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)
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