Resale of Canadian homes shows strength
Resales of Canadian homes held steady and the national average price soared in August as the supply of existing homes for resale dwindled to a five-year low, the Canadian Real Estate Association said Tuesday.
A total of 42,483 homes traded hands across the country last month through the Multiple Listing Service, an increase of 18.5 per cent from August 2008, the industry association said. The national MLS residential average price rose 11.3 per cent from year-ago levels to $324,779, a record high for the seasonally slow month of August. Sales activity varied in various parts of the country, with about three-quarters of all local market showing increases from August 2008. The number of new listings coming onto the MLS market posted a decline from year-ago levels, with August showing the lowest level in five years at 64,167 units
Execs talk Canada-China trade
Canada has the potential to attract billions of dollars in investment from Chinese companies who are still taking baby steps abroad, according to a report released as business executives from the two countries met Tuesday to discuss bilateral trade. The report by the Asia Pacific Foundation of Canada concludes that the outward investment of Chinese companies is “still in its infancy” and its scale, while relatively small, is growing. In recent years, Chinese companies have sought to buy into Canada’s resources sector, especially mining and energy, in a bid to lock in future supplies of oil and key metals for its booming economy. At a downtown Toronto hotel, more than 200 Canadian and another 159 Chinese executives mingled and listened to presentations about Sino-Canadian trade at the third Canada-China business forum. “We need to get to know one another better,” said former international trade minister Pierre Pettigrew, now an adviser with consulting firm Deloitte.