On Friday, we learned that Canada’s two private mortgage insurers, Genworth and Canada Guarantee, will not match the changes CMHC announced to its product line-up the week before. But they will each modify their Second Home products by restricting eligible properties to one unit.
The Vancouver and Calgary real estate boards reported April results last week. Volumes in Vancouver were well up from a year ago as conditions there approach a seller’s market. In Calgary, new listings grew enough to provide some relief to tight market conditions and prices were up about 10% from a year ago.
According to US Department of Labour statistics released last week, The American economy increased its pace of job creation in April, pushing the unemployment rate to 6.3%, its lowest level in more than five years. More than 200,000 new jobs have been created in the US for three consecutive months.
The benchmark government of Canada five year bond yield ended the week at 1.63%, down from 1.67% the previous week. A month ago, it was 1.75%.
News summary provided by MCAP.
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