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Given the fear-inducing movements in the financial markets over the past few months — declines coupled with increases in volatility, tumbles in oil prices, as well as Brexit and Trump-related developments — one can understand why consumers and businesses are anticipating a major growth slowdown.

But the authors of Scotiabank’s latest global economic outlook beg to disagree. Citing the positive reversal in equity markets over the past couple of weeks as well as their own recession probability modeling, they argued that investors are over-reacting to minor changes in the outlook.

 

“From a Canadian perspective, much is being made of the rapid drop in oil prices and the widening of the differential of the price received for Canadian oil late last year,” the Scotiabank economists wrote. They noted that a drop in international oil prices and a shutdown of US refineries, which helped send Canadian oil prices to nearly $15 in November, have since been reversed. An Alberta government order for oil firms to cut production has also contributed to a Canadian price recovery. “This suggests that the impact of the decline in oil prices may not be as sharp for Canada as the Bank of Canada believes,” the analysts said.

As for the fear that the estimated 10% decline in equity markets would weigh on Canadian wealth and consequently spending, the analysts maintained their expectations that financial wealth will gradually rise to levels more consistent with economic fundamentals. “The pickup in equity indices over the last two weeks is a sign that this is already underway,” they said, adding that their research suggests the impact of financial wealth on spending is much smaller in Canada than it is in the US.

The report granted that the negative factors have caused Scotia analysts to shave their growth forecast down to 1.8% in 2019, they saw it only as a soft patch that would yield to 2% in growth in 2020. They pointed to generally positive fundamentals including:

  • Monetary policy that remains highly accommodative as real policy rates remain negative and nominal rates below the Bank of Canada’s neutral-rate range of 2.5%-3.5%;
  • Population growth is accelerating at a 10-year record pace as immigration rises;
  • Employment growth is still strong with job growth accelerating through 2018;
  • Canadian household balance sheets are still relatively healthy, given a debt-to-net worth ratio that’s still roughly where it was in 2007; and
  • Inflation remains well behaved in Canada, with the bank’s underlying measures of inflation pointing to 1.9% — close to the Bank of Canada’s 2% target

They also acknowledged areas of weakness, such as oil-industry developments that have dragged on growth, declining sales and starts in the housing sector relative to 2017, and moderating business investment compared to the rapid pace set in early 2018.

“There are plenty of risks to the outlook,” the report said. It cited a possible escalation of the US-China trade war as the dominant negative risk, with additional volatility also possibly coming out of political developments shaking the Trump administration in the US.

They also noted positive risks, including a smaller-than-expected impact of oil prices on the Canadian economy, an extended bull run in oil prices, and a sharper-than-anticipated pickup in business investment as reasons for uncertainty wane in the first months of this year.


by Leo Almazora 13 Jan 2019
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Losses cap worst year since 2012 for home sales

Canada’s home sales skidded to the lowest level since 2012 last year after dropping for four straight months through December, as higher interest rates and tighter lending rules cast a pall over the real estate market.

Nationwide, sales totalled 458,442 for the year, a drop of 11 percent which was the biggest since 2008, the Canadian Real Estate Association said Tuesday from Ottawa. The 2.5 percent December drop from the prior month was the most in eight months. Vancouver and Toronto led the slowdown in transactions.

 

Weaker-than-expected housing data prompted central bank officials to mark down growth forecasts earlier this month and to adjust the pace at which they may pursue monetary tightening, as evidence emerges the five hikes since mid-2017 are already having a significant impact. The higher rates and tougher mortgage regulations will probably weigh on housing demand again this year as more Canadians carrying five-year fixed term mortgages face a reset.

“It’s clear that higher interest rates are having an impact,’’ Benjamin Reitzes, a Canadian rates and macro strategist at BMO Capital Markets, said by phone from Toronto. “It was a difficult year and you are coming off a very strong run for housing,’’ he said, adding there is little chance of a “major comeback’’ in 2019.


Vancouver sales fell 32 percent last year, the most since 2008, and Toronto sales declined 16 percent. Toronto showed some stability in December with sales flat on the month and benchmark prices up 3 percent from a year earlier.

“The stress-test has weighed on sales to varying degrees in all Canadian housing markets and it will continue to do so this year,” CREA President Barb Sukkau said in the report, referring to new rules from the federal banking regulator. With mortgage lending fading to the slowest in decades, CREA cut its 2019 sales forecast last month to a 0.5 percent decline this year compared with a September prediction for growth of 2.1 percent.


