The Week in Economic and Real Estate News
The Canadian Real Estate Association published national resale data for October early last week. Both sales volumes and average prices were about 7% higher than a year ago. The MLS Home Price Index rose by 5.5%.
CAAMP’s Fall survey report and analysis was published last week. It forecasts that the rate of growth in mortgage credit in Canada will likely slow over the next year.
CIBC Economics published research last week which looks behind the official immigration statistics and indicates that the number of non-permanent residents in Canada has been significantly under-counted, making suggestions of overbuilding less valid.
Statistics Canada released inflation data for October on Friday. Headline inflation was 2.4% (annualized) and core inflation (which excludes some volatile items) was 2.3%, well above the Bank of Canada’s estimate.
The benchmark government of Canada five year bond yield ended last week at 1.52%, unchanged from the previous week.