Tags: news

29 Jun 2009, Comments Off

Canadian Funding Corp Sees Continued Growth in Property Market

Author: admin

More good news for Canadians this week, as an official think tank has predicted that Canada will continue to avoid the harshest affects of the recession.

The think thank, in collboration with the IMF, noted that the housing market remains strong, and continues to flourish. The IMF predicts that of all the G7 countries, Canada wil be the fastest growing in 2009, and has one of the soundest economies in the world. Canada’a extraordinary robustness is all the more impressive when compared to the U.S’s recent financial troubles.

Although Canada is sometimes considered the poorer relation to the U.S., or not considered as one of the leading economies of the world, Canada is in fact one of the few countries that continues to thrive in these tough economic times.

Thriving Real Estate Market

Canada’s quality of life continues to rank among the top 10 in the world. With a thriving property market and quality real estate, Canada continues to be an attractive offer to overseas buyers, looking to buy investment property, or holiday homes.

There are a number of reasons why Canada’s property market (and economy) continues is ascent:

Firstly, Canada has built it’s economy on the strength of its oil and gas resources – the 2nd largest oil reserves in the world and the 3rd largest natural gas producer. In the Alberta oil region where much of the gas is produced has a 5% employment growth per annum.

Billlion Dollar Sales

In 2007, when the U.S was recording record number of repossessions, (to get worse in 2008) the Canadian Real Estate Association was celebrating its’ first year of billion dollar sales. Another lesson the U.S: how much of the Canadian real estate lending was sub-prime? About 5%.

With inflation well under control, and the Bank of Canada recently reducing its rates on martgage lending, Canada increasingly looks like a great place to invest your real estate money. Government spending is under control, and house prices continue to rise.

http://www.sell-my-house-quick.com/articles/canadian-property-market-continued-growth-160.html

brought by Moishe Alexander, CFC CEO

15 Jun 2009, Comments Off

Housing starts rebound to top forecast in May

Author: admin

Canada’s housing construction sector had a better-than-expected May as the seasonally adjusted, annualized rate of starts rose to 128,400 for the month.
Moishe Alexander reviews the trends:

That was ahead of the 126,000 annualized rate that economists had forecast.

In April, the seasonally adjusted annualized rate was 117,600.

“This morning’s housing starts data for May from CMHC provided us with the first sign that a bottom might be forming in Canadian homebuilding activity,” said TD Bank economist Pascal Gauthier.

“Nation-wide homebuilding activity recorded its first broadly based increase since October 2008, both in terms of unit types (singles and multiples) and regions of the country,” he said.

The federal government agency said urban single-home starts increased by 11.1 per cent to 46,900 units last month, while urban multiple-units starts, such as condominiums, rose by a similar percentage to 60,900.

May’s seasonally adjusted annual rate of urban starts increased 22.0 per cent in Ontario, 16.8 per cent in the Prairies, 7.3 per cent in Atlantic Canada, and 3.3 per cent in Quebec. Urban starts declined 5.0 per cent in British Columbia.

Showing how much housing has retreated since last year, the overall seasonally adjusted, annualized rate of construction starts stood at 221,300 units in May 2008.

CMHC said housing starts are expected to improve throughout 2009 and over the next several years “to gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year.”

Gauthier said starts are expected to remain around 120,000 on average through the remainder of this year.

“The good news part [in that forecast] is that homebuilding activity would cease to be a drag on economic growth and employment heading into next year,” he said.

“The bad news part, assuming our forecast unfolds, is that we do not expect the level of starts to head back above 150,000 units before 2011.” Posted by Thaddeus Warchol

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