TORONTO (Dow Jones)--Canadian housing starts rose 7.3% to an annual rate of 205,900 in September, mainly due to an increase in multiple starts, Canada Mortgage and Housing Corp. said Tuesday.
Results were well ahead of the 189,000 rate analysts surveyed by Dow Jones had projected for the month.
The September rate was up from a revised 191,900 units in July.
CMHC said the pickup in September housing starts reflects an increase in multiple starts in the Atlantic region, Quebec and in British Columbia, but noted that multiples "are expected to move back towards levels consistent with demographic fundamentals in the near term."
CIBC World Markets agreed, saying in a note that multiple starts are "widely expected to scale down in the months ahead."
However, CIBC said the data suggest residential construction could be a positive for GDP in the third quarter "as homebuilding continues to garner support from a low rate environment, and a robust multiples market."
In September, urban starts rose 8% to 185,900. Multiple urban starts were up 14.2%, while urban single starts were down 1.5%.
Last month's seasonally adjusted annual rate of urban starts jumped 47% in the Atlantic region, 32% in Quebec and 18.6% in BRitish Columbia, while urban starts fell by 3.5% in Ontario and 12.1% in the Prairie region.
Rural starts were estimated at 20,000 units in September.
Wednesday, October 12, 2011
Friday, October 7, 2011
Canada adds 61,000 jobs in Sept, jobless rate down
OTTAWA (Reuters) - A whopping 60,900 new jobs helped slice Canada's unemployment rate to 7.1 percent in September from 7.3 percent in August, Statistics Canada said on Friday.
This far exceeded the median forecast of 10,000 new jobs in a Reuters survey of economists after August's decline of 5,500. The most optimistic forecasters had predicted 30,000 new positions in September .
Adding to the positive news, September saw 63,800 full-time additions, while part-time employment declined by 2,900.
However, 38,400 of the new jobs were in educational services, presumably largely the result of the return to work of teachers and assistants who were laid off for the summer. Statscan tries to adjust for seasonality but said there had not been a consistent pattern in this sector in recent years.
The unemployment rate is the lowest since December 2008. The data should temper market expectations of a rate cut by the Bank of Canada as it signals an economy that is still humming despite dire news out of Europe. Another indicator the bank watches closely for inflationary pressure, showed the average hourly wage of permanent employees had risen by 1.6 percent from a year earlier.
This far exceeded the median forecast of 10,000 new jobs in a Reuters survey of economists after August's decline of 5,500. The most optimistic forecasters had predicted 30,000 new positions in September .
Adding to the positive news, September saw 63,800 full-time additions, while part-time employment declined by 2,900.
However, 38,400 of the new jobs were in educational services, presumably largely the result of the return to work of teachers and assistants who were laid off for the summer. Statscan tries to adjust for seasonality but said there had not been a consistent pattern in this sector in recent years.
The unemployment rate is the lowest since December 2008. The data should temper market expectations of a rate cut by the Bank of Canada as it signals an economy that is still humming despite dire news out of Europe. Another indicator the bank watches closely for inflationary pressure, showed the average hourly wage of permanent employees had risen by 1.6 percent from a year earlier.
Wednesday, October 5, 2011
Canada best for business: Forbes
By Theresa Tedesco, Financial Post
Canada ranks as the top country among 134 major developed nations for business, according to the annual Best Countries for Business survey by influential business magazine Forbes.
The move from fourth in 2010 to top billing is based on a ranking of 11 different factors – including property rights, taxes, freedom of trade, money, corruption, innovation, investor protection and market performance. According to the survey, Canada is the only country to score in the top 20 consistently in 10 of those metrics.
“As an affluent, high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production and affluent living standards,” the report says.
Canada is lauded for avoiding the financial meltdown that has seen banks teetering perilously in the U.S. and Europe since 2008, for tax reform, mostly with the introduction of the Harmonized Sales Tax in Ontario and British Columbia, and for its ability to maintain a lower unemployment rate than its trading partners. In fact, in terms of overall tax burden, Canada ranked ninth in 2011, up from 23rd in 2010.
“During the run-up to every U.S. presidential election, countless Americans threaten to move to Canada if their preferred candidate does not emerge victorious,” declared Forbes. “Of course, few follow through with a move north. Maybe it is time to reconsider.”
