The Canadian Real Estate Association published resale data for May last week with most markets seeing a healthy rise in sales volumes. Average prices across the country were up in May by more than 7% year-over-year to $416,584.

CMHC released results of its Mortgage Consumer Survey last week. Brokers are seeing growing market share and more than three quarters of consumers are now researching mortgages online before contacting a broker or a lender.

Canada’s inflation rate moved above 2% for the first time in more than two years, as reported by Statistics Canada on Friday. The Canadian dollar moved up to 93 cents US on the news.  According to one of CIBC’s analysts last week, they believe we may see an increase to our Overnight Target rate at the next announcment from Bank of Canada.  Although it’s just an opinion, always interesting to see the thoughts from these analysts. 

The benchmark government of Canada five year bond yield ended the week at 1.60%, up slightly from 1.58% the previous week.