Boards for Canada’s three most followed real estate markets reported October results last week and the results were strong for all three. In Vancouver, sales volumes were up 15% from a year ago and reached a level more than 16% above the ten year average.
Calgary saw a surge in its condominium market which has created more choice for buyers over the past six months. In Toronto, sales volumes were up about 8% year-over-year and average prices rose almost 9%.
The Office of the Superintendent of Financial Institutions released new rules for insured mortgages, called B-21. The changes, first circulated earlier this year in draft form, are not expected to impact the mortgage market to nearly the same degree as the B-20 rule changes did in 2012.
Statistics Canada reported on Friday that the country’s unemployment rate dropped to 6.5% in October, its lowest level in six years. The US unemployment rate now stands at 5.8%.
The benchmark government of Canada five year bond yield ended the week at 1.53%, virtually unchanged from 1.54% the previous week.
Article from: www.mcap.com