Economic and Real Estate News

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.

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