Friday, February 8, 2008
Star Article backs CMHC presentations and Real Esate Forecast (Newsletter)
This article from the Toronto Star compares the housing starts from last year to January of this year. The economic factors I indicated in my previous newsletter/blog entry "Looking Into 2008 and Beyond" are also quoted here. Globally, it appears that Canadians, US, and foreign investors are all very optimistic in the Canadian Real Estate Market.
Canadian housing starts rebound in January
Feb 08, 2008 09:00 AM
THE CANADIAN PRESS
OTTAWA–Canada Mortgage and Housing Corp. reports the annual rate of housing starts numbered 222,700 units in January, up from 184,700 units in December.
Bob Dugan, CMHC's chief economist, says historically low mortgage rates, solid employment, income growth and consumer confidence fuelled the rise.
The corporation estimates housing starts will total 211,700 units in 2008, remaining above the 200,000 mark for the seventh straight year.
The seasonally adjusted annual rate of urban starts increased 25.2 per cent to 189,500 units in January over December.
Urban multiples surged 64.1 per cent to 108,000 units, while singles fell 4.8 per cent to 81,500 units.
Rural starts were estimated at a seasonally adjusted annual rate of 33,200 units in January.
Actual starts in rural and urban areas combined, dropped about 11.1 per cent in January compared to a year earlier.
Canadian housing starts rebound in January
Feb 08, 2008 09:00 AM
THE CANADIAN PRESS
OTTAWA–Canada Mortgage and Housing Corp. reports the annual rate of housing starts numbered 222,700 units in January, up from 184,700 units in December.
Bob Dugan, CMHC's chief economist, says historically low mortgage rates, solid employment, income growth and consumer confidence fuelled the rise.
The corporation estimates housing starts will total 211,700 units in 2008, remaining above the 200,000 mark for the seventh straight year.
The seasonally adjusted annual rate of urban starts increased 25.2 per cent to 189,500 units in January over December.
Urban multiples surged 64.1 per cent to 108,000 units, while singles fell 4.8 per cent to 81,500 units.
Rural starts were estimated at a seasonally adjusted annual rate of 33,200 units in January.
Actual starts in rural and urban areas combined, dropped about 11.1 per cent in January compared to a year earlier.
Wednesday, February 6, 2008
Sherry Cooper on CBC "The Hour" - supports Canadian Housing market (Newsletter)
Last night I was watching George Stroumboulopoulos's "The Hour" with guest speaker Sherry Cooper, who is one of Canada's Top Economists. She is the chief economist for BMO capital markets, and has been widely published as well.
I found it quite interesting to hear her views on the Canadian market, the US market, US recession and our ties to each other. The general overview of her interview is that the US is in recession, and hasn't seen the worse yet. Unfortunately, we are tied to the US markets who are just at the beginning of the negative cycle. Brought on by the aggressive and questionable sub-prime lending, the US economy is headed south and we will be affected.
Sherry Cooper did however distinguish and highlight that although we will be affected, she states: "not our housing market". She goes on to state that our housing market "is very stable", partly due to our basically non-existent sub-prime lending. She foresees that Canadian economic growth may slow due to the US recession, but seems very positive about our housing market.
So, whether influenced by my profession or straight advice from a Top Economist, the message seems to be to get your money out of the volatility of other investments and markets, and secure some safety and growth in the Canadian real estate market.
See video segment @ http://www.cbc.ca/thehour/video.php?id=1959
Enjoy.
Gavin Chen, Broker
Coldwell Banker Terrequity Realty
D:416-495-2753
www.gavinchen.ca
I found it quite interesting to hear her views on the Canadian market, the US market, US recession and our ties to each other. The general overview of her interview is that the US is in recession, and hasn't seen the worse yet. Unfortunately, we are tied to the US markets who are just at the beginning of the negative cycle. Brought on by the aggressive and questionable sub-prime lending, the US economy is headed south and we will be affected.
Sherry Cooper did however distinguish and highlight that although we will be affected, she states: "not our housing market". She goes on to state that our housing market "is very stable", partly due to our basically non-existent sub-prime lending. She foresees that Canadian economic growth may slow due to the US recession, but seems very positive about our housing market.
So, whether influenced by my profession or straight advice from a Top Economist, the message seems to be to get your money out of the volatility of other investments and markets, and secure some safety and growth in the Canadian real estate market.
See video segment @ http://www.cbc.ca/thehour/video.php?id=1959
Enjoy.
Gavin Chen, Broker
Coldwell Banker Terrequity Realty
D:416-495-2753
www.gavinchen.ca
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