23 June 2014

According to the recent report by the Canadian Real Estate Association (CREA), national home sales were up by 5.9% from April to May – it’s the biggest growth in about 4 years. Meanwhile, the average price for homes sold last month was $416,584, which is 7.1% higher than a year ago.

On June 12th, the Bank of Canada noted it was the main threat to the economy and the level of sharp correction risk remains elevated.

In the same time, Mr. Oilver doesn’t consider it to be the largest risk to the Canadian economy, which, in his opinion, is doing fine. “We’re facing the consequences of the recession much better than many other developed countries. We’ve providing a million of new jobs, our inflation rate is within the necessary limits, so we’re in a really good shape right now,” – he noted.

In addition to it, Oliver said an interest rate shock is quite unlikely for Canada, while the larger risk comes from high unemployment level.


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