OTTAWA -- Canada's resale housing market continues to rally with 42,483 homes trading hands in August, an 18.5% gain from year-ago levels, the Canadian Real Estate Association said Tuesday.
Economists warned, however, the market's outperformance in recent months is not likely to go on for long as home prices rise and the market consolidates gains. (Read Full Article)
U.S. foreclosures hit record high:
U.S. home foreclosure activity galloped to a record in the first half of the year, overwhelming broad efforts to remedy failing loans while job losses escalated.
Foreclosure filings jumped to a record 1.9 million on more than 1.5 million properties in the first six months of the year, RealtyTrac said on Thursday. (Read Full Article)
Calgary housing market on road to recovery:
Jul 14, 2009 — It's not the heady days of 2007, but after last fall's doldrums, confidence is definitely returning to the housing market, both in the form of higher prices and more sales as buyers are coaxed into the market by low mortgage rates. A report released Monday by Re/Max said recovery is well underway in Canada's key housing markets, including Calgary, as pent-up demand, cheap mortgage rates and lower prices help fuel a surge in sales.
Source: Lisa Schmidt, Calgary Herald
Ottawa under fire for credit market strategy
Jul 13, 2009 — Ottawa's plans to keep cash flowing to finance companies are falling short, with the industry saying a new $12-billion program is flawed and excludes too many smaller firms that are vital for an economic recovery.
