Daily Market Update

Confidence grows in real estate and job security… Is there a link between the stock market and condo sales? And US pending sales dip in August…


Confidence in real estate and jobs are higher

The latest Bloomberg Nanos Canadian Confidence Index shows that confidence in job security and the real estate market are edging higher. Ontario is driving the confidence nationwide with more than 70 per cent saying they felt somewhat secure in their job; the highest level for four months. In the real estate sub-index more people now feel that house prices will increase in the next six months than they have done since the start of August. The percentage of those who feel prices will decline is below the annual average. Read the full story.


Condos and the stock market – is there a link?

A former analyst at the Canada Mortgage and Housing Corporation says there is a strengthening link between the stock market and condo sales. Shaun Hildebrand, senior vice-president of condo market analysts Urbanation, has spotted a trend in which growth in stocks in one quarter appears to boost sales of condos in the next quarter. Hildebrand suggests that investors who reap rewards from their shares may then use earnings to invest in condos. He accepts that further analysis is required but if the trend is proven then tracking stock market activity could be a useful marker of condo sales in the coming months. Read the full story.


Pending US home sales fell in August

New figures from the National Realtors Association show that the number of contracts signed for existing US home sales fell in August. The index had been trending higher in recent months and was expected to be unchanged for August but instead it declined by 1 per cent. Investors have pulled back on their purchase of distressed properties, which accounts for some of the decline. While new sales were up in August they only account for 10 per cent of all property transactions and this new data has caused concern among some analysts that the market’s recovery is not assured. Read the full story.


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