CREA sees $1-billion hit to economy next year as home sales fall

Home sales in Canada are expected to tumble in 2018, pulling prices lower and creating a broader drag on economic growth for the country next year, according to the Canadian Real Estate Association.

CREA released its 2018 forecast on Thursday, predicting home sales will fall by 27,000 units or 5.3 per cent in 2018 to 486,600 sales. The decline would come on top of a projected 4-per-cent national decline in sales this year. read more

What you need to know about money for 2018

Part of the job description for a personal finance columnist is to be an amateur economist. For that reason, I’m a big fan of the annual Maclean’s list of the most important economic charts for the year to come.

The leads off my collection of financial intelligence that will help you better manage your money in the months ahead. Charts that caught my eye project a shocking rise in health care costs as our population ages, document the inexorable long-term increase in household debt and show the sad state of housing affordability. read more

Canadian home prices Drop 0.5 Percent in November

Canadian home prices dropped in November, the third consecutive monthly decline and the biggest November fall outside of a downturn, since Toronto prices fell for the fourth month and Vancouver costs were flat, data showed on Wednesday.

The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family houses, showed national prices dropped 0.5 percent in November from the month before as four of the 11 cities surveyed weakened. read more

New loyalty scheme rewards you for going to the pub

  • More than 300 pubs across the UK will reward you with points and discounts 
  • Earn Ice points on top of other loyalty schemes such as Avios and Clubcard 
  • There’s also money off to be had from M&S, John Lewis and JoJo Maman Bebe 

There’s a new loyalty programme in town rewarding people for their credit card spending – even down the local pub.

It goes by the name of Ice and is an add-on that can be used with any registered MasterCard in more than 300 pubs across the country – and with shops on and offline, leisure companies and financial services providers. read more

Statscan to release foreign ownership data for Toronto, Vancouver housing markets

New data on foreign investment in Toronto and Vancouver, Canada’s largest cities, will be published next week in a move economists expect will shed light on what’s driving demand — and a possible bubble — in the nation’s housing market.

While the Canada Mortgage and Housing Corp has said foreign investment accounts for only about 10 percent of sales activity, policymakers and Republicans alike have seized on the issue has a driving force behind precarious markets in both cities. read more

Whipsaw effect coming for Toronto housing market in January

December seems to be starting off as a fairly halcyon month in the the Greater Toronto Area’s real estate market. But brace yourself for January, when the “whipsaw effect” begins to unfold.

Cameron Forbes, general manager of ReMax Realtron Realty Inc., says December is already showing signs of meandering along at a slower pace than a lacklustre November. “It’s not a crazy December and it’s not a dead December.” read more

Canada has a solid foundation for financial happiness. So why is the disposition so dim?

There is plenty to celebrate in Canada from a fiscal standpoint as we head into the final weeks of 2017.

Unemployment is down, wages are up, stocks are chugging along and homes have held the value they have built up in the last ten years. We’ve got a solid foundation for financial happiness, but people are not responding. It isn’t just Canada — individuals in a lot of other well-off countries do not feel satisfied with where they’re financially, either. read more