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.
The Canadian Real Estate Association said Thursday property sales will plunge 20% this year from a previous record high with buyers pinched by rising interest rates, underlining risk that instability in consumer finances could stall the economy. The group's new forecast is bigger than its June prediction of a 15% decline and its March estimate that sales would slip 8.1% this year.
The Bank of Canada's 300bps of hikes this year to 3.25% is the biggest jump in the G7 and a former researcher has told MNI that could already be overdoing things (See: MNI INTERVIEW: Canada Overdoing Rate Hikes- Ex BOC Scholar).
Housing was seen by policymakers as overheated through a long boom and average prices are still seen rising another 4.7% to CAD720,255 this year. BOC officials have suggested some cooling is welcome. CREA also said sales will decline another 2.3% next year while prices are seen little changed. Sales in August declined 1% from July, leaving them 25% below a year earlier.
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.