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Weekly Economic Letter
7
0
Housing market correction in Canada: Nothing like in U.S.
Mon, Oct 19 2009, 19:23 GMT
by Economic and Strategy Team
Summary
- In Canada, the housing market correction got under way much later than in the United States and lasted nowhere as long (8 vs. 33 months). In fact, it seemed like a consequence of the economic recession, rather than the cause of it as in the United States.
- At the national level, existing-home price indices calculated with the repeat-sales method registered a price decline of 8.9% in Canada (Teranet – National Bank Index), against 32.6% in the United States (S&P/Case-Shiller Index).
- In Canada, the housing market correction had a strong regional flavour, having struck most heavily in Ontario (auto industry) and in Western Canada (slowdown in energy and forest products sectors). Further east, prices have already gained back the ground lost to the correction. In the United States, none of the 20 metropolitan areas covered by the Case-Shiller Index has seen prices return to their pre-correction level.
Published on Mon, Oct 19 2009, 19:27 GMT
Archive
- U.S. investment: A boon for Canadian exports in 2010!
Published On Tue, Nov 17 2009, 06:45 GMT - A look at the Canadian mortgage market
Published On Tue, Nov 10 2009, 06:34 GMT - How will U.S. trade contribute to GDP growth as economy expands?
Published On Tue, Nov 3 2009, 10:48 GMT - Financial markets or credit aggregates: Who to believe?
Published On Tue, Oct 27 2009, 06:38 GMT - Housing market correction in Canada: Nothing like in U.S.
Published On Mon, Oct 19 2009, 19:23 GMT
National Bank of Canada
| 1100 University, 11th floor Montreal (Québec) H3B 2G7
http://www.nbc.ca/ | info@nbc.ca
Legal disclaimer and risk disclosure
This presentation may contain certain forward-looking statements about the 2009 Economic and Financial Outlook. Such statements are subject to risk and uncertainties. Actual results may differ materially due to a variety of factors, including legislative or regulatory developments, competition, technological change and economic conditions in Canada, North America or internationally. These and other factors should be considered carefully and readers should not rely unduly on National Bank of Canada’s forward-looking statements. This presentation may not be reproduced in whole or in part, or further distributed or published or referred to in any manner whatsoever, nor may the information, opinions or conclusions contained in it be referred to without in each case the prior express consent of National Bank.Related reports
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