MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

MNI: UK APR-JUN MEDIAN PAY AWARDS +4.9% :Brightmine

US Treasury Auction Calendar

BoC Data Watch

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

May Housing Wrap: Affordability Improves As Mortgage Interest Costs Fall

CANADA
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • Housing market was overall stagnant in May, with the expected spring resurgence not yet in sight.
  • April home sales -1.7% MOM with the average resale price also falling -1.8% YOY.
  • Teranet Housing Index prices +5.7% YOY, prior +5.6%, with the press release adding that "market activity remains sluggish in the spring."
  • New listings +2.8% MOM, one of the largest monthly gains on record, making the overall number of properties rise +6.5% in April.
  • Six-month moving average housing starts fell in April to 239K, or -2.2%, continuing a downward trend in construction.
  • National Bank of Canada says affordability improved for the first time in two quarters in Q1 as mortgage interest rates and house prices moderate and incomes rise.
  • Oxford Economics expects mortgage interest costs to slow to +8.7% YOY in Q4 this year from a peak of +30.7% in Q3 2023.
  • BoC's Financial Stability Report found indicators of financial stress have been mostly unchanged for mortgage holders, whereas renters have been more vulnerable to higher interest-rates. The Bank also expects higher wages to mitigate the impact of refinancing at higher rates.
  • Bank regulator OSFI annual risk outlook renews warnings about variable-rate, fixed-payment mortgages, about 15% of the market. Says these borrowers at risk of significant payment shock.
204 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Housing market was overall stagnant in May, with the expected spring resurgence not yet in sight.
  • April home sales -1.7% MOM with the average resale price also falling -1.8% YOY.
  • Teranet Housing Index prices +5.7% YOY, prior +5.6%, with the press release adding that "market activity remains sluggish in the spring."
  • New listings +2.8% MOM, one of the largest monthly gains on record, making the overall number of properties rise +6.5% in April.
  • Six-month moving average housing starts fell in April to 239K, or -2.2%, continuing a downward trend in construction.
  • National Bank of Canada says affordability improved for the first time in two quarters in Q1 as mortgage interest rates and house prices moderate and incomes rise.
  • Oxford Economics expects mortgage interest costs to slow to +8.7% YOY in Q4 this year from a peak of +30.7% in Q3 2023.
  • BoC's Financial Stability Report found indicators of financial stress have been mostly unchanged for mortgage holders, whereas renters have been more vulnerable to higher interest-rates. The Bank also expects higher wages to mitigate the impact of refinancing at higher rates.
  • Bank regulator OSFI annual risk outlook renews warnings about variable-rate, fixed-payment mortgages, about 15% of the market. Says these borrowers at risk of significant payment shock.