Vancouver’s average sales price was C$1.03 million ($780,000) in December, down 2.1 percent from a year earlier, and the Toronto average was C$750,180. Those markets are well ahead of the national average price of C$472,280.

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➡️➡️Rare almost half acre property on Promontory! West coast cedar home features various levels with open concept living. Vaulted ceiling in living room with large brick fireplace & floor to ceiling windows. Large country kitchen dining area accessing deck. Bright downstairs comes with two nice size bedrooms, large size family room with fireplace opening onto an expansive two level deck with hot tub. Home comes with three bathroom & lots of storage and parking. Double garage, and now the best part, with no neighbors on either side or front, come home every night to the unobstructed million dollar view overlooking the city lights you will have wanting to call this home. Call today!

TO VIEW 5840 JINKERSON ROAD - CLICK HERE

Russell Moore
Homelife Glenayre Realty
1 800 795 2955
echilliwack.com

 

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Birch Street Properties - 9000 Birch Street Chilliwack, BC V2P 4N6. This building located on Birch Street and Alexander Avenue, was built in 2006 and features 4 levels with 58 professionally managed homes. This building is well maintained and has secured underground parking, visitor parking, and elevators. It has frame wood construction with a full rain screen, concrete perimeter foundation, with vinyl exterior finishings. Surrounding this downtown location are the library, fire department, Safeway, and a variety of fast food restaurants. Rentals are allowed in this building and it has an age restriction of 19+. @ pets per unit are allowed, including cats or dogs.


FOR ALL LISTINGS IN BIRCHSTREET PROPERTIES - CLICK HERE

See all condos for sale in Chilliwack @eChilliwack.com

Sheldon Moore
Homelife Glenayre Realty
1 800 795 2955

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Meet Dave. Sheldon Just sold his home for top $$. Be happy like Dave!

www.eChilliwack.com

 

Sheldon Moore
HomeLife Glenayre Chilliwack

604-795-2955

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CLICK HERE FOR LISTING IN PROMONTORY LAKE ESTATES

 

➡️➡️ Excellent retirement 2 bdrm, 2 bath rancher in Promontory Lake Estates. Featuring a very spacious living rm with gas fireplace and formal dining area. Modern paint colors and professional designed landscaped fenced yard by Brian Minter. Glass door separating kitchen and dining room. Air conditioning & heat pump. Newer roof, furnace, hot water tank, double garage, lease $100/mth, maintenance $150/mth which includes water, sewer, garbage pick up, snow removal, lawn maintenance. Enjoy this gated community with easy access to all amenities. Pets allowed with restrictions, 45+ gated community with no rentals.

Russell Moore
HomeLife Glenayre Realty Chilliwack
604-795-2955

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Chilliwack And Area New Construction, Starting At:

$440,900.00 - Chilliwack

$359,700.00 - Hope

 

Contact Sheldon Moore for inquiries:

Homelife Glenayre Realty

(604) 795-2955

www.echilliwack.com

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Chilliwack Rental Condos Starting At:

$144,900.00 - 1BD

$139,900.00 - 2BD

 

Contact Sheldon Moore for inquiries.

Homelife Glenayre Realty

(604) 795-2955

www.echilliwack.com

 

 

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➡️Townsend Green - Unit 101 - 45185 Wolfe Rd, Chilliwack, BC

This three bedroom and den two storey unit has been done over a few years back and shows really nice. Updated kitchen, paint, flooring, nice rear private patio. A family friendly complex walking distance to restaurants, schools, shopping, rec center, hospital, and Townsend Park. Strata had major updates done in 2007, including new siding, windows, doors and roof. Great place for a family or investment as rentals are allowed. No dogs. Low strata fees. Call today!

To inquire contact:
Russell Moore
Homelife Glenayre Realty
604-795-2955

 

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The Lexington - Unit 106 - 9130 Corbould St, Chilliwack, BC

Welcome to the Lexington, your luxury 2 bedroom 1 bath condominium in a fabulous central location. Modern kitchen with corian counters, large island, perfect for informal meals! Great room includes, cozy wall mounted fireplace, huge west facing windows and opens to large patio which is connect to a huge common area that only a few units back on to. Additional features include: stainless steel appliances, 9 ft ceilings with crown moulding, modern paint colors, making this the perfect place to call home! No rentals, no age restriction and 2 pets any size!!!!

