Daily Market Update

Calgary resales market is ‘balanced’ says Conference Board
As the year draws to a close the resales market in Calgary is looking ‘balanced’, according to new analysis from the Conference Board of Canada. There was a slight dip in sales and prices in November but this month has smoothed that out. The board’s seasonally-adjusted annual MLS figures show a drop in sales volume of 1.5 per cent to 35,292 units with listings increasing to 52,236. The average price declined 0.4 per cent to $466,255. In December, despite six months of lower oil prices, the market is still buoyant, although some analysts are forecasting some tougher times ahead as the impact of a slowdown in the oil industry bites. The Conference Board predicts short-term year-over-year increases in prices to be around three to five per cent roughly in line with the growth in the 12 months to November 2014.
TD Economics forecasts slowdown in new Alberta jobs
It’s been a boom time for new jobs in Alberta in the past year but new predictions from TD Economics are for a slower pace in 2015. This year has seen growth of three per cent, the highest in Canada, but the outlook is for a dip to 1.3 per cent in 2015 and 1.2 per cent in 2016. That’s lower than the estimate from RBC, whch predicts it will be 1.8 per cent next year and 1.4 per cent in 2016.
Police uncover mortgage fraud
Police say they have uncovered a complex mortgage-fraud scheme. The investigation has been ongoing for seven years and has found at least 20 properties ranging from $300,000 to $1 million are involved. The homes are in Calgary, Fort McMurray and British Columbia. False companies were set up to enable the fraudsters to falsify employment and income information. Taxpayers will ultimately pay the price of the fraud as many of the mortgages were arranged with the CMHC. Four men have been arrested in connection with this and other crimes, two of them are still in custody. Read the full story.
Employment insurance stable
The number of people receiving regular Employment Insurance benefits in October was 491,400, little changed from the previous month, according to new StatsCan figures. Compared with October 2013, the number of beneficiaries decreased 26,800 or 5.2 per cent. All provinces saw little change in October in the number of people receiving regular benefits, except for British Columbia, where there was a marked decline compared with September.

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  • by Jeff 2014-12-19 11:49:47 AM

    Why would tax payers be liable because CMHC is involved? Surely their huge premiums can cover this kind of problem, or are they just another administrative laden government beast??

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