FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Oct Housing Wrap: Market Fades Even After Sept BOC Pause

CANADA
  • Market softening as sales decrease and listings rise, a contrast with earlier this year when market surged after BOC signaled pause.
  • Existing home sales -1.9% Sept, third consecutive decline, -15% YOY.
  • Sales-to-new listings ratio eased to +51.4% vs +55.7% in August while Home Price Index -0.3%, +1.1% YOY.
  • “Expect a quieter than normal winter with all eyes on the Bank of Canada. We’ll see how buyers are feeling when the snow starts to melt” CREA senior economist said in latest release.
  • Capital Economics forecast 5% decline in prices over the next 6M, reversing gain from first half of the year.
  • Financial stability risks persist with mortgage rates up record 30% over last year. Borrowers refinancing at higher rates cut into disposable income; others hitting trigger rates where they are no longer paying down any principal.
  • “Higher interest rates are also continuing to cool housing demand by weighing on consumers’ likelihood of buying a home” said the BoC in the Q3 consumer survey.
  • Housing starts +8% to 270K units led by multi-unit properties.
  • Federal housing agency says 3.5m units needed in next decade to restore affordability; this is far higher than even record homebuilding pace. Govt may unveil pricey measures to soothe voters.
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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.