.
TORONTO (Reuters) – The Bank of Canada’s surprising signal on Wednesday that it will not raise interest rates any time soon will lift the housing market and give indebted households breathing room, but it leaves many apprehensive there will be a hard reckoning.
Canada sidestepped the worst of the financial crisis because it avoided the real estate excesses of its U.S. neighbor, and a post-recession housing boom helped it recover more quickly than its Group of Seven peers.