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Jul 9, 2015

Ordinary Canadians turn bankers as shadow mortgage lending rises

TORONTO, July 9 (Reuters) – Canada’s housing boom is
increasingly driving homebuyers to seek mortgages from private
lenders, who demand rates that can be more than five times
higher than those charged by the nation’s banks.

Canadian house prices have risen 36 percent since June 2009,
according to the Teranet-National Bank house price index. At the
same time, Canadian banks have become more conservative and
regulators are making it harder to lend, giving rise to an
alternative market, including Canadians who refinance their own
homes at low rates and then use the money to become mortgage
lenders themselves.

Jun 15, 2015

Canadian home resales rise in May

TORONTO, June 15 (Reuters) – Sales of existing homes in
Canada rose to the highest level in more than five years in May,
the fourth consecutive month of gains, the Canadian Real Estate
Association said on Monday.

The industry group for Canadian real estate agents said
sales were up 3.1 percent from April. Actual sales for May, not
seasonally adjusted, were up 2.7 percent from May 2014.

Jun 12, 2015

Canadian home prices rise in May; pace of growth increases

TORONTO, June 12 (Reuters) – Canadian home prices rose in
May to a record high despite a drop in Calgary as weak oil
prices continued to hurt demand in Canada’s energy heartland,
the Teranet-National Bank Composite House Price Index showed on
Friday.

The index, which measures price changes for repeat sales of
single-family homes, showed national home prices rose 0.9
percent last month from April.

May 15, 2015

Spring surge lifts Canadian existing home sales in April -CREA

TORONTO, May 15 (Reuters) – Sales of existing homes in
Canada rose in April from March as home buyers were encouraged
by low mortgage rates and a spring surge in listings, the
Canadian Real Estate Association said on Friday.

The industry group for Canadian real estate agents said
sales activity grew 2.3 percent last month from March, the third
consecutive monthly gain. Actual sales for April, not seasonally
adjusted, jumped 10 percent from April 2014.

May 14, 2015

Canada PM warns on household debt as housing boom turns patchy

May 14 (Reuters) – Canadian Prime Minister Stephen Harper
warned on Thursday that some consumers are overexposed to
mortgage debt even if the housing market remains stable, a rare
nod by the government to high consumer debt levels in an uneven
housing market.

Reiterating his stance that Canada’s housing market should
be strong and stable “over the longer term”, Harper said his
Conservative government would not consider a tax on foreign
purchases of real estate.

May 13, 2015

Canadian home prices rise in April, but pace slows

TORONTO, May 13 (Reuters) – Canadian home prices rose in
April from a month earlier, the fourth straight monthly
increase, but the pace of the gains was slower than in March and
the hot markets of Toronto and Vancouver were flat, the
Teranet-National Bank Composite House Price Index showed on
Wednesday.

The index, which measures price changes for repeat sales of
single-family homes, showed national home prices rose 0.2
percent last month from March. Prices were up 4.4 percent from a
year earlier and hit a new high nationally. The index does not
provide actual prices.

May 8, 2015

China state-backed developer Greenland Group eyes more Canadian projects

TORONTO, May 8 (Reuters) – China’s state-backed property
developer Greenland Group said on Friday it was looking to
expand further into Canada after breaking ground on a highrise
hotel-condominium in downtown Toronto.

Greenland said last year it plans to speed up its
international expansion, focusing on first tier cities in
developed countries.

May 8, 2015

Canada April housing starts slip from March -CMHC

TORONTO, May 8 (Reuters) – Canadian housing starts declined
in April from March as groundbreaking for new condominiums
slowed and low oil prices took a bite out of building in
Alberta, a report from the country’s housing agency showed on
Friday.

The Canadian Mortgage and Housing Corp report said the
seasonally adjusted annualized rate of housing starts fell to
181,814 in April from a downwardly revised 189,546 units in
March. Forecasters had expected 182,000 starts.

Apr 30, 2015

Canada housing overvalued, but low risk of overheating – CMHC

TORONTO, April 30 (Reuters) – Canadian house prices are
slightly overvalued but there is low risk of overheating or
overbuilding, the federal housing agency said on Thursday in a
report that is at odds with persistent concerns that real estate
bubbles are growing in several cities.

In its quarterly measure of four risk factors that could
indicate problematic conditions in Canada’s housing markets, the
Canada Mortgage and Housing Corp said the national market is
perhaps 3 to 4 percent overvalued, below the 8 percent
overvaluation threshold it considers problematic.

Apr 23, 2015

Ontario pledges smaller deficits; labor unrest seen

TORONTO, April 23 (Reuters) – Ontario’s Liberal government
trimmed its budget deficit forecasts for the next two years on
Thursday as it unveiled a budget that seeks cost cuts in
education and healthcare, a move toward austerity that could
spark labor unrest across the province.

Ontario, Canada’s most populous province, which accounts for
about 40 percent of the country’s economy, will run a deficit of
C$8.5 billion ($7 billion) in the 2015-2016 fiscal year as it
aims to return to balanced books by 2017-2018, Finance Minister
Charles Sousa’s budget said.