Housing News: Housing Resale housing market shows further improvement in January
February 15th, 2011 – National resale housing activity climbed further in January 2011, according to statistics released today by The Canadian Real Estate Association (CREA) news.
Seasonally adjusted national home sales activity rose 4.5 per cent in January 2011 compared to the previous month, reaching the highest level since April 2010. Led by Vancouver and Toronto, seasonally adjusted sales activity posted monthly gains in more than half of all local Canadian markets in January. National sales activity has improved steadily since last summer, and now stands almost 25 per cent above the low point reached in July 2010.
Economic News: Bank of Canada maintains key rate at 1%
Boosts outlook for Canadian economic growth
The Bank of Canada kept its target for the overnight rate at one per cent for the third consecutive meeting on January 18th, 2011. Correspondingly, the Bank rate remained at 1.25 per cent and the deposit rate remains at 0.75 per cent.
The Bank said that the global economic recovery was proceeding at a somewhat faster than expected pace, but noted that risks remain elevated. The main source of uncertainty to the global outlook remains sovereign debt concerns in several European countries.