Click Here: Toronto, Canada, Real Estate Market. March 2011.

At its January 2011 meeting, the Bank of Canada announced that it is maintaining its target for the overnight rate at one per cent, citing "elevated risks" to an economy that is growing slightly faster than predicted last October. The Bank gave no indication of
when rate hikes might resume, instead noting that "any further reduction in monetary policy stimulus [i.e. interest rate hikes] would need to be carefully considered."

Driven by higher exports and stronger consumer spending, Canada's Real Gross Domestic Product (GDP) grew 0.8 per cent in the fourth quarter (or 3.2 per cent annualized) from an upwardly revised 0.4 per cent gain in the previous three month period. All major industrial sectors increased their output in 4th quarter 2010 but for manufacturing, which saw a decline after five consecutive quarterly increases. For December, GDP rose 0.5 per cent. For 2010 as a whole, GDP rose by 3.1 per cent, following a 2.5 per cent decline in 2009.

In January, another 69,000 jobs were created in Canada, representing the second consecutive monthly increase in employment. Most of new jobs were in the service sector, which experienced a 49,400 job increase. The manufacturing sector created 4,000 jobs following a large increase (66,000 jobs) in December. Ontario led the way with the addition of 36,000 total positions. Within the Toronto Census Metropolitan Area (CMA), the employment level rose by 12,000 (reported on the basis of a three-month moving average). The unemployment rate remained unchanged at 8.3 per cent.

In January, the Canadian Consumer Price Index (CPI), which measures price growth (inflation) for consumer goods and services, increased by 2.3 per cent compared to January 2010 following a 2.4 per cent rise in December. A nine per cent increase in energy costs, and more particularly a 13 per cent rise in gasoline prices, was the key driver of price growth. The Bank of Canada's Core CPI, which strips out volatile items like gasoline and some food items, rose by a lesser 1.4 per cent.

Canadian housing starts increased by almost one per cent in January to a seasonally adjusted annual rate of 170,400 from the downwardly revised figure of 169,000 for December. The increase was due to a 20 per cent jump in rural starts. Urban starts, for both single detached and multiple-family starts, were down by two per cent. The
GTA bucked the downward trend in urban starts, with the seasonally adjusted annual rate of starts up 37 per cent to 25,400.

The dollar value of Canadian retail sales edged down 0.2 per cent after six consecutive monthly gains. The small decline was based on a 2.7 per cent decline in sales at new car dealerships. The value of sales in most other retail categories was up. The value of sales at gasoline stations experienced the largest increase, up 7.6 per cent on higher per liter prices. The value of retail sales in Ontario was unchanged in December.

In November, Canadian retail sales jumped 1.3 per cent in both dollar and volume terms for the largest increase since March of 2010. While sales rose in 8 sub-sectors, the strongest increases came at motor vehicle and parts dealers, where the dollar value of sales increased by 2.7 per cent. Also notable was a 1.4 per cent increase in the dollar value of sales at gasoline stations, reflecting higher costs at the pump.

You can find out more by visiting:

Toronto Real Estate Home Buying, Selling, & Sales
2050 Sheppard Ave East, Toronto, ON M2J 5B3
Jameson Lee
(905) 346-8047

Toronto Power of Sale Authority & Real Estate Services
2911 Kennedy Road, Toronto, ON M1V 1S8
(416) 298-8200

Toronto Mortgage Rates
2050 Sheppard Avenue East
Toronto ON M2J 5B3
(416) 502-2300

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