Canadian Inflation Disappointingly High in November
Posted on Dec 22, 2022 in Market Update
Canadian Inflation (November 2022)
Canadian prices, as measured by the Consumer Price Index (CPI), rose 6.8 percent on a year-over-year basis in November, a slight decrease from the 6.9 percent rate in October. Despite rising food and shelter costs, falling gasoline and furniture prices softened the pressure on prices. Rising interest rates contri...
Canadian Retail Sales Increases
Posted on Dec 21, 2022 in Market Update
Canadian Retail Sales (October 2022)
Canadian seasonally-adjusted retail sales rose 1.4 percent in October to $62 billion. Sales rose in 6 of 11 subsectors but were led by higher sales at gasoline stations (+6.8 percent) and food and beverage stores (+2.2 percent). Core retail sales, which strips out gasoline and motor vehicle and parts dealers, ro...
Canadian Home Prices Drop for 9th Month as Market Slows
Posted on Dec 17, 2022 in Market Update
Another Month, Another Dip in Housing
Statistics released today by the Canadian Real Estate Association (CREA) show home sales edged down in November. National home sales fell 3.3% between October and November, continuing the moderating sales trend that began last February on the precipice of unprecedented monetary policy tightening. Sales are down...
Canadian Housing Declines 0.2 from being flat in November
Posted on Dec 16, 2022 in Market Update
Canadian Housing Starts (November 2022)
Canadian housing starts were essentially flat in November, declining just 0.2 percent to 264.2k units at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were down from November of 2021 (14 percent). Single-detached housing starts fell 5 percent to 67.8k, while multi-family and others...
BC Homes Continue to Decrease in November
Posted on Dec 14, 2022 in Market Update
Housing Market Activity Remains Slow in November
The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2022, a decrease of 50.8 percent from November 2021 and about 30 percent below a historical average November. The average MLS® res...The Bank of Canada Hiked Rates The Full 50 bps
Posted on Dec 07, 2022 in Mortgage News
The Governing Council of the Bank of Canada raised its target for the overnight policy rate by 50 basis points today to 4.25% and signalled that the Council would "consider whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target." This is more dovish language than in earlier...