While the U.S. is “paralyzed by fears of a double-dip recession and Europe struggles with sovereign debt issues,” Canada’s economy held its own, the report gushes. “Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian exports each year.”
The unemployment rate of 7.3% in Canada compares favourably with the U.S. rate of over 9% and the eurozone unemployment rate of 10%.
Even economic expansion, projected at 2.4% but down from last year’s 3.1%, is heralded.
While many Canadians have a love-hate relationship with their banks, the folks at Forbes are unequivocal in their adoration. “Canada’s major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector’s tradition of conservative lending practices and strong capitalization.”
The other countries rounding out the top 10 are New Zealand, Hong Kong, Ireland, Denmark, Singapore, Norway, the United Kingdom, and the U.S, at 10th spot, down from ninth in 2010. The culprit in 2011: the U.S. surpassed Japan as having the highest corporate tax rate among major developed countries.
Three African countries – Burundi, Zimbabwe and Chad – bring up the rear among the 134 nations ranked, all faring poorly mostly because of corruption and red tape.
© Copyright (c) National Post
Canada ranks as the top country among 134 major developed nations for business, according to the annual Best Countries for Business survey by influential business magazine Forbes.
The move from fourth in 2010 to top billing is based on a ranking of 11 different factors – including property rights, taxes, freedom of trade, money, corruption, innovation, investor protection and market performance. According to the survey, Canada is the only country to score in the top 20 consistently in 10 of those metrics.
“As an affluent, high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production and affluent living standards,” the report says.
Canada is lauded for avoiding the financial meltdown that has seen banks teetering perilously in the U.S. and Europe since 2008, for tax reform, mostly with the introduction of the Harmonized Sales Tax in Ontario and British Columbia, and for its ability to maintain a lower unemployment rate than its trading partners. In fact, in terms of overall tax burden, Canada ranked ninth in 2011, up from 23rd in 2010.
“During the run-up to every U.S. presidential election, countless Americans threaten to move to Canada if their preferred candidate does not emerge victorious,” declared Forbes. “Of course, few follow through with a move north. Maybe it is time to reconsider.”
While the U.S. is “paralyzed by fears of a double-dip recession and Europe struggles with sovereign debt issues,” Canada’s economy held its own, the report gushes. “Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian exports each year.”
The unemployment rate of 7.3% in Canada compares favourably with the U.S. rate of over 9% and the eurozone unemployment rate of 10%.
Even economic expansion, projected at 2.4% but down from last year’s 3.1%, is heralded.
While many Canadians have a love-hate relationship with their banks, the folks at Forbes are unequivocal in their adoration. “Canada’s major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector’s tradition of conservative lending practices and strong capitalization.”
The other countries rounding out the top 10 are New Zealand, Hong Kong, Ireland, Denmark, Singapore, Norway, the United Kingdom, and the U.S, at 10th spot, down from ninth in 2010. The culprit in 2011: the U.S. surpassed Japan as having the highest corporate tax rate among major developed countries.
Three African countries – Burundi, Zimbabwe and Chad – bring up the rear among the 134 nations ranked, all faring poorly mostly because of corruption and red tape.
© Copyright (c) National Post
Saturday, October 1, 2011
Building Self Confidence!
Many people are feeling overwhelmed by the need to achieve, the complexity of competition, and a fear of failure or rejection. As a result their self-confidence is like the mystical unicorn — elusive and seldom, if ever, seen. You will probably never catch a unicorn, but here are the five steps that will help you capture your self-confidence.
1. Focus on what’s right, not what’s wrong.
When people talk about work, school, life, and other people they are usually talking about what’s wrong or everything that could go wrong. That type of thinking can nullify your strengths and kill your self-confidence.
Unconsciously your mind negatively perceives disappointment as a threat. You automatically begin to focus on the perceived threat or what’s wrong or could go wrong. This is not an alligator, you can fight it.
Completing and constantly saying the following phrases to yourself will build confidence:
• I have a good chance of succeeding because…
• Everything will work out because…
• I’m great for this position, listing, or opportunity because…
• Today is going to be an extraordinary day because…
These declarations won’t magically make things perfect but they will help to bring back your self-confidence.
Once you begin to regularly use these and similar phrases you will create vivid images in your mind that will help you to...
