Last week, CMHC released the first of two editions of its
House Price Analysis and Assessment scheduled for this year.
The report is
intended to identify problematic conditions in Canada's housing markets and it
shows some modest overvaluation at the national level with two markets, Regina
and Winnipeg, identified as posing a high risk of correction.
The Federal Competition Tribunal issued a ruling last
week in favour of CREA and its policy of distancing prospective buyers from
sellers contact information on the realtor.ca website. Another hearing before
the tribunal involving TREB and its efforts to restrict public access to
detailed property by property sales information is scheduled for September.
The Calgary Real Estate Board led off in reporting April
sales data on Friday. Both buyers and sellers in Calgary are adjusting their
strategies and expectations as the market experienced its fifth consecutive
monthly benchmark price decline.
Statistics Canada reported February GDP results last
week. Harsh winter weather and continuing issues in the energy sector
contributed to the Canadian economy's flat output in February but that result
actually exceeded most economists' expectations.
The benchmark government of Canada five year bond yield
ended the week at 1.05%, up from 0.88% the previous week.
In Chicago home prices are down, home sales are up but foreclosures continue to flood onto the market even as the inventory of unsold homes is clearing. What does this housing market trend and the Chicago real estate news mean for those looking to buy or sell their home this year?
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