The Week in Economic and Real Estate News
We learned on Friday that the Canadian economy added a whopping 95,000 new jobs in May. The consensus estimate among economists was for about 15,000. The unemployment rate in Canada dropped from 7.2% to 7.1%. In the US, number were more muted with only 175,000 new jobs as the unemployment rate ticked up to 7.6%.
Canada's largest real estate boards reported their May sales data last week and they reflect significant regional differences. Vancouver enjoyed its first yearly gain in 19 months, Calgary saw sales and prices both up strongly, Toronto posted slower sales amid continued price increases and Montreal was also slower with prices also moving up.
Scotiabank published its quarterly Global Real Estate Trends which looks in particular at the Toronto housing market which the bank expects to experience continued lower sales volumes and slower new construction activity into mid-decade.
Our Feature Article takes a closer look at the numbers form the big four real estate boards and the Scotiabank report on the Toronto real estate market.
Joel Sida from MCAP
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