2. Visualize Your Victory.
Your unconscious mind makes no distinction between imagination and reality. Think about that. If you imagine having confidence then you will actually experience being confident. Find a quiet place and for a few moments imagine what you will see, hear, feel, taste, and smell during your victory. Envision yourself successfully achieving your desired outcome.
3. Thoroughly prepare and be authentic.
You know if you’ve properly prepared for the task at hand. It’s difficult to be confident when you’re not prepared and pretending to be something that you’re not. Thoroughly prepare and keep it real. Be authentic. As you prepare, focus on what’s right, visualize your victory, and...
4. Avoid Disaster Dan and the Taverns of Turmoili.
Have you ever known or heard of someone that never has anything good to say? Do you know what you should tell people like that? Absolutely nothing. Don’t tell them about your dreams, aspirations, or goals. Don’t even tell them your name, email address, or where you live. And if they know where you live it’s time to move! These kinds of people dwell in Taverns of Turmoil — negative environments — which should be avoided at all costs. Instead use your time to....
5. Set bite-sized goals and celebrate success.
When a task, goal, or obstacle appears to be insurmountable your self-confidence can begin to wane. The good news, however, is that small, successful experiences can produce more confidence. As your confidence grows, celebrate by giving yourself a treat or doing something you enjoy. Then set another small goal and celebrate again. This technique is a tremendous confidence booster.
Self-confidence is a priceless asset that will frequently tip the odds in your favor. The five steps you just walked though will keep your self-confidence from being like the unicorn – elusive and seldom, if ever, seen.
1. Focus on what’s right, not what’s wrong.
When people talk about work, school, life, and other people they are usually talking about what’s wrong or everything that could go wrong. That type of thinking can nullify your strengths and kill your self-confidence.
Unconsciously your mind negatively perceives disappointment as a threat. You automatically begin to focus on the perceived threat or what’s wrong or could go wrong. This is not an alligator, you can fight it.
Completing and constantly saying the following phrases to yourself will build confidence:
• I have a good chance of succeeding because…
• Everything will work out because…
• I’m great for this position, listing, or opportunity because…
• Today is going to be an extraordinary day because…
These declarations won’t magically make things perfect but they will help to bring back your self-confidence.
Once you begin to regularly use these and similar phrases you will create vivid images in your mind that will help you to...
2. Visualize Your Victory.
Your unconscious mind makes no distinction between imagination and reality. Think about that. If you imagine having confidence then you will actually experience being confident. Find a quiet place and for a few moments imagine what you will see, hear, feel, taste, and smell during your victory. Envision yourself successfully achieving your desired outcome.
3. Thoroughly prepare and be authentic.
You know if you’ve properly prepared for the task at hand. It’s difficult to be confident when you’re not prepared and pretending to be something that you’re not. Thoroughly prepare and keep it real. Be authentic. As you prepare, focus on what’s right, visualize your victory, and...
4. Avoid Disaster Dan and the Taverns of Turmoili.
Have you ever known or heard of someone that never has anything good to say? Do you know what you should tell people like that? Absolutely nothing. Don’t tell them about your dreams, aspirations, or goals. Don’t even tell them your name, email address, or where you live. And if they know where you live it’s time to move! These kinds of people dwell in Taverns of Turmoil — negative environments — which should be avoided at all costs. Instead use your time to....
5. Set bite-sized goals and celebrate success.
When a task, goal, or obstacle appears to be insurmountable your self-confidence can begin to wane. The good news, however, is that small, successful experiences can produce more confidence. As your confidence grows, celebrate by giving yourself a treat or doing something you enjoy. Then set another small goal and celebrate again. This technique is a tremendous confidence booster.
Self-confidence is a priceless asset that will frequently tip the odds in your favor. The five steps you just walked though will keep your self-confidence from being like the unicorn – elusive and seldom, if ever, seen.
Thursday, September 29, 2011
S.M.A.R.T. Goal setting
The best way to actually formulate your goals is to utilize SMART goal setting.
SMART goals ensure that all your objectives include all the key elements to maximize your goal setting success.
When you use SMART goal setting you will find that it is easier for you to stay on track with your various goals in all areas of your life.
Essentially SMART stands for:
S=Specific: There is a higher likelihood that a specific clearly stated goal would be accomplished than a general goal.
A vague goal can set you up for procrastination since you may not be sure exactly how to approach the goal. To help create a specific goal ask yourself the following questions.
