CMHC: Housing starts lower
New figures from the Canada Mortgage and Housing Corporation show that housing starts were down in October; mainly due to a slowdown in condo construction. Builders broke ground on 183,604 from a revised 197,355 in September, according to the seasonally adjusted annualized rate. Robert Kavic of BMO Capital Markets says that the levels of starts are at roughly the right level to meet demand. CMHC chief economist Bob Dugan notes: "The decrease in the trend reflects a decline, in October, of starts of multi-unit dwellings, including condominiums. Given the elevated level of condominium units under construction, our expectation is that condominium starts will continue to trend lower over the coming months."
Ontario’s consumers more confident now than Alberta
The Bloomberg Nanos Canadian Confidence Index shows that Ontario has overtaken Alberta after 17 months behind. The last two weeks have seen Alberta’s consumer confidence slipping back due to the disruption in the energy sector, while there has been a rise for Ontario and other provinces where services and manufacturing dominate. Recent jobs figures and building permit applications have also been moving higher in Ontario. Read the full story.
Home Capital aims to become a bank
After announcing that it has seen an increase of 28 per cent in its mortgage business in the past year, partly due to not being restricted by tighter regulations that banks do, it may be a surprise that Home Capital has applied to become one. If the Schedule I bank licence is granted by the Minister of Finance it would allow Home Capital to expand its home loan business and also offer a range of new and upgraded services. Read the full story.
‘Palace of Love’ becomes most expensive U.S. property ever to go on sale
A Beverley Hills estate has gone on sale and broken all records for the most expensive residential property ever to go on sale in the U.S. Nicknamed 'Palazzo di Amore' or ‘Palace of Love’, the estate boasts 25 acres. The main house, accessed via a quarter-mile-long driveway, has a dining room with seating for 250 guests and an elevator. It was bought by property tycoon Jeff Greene in 2007 for US$35 million and he’s spent US$25 million developing it. If it sells for the asking price he’ll turn a healthy profit though; it’s on the market for US$195 million (CAN $220 million). Read the full story.
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