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.
Canadian home sales fell 3.5% in July, the fourth consecutive monthly drop, now giving back a majority of the surge to record highs seen earlier this year as families sought bigger places to ride out pandemic lockdowns.
The Canadian Real Estate Association said Monday that July sales of 48,686 remain the second highest for that month on record, behind only last year's frenzy. The average 12-month price gain also slowed to 16% July from 26% in June and April's record 42% jump. The figures mesh with MNI reporting that policy makers will let the market cool without strong intervention even amid the BOC's concern about indebted households. (See: Canada Seen Letting Half-Century Home Boom Ride) Economists predict another report Tuesday will show further moderation with housing starts slowing.
Some markets remain tight, as evidenced by new home listings down 8.8% on the month, with the ratio of sales to new listings at 74% versus a long-term average of 55%, CREA's report said. Affordability will an issue in the upcoming election, as Liberal PM Justin Trudeau pushes expanded construction of subsidized properties and Conservatives attack the surge in prices.
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.