Who is involved? What do I want to accomplish? Where is the central locale? When is my deadline? Which requirements or constraints should I consider?Why do I want to accomplish this goal?
M = Measurable: Goals need to be measurable so that there are benchmarks of attainment.When your goals are measurable or quantifiable you are more likely to stay on track and reach certain milestones which give you that boost of confidence to press on.
A = Attainable: Keep your goals within your control. If you set goals that you do not have reasonable control over, you may be setting yourself up for failure. Having attainable goals is also about identifying goals that are truly important to you.
R = Realistic: Make sure that you set goals that you are both willing and able to achieve. It is important that you are able to make substantial progress toward your goal.
T = Timely: Goals need a time frame attached to them. There needs to be a sense of urgency. A goal that you can taste, touch, smell, see or hear is tangible and is more defined. This will make that goal more attainable.
Here is an example of how you might use SMART goal setting.
Specific: Lose 10 pounds
Measurable: Weigh myself on the scale once a week. Measure my waist every three weeks.
Attainable:Lessen the amount and type of foods I eat. Do 20 minutes of physical activity everyday
Realistic: Lose 1-2 pounds a week
Timely: Lose 10 pounds over the next 8-10 weeks
SMART goal setting really helps you stay motivated through rough patches.
You will notice that you are able to work more efficiently, meet deadlines and make the kind of decisions necessary to bring you closer to achieving your goals. And when that happens don't forget to pat yourself on the back and celebrate your achievements!
SMART goals ensure that all your objectives include all the key elements to maximize your goal setting success.
When you use SMART goal setting you will find that it is easier for you to stay on track with your various goals in all areas of your life.
Essentially SMART stands for:
S=Specific: There is a higher likelihood that a specific clearly stated goal would be accomplished than a general goal.
A vague goal can set you up for procrastination since you may not be sure exactly how to approach the goal. To help create a specific goal ask yourself the following questions.
Who is involved? What do I want to accomplish? Where is the central locale? When is my deadline? Which requirements or constraints should I consider?Why do I want to accomplish this goal?
M = Measurable: Goals need to be measurable so that there are benchmarks of attainment.When your goals are measurable or quantifiable you are more likely to stay on track and reach certain milestones which give you that boost of confidence to press on.
A = Attainable: Keep your goals within your control. If you set goals that you do not have reasonable control over, you may be setting yourself up for failure. Having attainable goals is also about identifying goals that are truly important to you.
R = Realistic: Make sure that you set goals that you are both willing and able to achieve. It is important that you are able to make substantial progress toward your goal.
T = Timely: Goals need a time frame attached to them. There needs to be a sense of urgency. A goal that you can taste, touch, smell, see or hear is tangible and is more defined. This will make that goal more attainable.
Here is an example of how you might use SMART goal setting.
Specific: Lose 10 pounds
Measurable: Weigh myself on the scale once a week. Measure my waist every three weeks.
Attainable:Lessen the amount and type of foods I eat. Do 20 minutes of physical activity everyday
Realistic: Lose 1-2 pounds a week
Timely: Lose 10 pounds over the next 8-10 weeks
SMART goal setting really helps you stay motivated through rough patches.
You will notice that you are able to work more efficiently, meet deadlines and make the kind of decisions necessary to bring you closer to achieving your goals. And when that happens don't forget to pat yourself on the back and celebrate your achievements!
Wednesday, September 28, 2011
Canadian housing market loses momentum, but at less dramatic pace: Scotiabank
The Canadian Press, On Tuesday September 27, 2011, 8:26 am EDT
By The Canadian Press
TORONTO - A Scotia Economics report says Canada's housing market is cooling, but at a slower pace than most other markets in the developed world.
Scotiabank's latest real-estate outlook said Tuesday that Canada is showing a resilience that few other countries have been able to maintain.
"In the majority of the major markets we track in North America, Europe and Australasia, inflation-adjusted home prices declined on a year-over-year basis in the second quarter of 2011," said Scotia Economics senior economist and real estate specialist Adrienne Warren.
"While Canada's hot housing market also has begun to cool, it remains a notable outperformer."
The bank (TSX:BNS) noted that of the nine major developed markets it tracks, only Canada, France and Switzerland showed housing price increases year over year.
In Canada, existing home prices were up five per cent year-over-year from April to June, while prices appeared to level out in July and August, the report said.
