CBC Reports that Canadian Housing Boom in 9th Inning
CBC reports that, “Canada’s much-watched housing market is sending out mixed signals these days — even for analysts.”
[pullquote align=”left”]Last week, Statistics Canada reported that building permits in the residential sector fell 12.9 per cent in June.[/pullquote]
“A spate of fresh data and yet one more market-cooling tweak from Ottawa last week has put one of the most important sectors in the Canadian economy, and the most important asset-source for most Canadians, on a kind of death watch.
That’s because while some of the data, such as home prices and starts, is pointing to the soothing “soft landing” that homeowners, economists, banks and politicians are fingers-crossed hoping for, others, like land purchases and building permits suggest the real message is: the crash is coming.
Last week, Statistics Canada reported that building permits in the residential sector fell 12.9 per cent in June, and permits for multi-unit dwellings — mostly condos — sank even further by 18.8 per cent.
Even more frightening, research conducted by RealNet Canada found that in some of the bigger markets — Toronto, Vancouver and Calgary — residential land investments for future home building has already crashed through the floor, plunging 51, 52 and 30 per cent respectively.”
-excerpted from CBC.com, Aug 11, 2013
Read the full article on CBC
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