Real Estate
BusinessReutersCanadian home sales jump 7.7% in October
Canadian home sales rose 7.7% in October from the previous month and were up 30% on an annual basis, adding to the rise in activity since the Bank of Canada began cutting interest rates, data from the Canadian Real Estate Association showed on Friday. The industry group's home price index edged down 0.1% on the month and was down 2.7% annually, while the national average selling price increased 6% on the year.
BusinessYahoo Finance Canada'Mortgage war': Canadians may emerge winners as banks fight for business
RBC notes anecdotal evidence of "significant discounting" at Canadian banks already.
BusinessReutersBank of Canada says changes to mortgage structure will not resolve housing affordability
Canada's housing affordability cannot be resolved by changing the country's unique mortgage structure, the Bank of Canada's Senior Deputy Governor said on Wednesday, as a wave of mortgage renewals over the next two years threaten to hurt the economy. "Improved housing affordability requires a better balance between supply and demand, and achieving this balance will take time," Carolyn Rogers said in Toronto in an address on the country's mortgage market. The country's mortgage structure has largely helped in maintaining financial stability and access to affordable credit, keeping its mortgage default at amongst the lowest in advanced economies, she said.