Daily Market Update

New rental units in Edmonton to increase vacancy rate
Lower immigration from other countries and fewer Canadians moving to Alberta from other provinces will play a part in rising condo rental vacancies in Edmonton this year. A report from Colliers International said there are 10,000 new condo units due for completion this year and they will provide new choices for renters in a market where much of the supply was built in the 1960's. However, although the firm said that Edmonton is still a solid rental market, it questioned how many of the new properties will be absorbed into the market.
 
Study reveals Canada’s most congested cities
If you’re looking to have a shorter commute, Vancouver, Toronto and Ottawa may be poor choices for you. The latest Tom Tom traffic index revealed that these three cities are most congested, at 35, 31 and 27 per cent, respectively. The study also found that overall congestion across the country has increased by two percentage points to 27 point in the year from 2013 to 2014. In the three most-congested cities the rise was seven per cent. Calgary is the least congested city; travelling in its evening rush will add an average of 79 hours to your journey each year, with 84 hours added in TorontoVancouver and Montreal. Thursday evening is the most congested evening commute, except for in Edmonton, Quebec and Calgary, where Wednesday or Friday are busier.
 
Consumer confidence continues upward trend
Consumer confidence in the economy was on the rise again last week, according to the latest Bloomberg Nanos Canadian Confidence Index. The index has been increasing for the past few weeks and was up to 55.59 last week compared to 55.02 in the previous week, and slightly above the 2015 average of 55.11. Figures on personal finances, the economy in general, job security and real estate all increased with the economy and real estate beating this year’s averages. When asked whether they thought real estate prices would be higher in six months, 35.93 per cent said yes, 16.23 per cent no, 45.45 said the same and 2.38 said they don’t know.
 
New Brunswick budget hits higher-earners
Those earning $150,000 or more in New Brunswick will find that they are in a new tax bracket following the province’s budget. Incomes between $150,000 and $250,000 will be taxed at 21 per cent and those on more than that will pay 25.75 per cent; both were previously taxed at 17.84 per cent. All households will find finances squeezed as Roger Melanson’s measures include fuel taxes rising by 1.9 per cent on gasoline and 2.3 per cent on diesel from today (Wednesday). Other changes will impact graduates and public servants. The government has warned that these austerity measures are just the start and the next budget will include “more difficult decisions.”

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