Balance and stability, two words that recently seemed foreign and unlikely, at least in reference to the Canadian Housing Industry.
Tagged: Economic Recovery
The realty firm Re/Max is looking to British Columbia’s high-end home sales as one bellwether for its prediction that provincial real estate markets are settling into a period of stability, according to a forecast released Tuesday.
Construction employment in the Lower Mainland-Southwest region decreased in August, according to Vancouver Regional Construction Association’s (VRCA) analysis of today’s Labour Force Survey from Statistics Canada.
Bank of Canada governor Mark Carney raised the overnight lending rate a quarter percentage point on Wednesday morning, in line with most analysts’ expectation.
Carney raised the trend-setting rate from 0.75 per cent to an even 1 per cent.
The malaise in Canada’s housing market is deepening, as record-low interest rates and a vast selection of homes prove to be insufficient incentives to draw new buyers into the market.
Just days after the Canadian Real Estate Association downgraded its sales forecast for the rest of the year, data from British Columbia and Alberta show sharp double-digit decreases in the number of homes sold in July compared to a year ago.
The real estate rebound that lifted property values around the world is losing momentum, Bank of Nova Scotia says in a new report.