Latest Videos
The information you requested is not available at this time, please check back again soon.
Ross Perot Jr., whose family is one of the largest independent property developers in the country, warned of a looming real estate recession if banks don’t start lending again.
The US economy showed signs of cooling in recent weeks as hiring and inflation eased slightly, the Federal Reserve said in its Beige Book survey of regional business contacts.
San Francisco Mayor London Breed on Wednesday unveiled a two-year budget that increases police and homelessness funding as the city tries to lure businesses back to its hollowed-out downtown.
Federal Reserve Governor Philip Jefferson signaled the central bank is inclined to keep interest rates steady at its next meeting in June to give policymakers more time to assess the economic outlook, but such a decision wouldn’t mean hikes are finished.
The Canadian economy started off strong in the second quarter, extending a streak of better-than-expected growth and boosting the likelihood of another Bank of Canada rate hike.
Aug 10, 2020
, BNN Bloomberg
Canadian homeowners shelled out $80.1 billion on home renovations in 2019, according to a new report from Altus Group. The real estate data firm said overall spending was up 2.6 per cent in the year, outpacing overall economic growth.
According to the report, about 75 per cent of that spending was on home upgrades, with the remainder earmarked for necessary repairs. That $61.2 billion spent on upgrades roughly matched overall spending on new home construction, according to Altus.
However, Altus said Canadian home renovation spending growth is expected to grind to a halt amid the economic uncertainty caused by the COVID-19 pandemic. The firm is forecasting home renovation spending will fall 5.2 per cent this year after hitting $80.1 billion in 2019.
Altus Group forecast renovation spending will drop in all regions, with spending set to fall the most in Quebec, Alberta and Ontario. However, Altus sees a strong snap-back in 2021, forecasting a 5.3-per-cent jump in renovation spending due to falling five-year mortgage rates and the drop in rates on home equity lines of credit.
That drop in the cost of borrowing could prove significant, as Canadians increasingly borrow against the value of their homes. Altus estimated Canadians borrowed at least $14 billion dollars to finance their renovation plans last year, with home equity lines of credit (HELOCs) and other secured financing products accounting for about 60 per cent of the borrowing.
Related
