US housing construction jumps 16.9% in December

US housing construction jumps 16.9% in December
WASHINGTON — Construction of new homes surged in December to the highest level in 13 years, capping a year in which falling mortgage rates and a strong labour market helped lift the prospects of the housing industry. The Commerce Department reported Friday that builders started construction on 1.61 million homes at a seasonally adjusted annual rate in December, up 16.9%... Read More

Recurring federal deficits could be risky for future generations, study says

Recurring federal deficits could be risky for future generations, study says
MONTREAL — By continuing to post deficits with no clear deadline for a return to balanced budgets, Ottawa is pursuing a risky strategy that could leave a steep bill for future generations, according to a study by HEC Montreal’s Centre for Productivity and Prosperity. In an analysis released Wednesday, the authors concede that the federal government’s decision to run deficits from 2015 to 2018 to stimulate growth was... Read More

CREA reports December home sales up 22.7 per cent compared with year ago

CREA reports December home sales up 22.7 per cent compared with year ago
OTTAWA — The Canadian Real Estate Association says home sales in December were up 22.7 per cent compared with a year ago when sales were relatively quiet. The association says sales in the final month of 2019 were up compared with a year ago earlier across most of Canada, including all of the largest urban markets. On a month-over-month basis,... Read More

Rental vacancy rates last year hit lowest since 2002 after third year of decline

Rental vacancy rates last year hit lowest since 2002 after third year of decline
OTTAWA — Canada Mortgage and Housing Corp. says rental apartment vacancy rates last year hit their lowest level since 2002 after a third consecutive year of declines. The federal housing agency says the national vacancy rate for purpose built apartments was at 2.2 per cent, down from 2.4 per cent in 2018 for all bedroom types. The vacancy rate in condo rentals... Read More

Siddall to step down as head of CMHC at year end, not seeking term extension

Siddall to step down as head of CMHC at year end, not seeking term extension
OTTAWA — Canada Mortgage and Housing Corporation says president and CEO Evan Siddall will step down from his position at the end of the year as scheduled and not seek another extension of his term. The federal housing agency says a selection process for a new president and CEO will start in the coming months. Siddall was appointed to the five-year post... Read More

Five things to watch for in the Canadian business world in the coming week

Five things to watch for in the Canadian business world in the coming week
TORONTO — Five things to watch for in the Canadian business world in the coming week: Business outlook survey The Bank of Canada will release its latest business outlook survey and its new survey of consumer expectations on Monday. The central bank’s previous business outlook survey released in October found business sentiment had edged higher, but there were more pronounced... Read More

CMHC reports annual pace of housing starts in Canada slowed in December

CMHC reports annual pace of housing starts in Canada slowed in December
OTTAWA — Developers started building fewer homes than expected in December, mostly because of a decline in multi-unit projects, Canada’s housing agency said Thursday. Canada Mortgage and Housing Corp. said the seasonally adjusted annual rate of housing starts came in at 197,329 in December, down from 204,320 in November. Analysts on average had expected an annual rate of 210,000 for... Read More

Montreal home sales jump 26 per cent in December, median price up nine per cent

Montreal home sales jump 26 per cent in December, median price up nine per cent
MONTREAL — The Quebec Professional Association of Real Estate Brokers says Montreal area home sales hit a record volume for December after jumping 26 per cent from a year earlier. The association says there were 3,533 residential sales for the Montreal Census Metropolitan Area with gains in all six main areas. Julie Saucier, CEO of the association, says the strong... Read More

Pending homes sales rebound in November

Pending homes sales rebound in November
WASHINGTON — Americans signed more contracts to purchase homes in November, bouncing back from last month’s decline, indicating that the housing market is still strong. The National Association of Realtors said Monday that its pending home sales index, which measures the numbers of purchase contracts signed, rose 1.2% last month, to 108.5. The trade association said that contract signings measured... Read More