In the News: Housing Market Update
The annual rate of housing starts across the country slipped to 189,200 last month. Canada Mortgage and Housing Corp. reports that's a 1.6 percent decline after the agency revised June rate upward to 192,300 from 189,300. The agency blamed the decline on a decrease in urban single starts and a reduction in rurals starts·
Global housing rebound loses steam
The real estate rebound that lifted property values around the world is losing momentum, Bank of Nova Scotia says in a new report. Housing demand and prices slipped in the second quarter, senior economist Adrienne Warne wrote in the bank's Global Real Estate Trends Report Tuesday. The market was sideswiped by moderating global growth, volatility in financial markets and weak job creation.
Markets await Federal Reserve rate decision
The U.S. Federal Reserve was being closely watched Tuesday for its latest take on where the American economy is headed. The central bank's policy-making group, the Federal Open Market Committee, was due to release its latest statement on monetary policy at 2:15 p.m. ET.
Why real estate slowdown is 'most dramatic'
The recent slowdown in Canada's real estate market is the "most dramatic" of a general global softening, Bank of Nova Scotia said today. While Canada and Australia led a post-recession surge as world housing markets entered 2010, activity seems to have cooled again amid softer demand and prices that came with moderating economic growth, financial market turmoil and a sluggish rebound in labour markets, economist Adrienne Warren said in a new report.