TORONTO, March 10 (Reuters) – Canadian housing starts rose
more than expected in February, data released on Monday showed,
but the modest increase did not sway economists’ expectations
that the country’s housing market will cool this year.
The seasonally adjusted annualized rate of housing starts
rose to 192,094 units last month from a upwardly revised 180,481
in January, the Canada Mortgage and Housing Corp (CMHC) said.
That topped expectations for an increase to 189,500.
OTTAWA/TORONTO, March 6 (Reuters) – The value of building
permits issued in Canada surged in January, while the pace of
purchasing activity unexpectedly picked up last month,
suggesting some of the impact of unusually harsh winter weather
may be dissipating in Canada.
Building permits jumped by 8.5 percent at the beginning of
the year, data from Statistics Canada showed on Thursday,
handily surpassing expectations for a 1 percent increase.
VANCOUVER/TORONTO, March 5 (Reuters) – Canadian police have
launched an investigation after online bitcoin bank Flexcoin,
which closed its virtual doors this week, said that it had lost
about $600,000 worth of the digital currency in a hacker attack.
The Edmonton, Alberta-based company reported the theft of
896 bitcoins on its website on Monday and said it “does not have
the resources (or) assets … to come back from this loss.” It
blamed the attack on hackers who had targeted its online wallet.
OTTAWA/TORONTO, Feb 27 (Reuters) – Lower prices for crude
oil helped to widen Canada’s current account deficit to its
fourth-largest level ever in the final months of last year,
underlining economists’ expectations that net exports were a
drag on economic growth in the fourth quarter.
The gap widened to C$16.01 billion ($14.42 billion) in the
fourth quarter of 2013, Statistics Canada said on Thursday.
Still, the deficit was smaller than the C$17.00 billion analysts
had forecast and previous deficits were revised lower.
(Reuters) – Canada’s housing market boom will fade out over the next three years and although analysts say prices won’t fall from record highs most are at least somewhat worried about the risk of a crash, a Reuters poll found.
In the survey of 16 forecasters, eight said they were “slightly concerned” that after more than a decade of rapid increases in home prices, they may be at risk of a sharp fall.
TORONTO (Reuters) – Canada’s housing market is at risk of a meaningful correction, Nouriel Roubini said on Monday, though the economist known as “Dr. Doom” for his often gloomy forecasts said he was not predicting a crash.
Roubini also said the value of the Canadian dollar is too strong, noting the challenge that poses to the manufacturing sector, and suggested the Bank of Canada should use more aggressive monetary policy to weaken the loonie.
OTTAWA/TORONTO, Feb 21 (Reuters) – Canada’s annual inflation
rate jumped unexpectedly last month to its highest in 1-1/2
years, alleviating concern that the country is headed for
disinflation and reducing the likelihood the Bank of Canada will
be forced to cut already low interest rates.
But the impact of the positive inflation data was offset by
a figures that showed a slump in retail sales in December as
harsh winter weather kept consumers at home. The drop was the
biggest in 12 months and reinforced expectations that the
economy likely shrank in the last month of 2013.
TORONTO, Feb 14 (Reuters) – Sales of existing homes in
Canada fell in January for the fifth month in a row as unusually
harsh winter weather discouraged potential house hunters, the
Canadian Real Estate Association (CREA) said on Friday.
Sales activity was down 3.3 percent last month from
December, data from the industry group for Canadian real estate
OTTAWA/TORONTO (Reuters) – Craig McIntosh’s company exports half of what its Canadian plastics factories produce, so he should be rejoicing in the Canadian dollar’s slide to a four-year-low. But he’s not.
The chief executive officer of Acrylon Plastics, which made the plastic parts in the children’s play set on the White House south lawn, says his business is suffering from President Barack Obama’s policy of encouraging American firms to open factories at home.
TORONTO, Feb 7 (Reuters) – Canada’s federal budget next
Tuesday will stay the course towards eliminating the deficit but
won’t try to “force the numbers” in order to reach a surplus
sooner than 2015, Finance Minister Jim Flaherty said on Friday.
Flaherty told reporters the budget would contain initiatives
to encourage growth and jobs but that his priority was to “keep
Canada the envy of the world” by fulfilling its promise to reach
a budget surplus in 2015, an election year.