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Home sales expected to drop in 2018 to lowest level in three years, says CREA
– canadianbusiness.com
MONTREAL _ Canadian home sales are expected to drop to their lowest level in three years in 2018, driven largely by a decline in Ontario, the Canadian Real Estate Association said Friday.
The association expects that 495,100 homes will be sold next year after downgrading its sales forecast for 2017 on a 9.9 per cent drop in August compared with a year ago.
It expects sales will fall 2.3 per cent in 2018 following a 5.3 per cent decline this year to 506,000, or 20,000 fewer than previously forecast in June.
Seasonally adjusted sales in August rose 1.3 per cent from the prior month _ the first gain in five months _ due to a 14.3 per cent boost in the Greater Toronto Area. Still, sales in this area were down 35 per cent from a year ago.
Benjamin Reitzes of BMO Capital Markets said the August data suggests the worst may have passed for the GTA following Ontario policy changes to restrict foreign buyers, but the future is unclear.
“The Bank of Canada’s rate hikes should help contain any renewed exuberance, but if things do heat up again, expect policymakers to step in before too long,” he wrote in a report…
The association expects that 495,100 homes will be sold next year after downgrading its sales forecast for 2017 on a 9.9 per cent drop in August compared with a year ago.
It expects sales will fall 2.3 per cent in 2018 following a 5.3 per cent decline this year to 506,000, or 20,000 fewer than previously forecast in June.
Seasonally adjusted sales in August rose 1.3 per cent from the prior month _ the first gain in five months _ due to a 14.3 per cent boost in the Greater Toronto Area. Still, sales in this area were down 35 per cent from a year ago.
Benjamin Reitzes of BMO Capital Markets said the August data suggests the worst may have passed for the GTA following Ontario policy changes to restrict foreign buyers, but the future is unclear.
“The Bank of Canada’s rate hikes should help contain any renewed exuberance, but if things do heat up again, expect policymakers to step in before too long,” he wrote in a report…
TSX finishes flat as energy and metals stocks fall, oil prices unchanged
– canadianbusiness.com
TORONTO _ It was an especially flat day for Canada’s main index, as energy stocks lost ground despite oil prices remaining around the US$50 mark.
The S&P/TSX composite index squeaked out 0.31 of a point to advance to 15,173.03, with gold and base metals also among leading decliners.
In New York, the Dow Jones industrial average advanced 64.86 points to 22,268.34. The S&P 500 index was up 4.61 points to 2,500.23 and the Nasdaq composite index gained 19.39 points to 6,448.47.
The Canadian dollar was trading at an average price of 82.09 US, up 0.11 of a U.S. cent.
In commodities, the October crude contract was unchanged at US$49.89 per barrel and the October natural gas contract was down five cents to US$3.02 per mmBTU.
The December gold contract declined $4.10 at US$1,325.20 an ounce and the December copper contract gave back a penny at US$2.95 a pound.
The post TSX finishes flat as energy and metals stocks fall, oil prices unchanged appeared first on Canadian Business – Your Source For Business News.
The S&P/TSX composite index squeaked out 0.31 of a point to advance to 15,173.03, with gold and base metals also among leading decliners.
In New York, the Dow Jones industrial average advanced 64.86 points to 22,268.34. The S&P 500 index was up 4.61 points to 2,500.23 and the Nasdaq composite index gained 19.39 points to 6,448.47.
The Canadian dollar was trading at an average price of 82.09 US, up 0.11 of a U.S. cent.
In commodities, the October crude contract was unchanged at US$49.89 per barrel and the October natural gas contract was down five cents to US$3.02 per mmBTU.
The December gold contract declined $4.10 at US$1,325.20 an ounce and the December copper contract gave back a penny at US$2.95 a pound.
The post TSX finishes flat as energy and metals stocks fall, oil prices unchanged appeared first on Canadian Business – Your Source For Business News.
The Canadian Real Estate Association has cut its national outlook for home sales activity for the year by five per cent, saying the decline stems almost entirely from a downward revision to its outlook for the Ontario market.
How to determine what's a 'cheap' stock, a lumber investment option, and the sectors getting a boost from Canada's economy
– theglobeandmail.com
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