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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.
CANADA
- Released last week, Teranet-National Bank house prices fell a seasonally adjusted -0.5% M/M in December.
- It was the third consecutive decline and left prices down -0.5% annualized on a 3M/3M basis, the first decline on this basis since May after a brief surge higher in the summer and autumn.
- The peaking in 5Y GoC yields north of 4% in September and October likely played a part in the cooling of housing activity with a lag.
- However, the regional breakdown suggests unusual dispersion, with declines heavily concentrated in Toronto yet five of the eleven regions still growing strongly including Montreal +12% (see table below).
- These five regions have been resilient to that prior tightening in financial conditions and could and could be due a tailwind ahead with 5Y yields since falling more than 100bps from their peak.
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.
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