However, the bank pointed to several challenges that could stall the current pace of the domestic housing market.
"Heightened economic uncertainty combined with recent signs of a loss of momentum in Canada's jobs market could keep some potential buyers on the sidelines for the time being," Warren said.
"On balance, we anticipate a modest slowdown in the volume of sales transactions heading into year end, alongside relatively flat prices."
By The Canadian Press
TORONTO - A Scotia Economics report says Canada's housing market is cooling, but at a slower pace than most other markets in the developed world.
Scotiabank's latest real-estate outlook said Tuesday that Canada is showing a resilience that few other countries have been able to maintain.
"In the majority of the major markets we track in North America, Europe and Australasia, inflation-adjusted home prices declined on a year-over-year basis in the second quarter of 2011," said Scotia Economics senior economist and real estate specialist Adrienne Warren.
"While Canada's hot housing market also has begun to cool, it remains a notable outperformer."
The bank (TSX:BNS) noted that of the nine major developed markets it tracks, only Canada, France and Switzerland showed housing price increases year over year.
In Canada, existing home prices were up five per cent year-over-year from April to June, while prices appeared to level out in July and August, the report said.
However, the bank pointed to several challenges that could stall the current pace of the domestic housing market.
"Heightened economic uncertainty combined with recent signs of a loss of momentum in Canada's jobs market could keep some potential buyers on the sidelines for the time being," Warren said.
"On balance, we anticipate a modest slowdown in the volume of sales transactions heading into year end, alongside relatively flat prices."
Wednesday, September 21, 2011
Vancouver prices to keep rising: Central 1 Credit Union
The Vancouver housing market may already be unaffordable for many, but there’s enough demand to keep prices rising, according to a new forecast.
A report by Central 1 Credit Union economist Brian Yu predicts the median home price will increase 6.8% to $417,000 by the end of the year compared to 2010. This is despite the fact home sales are expected to decline in 2011, down 1% from 2010, to reach 88,200.
The Royal Bank of Canada has recently calculated ownership costs of an average two-storey home in Vancouver equals 95.5% of average income this year, a record high.
Yu defended his prediction in a statement, citing low interest rates, a limited supply of land, and a low percentage of speculation. It runs out most Vancouver buyers are living in their homes, with only 2-3% of properties owned by speculators, he said.
“Our research shows few signs that speculators are overly active in the Vancouver market, which means we are unlikely to see a speculation-induced bust,” Yu said.
And while the average price has skyrocketed in Vancouver, those jumps are mostly limited to particular areas of Vancouver where there have been a high number of luxury home sales such as Richmond. The rest of the market is more stable, he said.
“Even if the economy slows and employment slows, we expect to see individuals hold on to their homes, rather than sell them in a weaker market,” Yu said.
Yu’s report predicts in 2012 home sales in Vancouver will grow 3.4%, driven by new home sales, although existing home sales will decline.
Tax issues might push some home sales until 2013, said the report.
“People looking at new homes priced over $525,000 may very well wait until the tax changes lower the 12% hit they face,” said Yu.
A report by Central 1 Credit Union economist Brian Yu predicts the median home price will increase 6.8% to $417,000 by the end of the year compared to 2010. This is despite the fact home sales are expected to decline in 2011, down 1% from 2010, to reach 88,200.
The Royal Bank of Canada has recently calculated ownership costs of an average two-storey home in Vancouver equals 95.5% of average income this year, a record high.
Yu defended his prediction in a statement, citing low interest rates, a limited supply of land, and a low percentage of speculation. It runs out most Vancouver buyers are living in their homes, with only 2-3% of properties owned by speculators, he said.
“Our research shows few signs that speculators are overly active in the Vancouver market, which means we are unlikely to see a speculation-induced bust,” Yu said.
And while the average price has skyrocketed in Vancouver, those jumps are mostly limited to particular areas of Vancouver where there have been a high number of luxury home sales such as Richmond. The rest of the market is more stable, he said.
“Even if the economy slows and employment slows, we expect to see individuals hold on to their homes, rather than sell them in a weaker market,” Yu said.
Yu’s report predicts in 2012 home sales in Vancouver will grow 3.4%, driven by new home sales, although existing home sales will decline.
Tax issues might push some home sales until 2013, said the report.
“People looking at new homes priced over $525,000 may very well wait until the tax changes lower the 12% hit they face,” said Yu.
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