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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.
Sep 17, 2018
, Bloomberg News
Canada’s housing market showed continued signs of stabilizing in August, with sales rising for a fourth straight month and prices easing.
The number of transactions rose 0.9 per cent from July to 39,366 units, the Canadian Real Estate Association said Monday from Ottawa. Sales in Toronto, the nation’s biggest city, advanced 2.2 per cent and rose 2.9 per cent in Vancouver.
The housing market is recovering from steep sales declines early this year after the federal government imposed tougher mortgage lending rules and the central bank raised borrowing costs. Home sellers also seem to be lowering prices for homes, fueling demand.
Benchmark home prices fell by 0.6 per cent on the month, the biggest decline since August 2017. That was driven by Vancouver, where prices dropped 1.4 per cent, the biggest one-month fall since 2008. Toronto home prices were down 0.3 per cent in August.
“Improving national home sales activity in recent months continues to obscure significant differences in regional trends for home sales and prices,” Gregory Klump, CREA’s chief economist, said in the statement.
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