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Home Resales in Canada Jump in March as Buyers Come Out of Hibernation             

Sales of existing homes in Canada jumped in March from February and prices continued to tick higher as the winter deep freeze ended and home buyers started to come back into the market, the Canadian Real Estate Association (CREA) said on Tuesday. The industry group for Canadian real estate agents said sales activity was up 1.0% last month from February, and February’s gain was revised up to a 0.6% rise, from 0.3% reported previously. The back-to-back monthly gains followed five straight months of falling sales as the particularly brutal winter kept the market on hold.  Actual sales for March, not seasonally adjusted, were up 4.9% from March 2013.  Read More >> 
  

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Canadian House Prices Flat in March from February, but Up 4.6% From a Year Ago
 
Canadian resale home prices were flat in March from February and 12-month home price inflation slowed slightly, the Teranet-National Bank Composite House Price Index showed on Monday.  While national prices were essentially unchanged last month from February, the index, which measures price changes for repeat sales of single-family homes, showed regional disparities, as Calgary roared ahead but Montreal faltered.   Read More >>

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New Home Prices in Canada Gain 0.2% Led by Calgary
 
Statistics Canada reported last Thursday that its New Housing Price Index (NHPI) rose 0.2% in February, following a 0.3% increase in January. Economists forecast the national index would rise 0.1%, according to the median estimate.  From a year earlier, new home prices increased 1.5% in February, matching the January pace. The metropolitan region of Calgary was the top contributor to the monthly gain, with prices up 0.9% over the previous month.  Read More >>

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Young Canadians Increasingly Upbeat About Home Ownership, RBC Survey Suggests 
 
More young Canadians believe owning a home is a very good investment, according to a recent RBC home ownership poll released last week.  It says 86% of those aged 25-34 believe owning a house or condo is a solid investment, up from a reading of 78% last year, a year when many believed rising mortgage rates would soon make it more expensive to own a house. Rate hikes have reversed since last year.  RBC says that attitude is also reflected in buying intentions, with interest from the 25-34 age group rising to 41% in the latest poll compared to just 25% in 2013.  Read More >>

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Canadian Consumer Confidence Rises from Year-Earlier Levels  
 
A new survey says Canadian consumer confidence at the beginning of 2014 was higher than it was one year ago but slightly lower than at the end of 2013.  The Harris/Decima-Investors Group’s overall consumer confidence index for the first quarter of 2014 stood at 81.2. That’s up from 77.6 in the first quarter of 2013 but down from 84.4 in the fourth quarter of 2013, which marked a three-year high for the index.  The index tracks responses to consumer attitudes about what lies ahead for the economy and their own financial situation.  Read More >>

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Latest U.S. Economic News
 
U.S. housing starts rose less than expected in March and building permits fell, pointing to underlying weakness in the housing market that could persist despite better weather; U.S. homebuilder sentiment edged up in April but remained mostly dour on lingering concerns about stiff credit conditions for buyers and tight supply of building lots and labour, the National Association of Home Builders said on Tuesday; U.S. consumer prices rose in March, but inflation pressures remained generally benign, which should give the Federal Reserve ample scope to keep interest rates low; U.S. retail sales recorded their largest gain in 1-1/2 years in March, in the latest sign the economy was emerging from its weather-induced slumber and on track to accelerate in the second quarter ....  Read More >>

  

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