Housing Starts in St. Catharines-Niagara up in June

Housing starts in the St. Catharines-Niagara Census Metropolitan Area (CMA) were trending higher at 1,294 units in June compared to 1,208 in May, according to Canada Mortgage and Housing Corporation (CMHC).

"The higher trend for starts in June shows signs of a sustained recovery post 2009. Once again, actual starts for June and year-to-date were up from a year ago. This strength is attributable to a tighter resale market in which choices were limited. The greater gains posted in multi-unit homes than in single-detached homes shows that the more affordable home types were more popular," said Alberto Mendoza, CMHC`s Market Analyst.

http://media3.marketwire.com/docs/956474e.pdf

Source: http://dcnonl.com/nw/36575/re

Canadian consumer confidence rises

Canadian consumer confidence rises as real estate outlook surges

As the housing starts rose to their strongest level in seven months in May, preceded by a decline in construction in the first three months of the year (Canada Mortgage & Housing Corp.), Canadian consumer confidence rose and so the percentage of respondents who believe home values in their neighborhood will increase in the next six months, the highest since the fourth quarter of 2009.

Although Canada’s economic growth slowed in the first quarter as the harsh winter slowed housing construction, business spending and exports, and expanded less than economists forecast in April, it remained appropriate for the central bank to keep its benchmark interest rate at 1 percent, in view of the economy’s “modest” pace of growth (Bank of Canada Governor Stephen Poloz).

Source: BNN (Business News Network)