Friday, 15 February 2013

Bad Canadian Economic Data Starting to Pile Up; IMF warns Canada RE overvalued


February 15, 2013 WSJ
"A week ago, a trio of Canadian economic indicators–jobs, trade and housing starts –all came out on a single day and they all disappointed. BMO Capital Markets referred to the triple whammy as a day of “infamy” in Canadian economics."

"December’s manufacturing data just added to the sting. Traders expected a 0.8% decline in factory shipments from November. Instead, factory sales plunged 3.1% to 48.02 billion Canadian dollars (US$47.94 billion), marking the deepest one-month decline in 43 months, or since the midst of the great recession. "

IMF 认为加拿大房地产总体来说高估10%, 而每个省份城市间有相当大的差距。 警告政府可能有需要采取进一步"打房"(缩紧房贷) 政策

IMF says Canada’s housing market still overvalued, warns more intervention may be needed
"Canadian housing prices were still about 10% overvalued at the end of 2012, the IMF said on Thursday, and it warned that authorities may have to intervene a fifth time in the mortgage market if personal debt levels rise further."

“Our analysis suggests an overvaluation in real terms of about 10% at a national level, although with significant variations across provinces,” said Roberto Cardarelli, IMF mission chief for Canada"

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