To inquire contact:
Sheldon Moore
Homelife Glenayre Realty
www.echilliwack.com
604-795-2955

 

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FOR ALL LISTINGS IN HAWTHORNE PARK, CLICK HERE

 

Hawthorne Park is a 19 unit condo complex built in 1989. Secure building , underbuilding parking with additional parking available. Just a short stroll from the grocery store, pharmacy, leisure center and medical facilities. Spacious units with large decks, gas fireplaces, elevator and storage lockers. Gas is included in the strata fee! Age restriction of 45+. No Pets and no Rentals.

 

Sheldon Moore                                                                                

Homelife Glenayre Realty

www.echilliwack.com

604-795-2955

 

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FOR ALL LISTINGS IN MCINTOSH VILLAGE - CLICK HERE

 

McIntosh Village - 45669 McIntosh Drive Chilliwack, BC. This 3 level building was built in 1993 and offers 45 homes. Maintenance fees include gardening, garbage pickup, and management. There is no age restriction for living here and rentals are allowed. Only one pet unit is allowed, however no dogs.

 

Sheldon Moore                                                                                

Homelife Glenayre Realty

www.echilliwack.com

604-795-2955

 

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McIntosh Place - 45655 McIntosh Drive, Chilliwack, BC. McIntosh Place is a low-rise building that has two levels and offers 45 homes built in 1992 that are professionally managed.  This is a well maintained complex that offers outdoor parking stalls, visitor parking and landscaped grounds.  Rentals are allowed. No pets.

 

Sheldon Moore                                                                                

Homelife Glenayre Realty

www.echilliwack.com

604-795-2955

 

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FOR ALL LISTINGS IN MCINTOSH MANOR - CLICK HERE

 

McIntosh Manor - 45598 McIntosh Drive Chilliwack, BC. This building was built in 1981 and has 3 levels. It offers 72 units. Amenities of living here include in suite laundry, spacious floor plans, private balconies, elevators, landscaped grounds, secure parking, and visitor parking. The maintenance fees include caretaker, garbage pickup, gardening, management, and snow removal. There is no age restriction for this building and rentals are allowed. There are no pets allowed here.

 

Sheldon Moore                                                                                

Homelife Glenayre Realty

www.echilliwack.com

604-795-2955

 

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FOR MORE LISTINGS IN EVERSFIELD LANE - CLICK HERE

 

Eversfield Lane - 9140 Hazel Street Chilliwack, BC. This 3 level building was built in 2007 and features 21 professionally managed units. Some features of Eversfield Lane include in suite laundry, 9’ ceilings, single or double garages with extra driveway parking, and private backyards. Close to this location is a few different churches, a care home, a middle school, and a high school, plus more. There is no age restriction for these units and rentals are allowed. 2 pets are allowed per unit, including cats or dogs.

 

Sheldon Moore                                                                                

Homelife Glenayre Realty

www.echilliwack.com

604-795-2955

 

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FOR MORE LISTINGS IN EDEN PARK - CLICK HERE

 

Eden Park - 8881 Walters Street, Chilliwack, BC. This 3 level, 88 unit building was built in 2004. This location is close to a few different churches, multiple restaurants, all levels of schooling, and more. There is no age restriction for this complex and rentals are not allowed. 2 pets per unit are allowed, including cats and/or dogs.

 

Sheldon Moore                                                                                

Homelife Glenayre Realty

www.echilliwack.com

604-795-2955

 

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FOR ALL LISTINGS IN DELONG GARDENS - CLICK HERE

 

Delong Gardens 9446 Hazel Street Chilliwack, BC. This complex was built in 1979 and features 18 self-managed homes. Some amenities of this complex include in suite laundry, private balconies, single garages, and more. Living here you would be close to Chilliwack Secondary and middle schools, a few different churches, and a variety of restaurants. There is no age restriction in this complex and rentals are not allowed. 2 pets per unit are allowed, including cats or dogs.


Sheldon Moore                                                                                

Homelife Glenayre Realty

www.echilliwack.com

604-795-2955


 

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FOR ALL LISTINGS IN COLONIAL COURTS - CLICK HERE

 

Colonial Courts - 46260 Harford Street Chilliwack, BC.  This professionally managed 2 level, 26 unit townhome complex was built in 1982. Most of these units feature oversize windows, large balconies, in suite laundry, plus more. Surrounding this complex are a Tim Horton’s, the town butcher, and Chilliwack middle and high schools. There is no age restriction in this complex and rentals are allowed. Pets are allowed as well including dogs and cats.


Sheldon Moore                                                                                

Homelife Glenayre Realty

www.echilliwack.com

604-795-2955


 

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