Canadian Housing Starts (September 2021)
Posted on Oct 19, 2021 in Economics
Canadian housing starts declined for the fourth consecutive month in September, but remain strong compared to typical pre-pandemic activity. Housing starts decreased by 11.6k to 251.2k units (-4.4% m/m) in September at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up significantly from September of 2020 (20.1% y/y...Canadian Home Prices Continued to Rise As Insufficient Supply Creates Excess Demand
Posted on Oct 18, 2021 in Economics
Today the Canadian Real Estate Association (CREA) released statistics showing national existing-home sales rose 0.9% between August and September 2021, posting the first monthly gain since March (see chart below). On a year-over-year (y-o-y) basis, the number of transactions last month was down 17.5%. Nevertheless, it was still the second-highest s...Canadian Employment (September 2021)
Posted on Oct 13, 2021 in Economics
Canadian employment grew for the fourth consecutive month in September, rising by 157,000 to 19.13 million (0.8%, m/m). During the survey period, several provinces had reintroduced or planned to reintroduce vaccine passports and indoor masking. Restrictions on international travelers entering the country were eased on September 7th, likely boosting...Vancouver Market Intelligence - October 2021
Posted on Oct 07, 2021 in Economics
• The unusual circumstances of the COVID-19 pandemic produced an unexpected and substantial increase in housing demand while the supply of listings fell. • As a result, buyers outnumbered sellers by as much as 2.5 to 1 in some months with markets in Victoria and the Fraser Valley seeing more than 7 potential buyers for every seller.
• While demand ha...
Canadian Monthly Real GDP Growth (July 2021)
Posted on Oct 01, 2021 in Economics
The Canadian economy contracted 0.1 per cent in July following growth of 0.6 per cent in June. The level of GDP remains about 2 per cent below its pre-pandemic level of February 2020. The majority of Canadian industries actually grew in July, led by re-opening of many provincial economies which led to a strong increase in the accommodation and food...Mortgage Rate Forecast September 2021
Posted on Sep 21, 2021 in Economics
Highlights
- Delta variant of COVID-19 drives global bond yields lower
- Canadian economy unexpectedly contracts in the second quarter
- Bank of Canada on hold a little longer?
Mortgage Rate Outlook
It was another quiet quarter in the Canadian mortgage market. Canadian five-year fixed rates moved essentially sideways over the summer as optimism about the end...
