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December 03, 2014

RBC ECONOMICS RESEARCH – DAILY ECONOMIC UPDATE – December 3, 2014


Bank of Canada holds overnight rate at 1.00% and says current stance is appropriate

The Bank of Canada met expectations today by holding the overnight rate at 1.0% although the comments on the economy were “less dovish” compared to past statements. Specifically, today’s statement pointed to stronger exports, investment, and employment as laying the groundwork for a return to “balanced and self-sustaining growth.” The stronger than expected gains in recent quarters resulted in the Bank saying that the output gap was smaller than it had estimated in October. In the Monetary Policy Report, the Bank suggested that the output gap would be fully eliminated in the second half of 2016 as the amount of spare capacity was gauged to be between 0.5% and 1.5% percent.

The Bank highlighted the downside risks to the inflation profile given the sharp drop in oil prices although pointed to offsetting factors as likely to temper the effect. The statement acknowledged stronger US growth as being one of the factors supporting the “broadening recovery” in Canada. There has also been an increase in business and employment, the Bank said, although the labour market data continued to indicate the persistence of “significant slack” in the economy. While the Bank noted that inflation has been running hotter than it has expected, the increase was attributed to “some sector-specific factors” as well as the effect of the weaker Canadian dollar. The statement noted that although “underlying inflationary has edged up”, it remained lower than the 2% target. The statement also strengthened the language concerning the run-up in household imbalances, which are now said to present “a significant risk to financial stability.”

Today’s statement saw the Bank scale back its communication of the balance of risks to the inflation projection further, as the statement only said that the current level of the policy rate was deemed to be appropriate. The Bank incorporated the recent run of stronger than expected economic activity in Canada and the US and contrasted this to disappointing reports from other regions and the decline in commodity prices, which “will weigh” on Canadian growth. Even after incorporating the recent drop in commodity prices, we expect that the strong increases in gross domestic product (GDP) growth in the second and third quarters of 2014 will be followed by another above-potential rise in the final quarter of 2014, thereby resulting in the annual growth rate coming in at 2.5% this year. Furthermore, the solid composition of economic growth in recent quarters and expectations of firm US demand bolstering exports (with US growth getting a lift from lower energy prices) are projected to result in Canada’s economy reaching full production capacity in the second quarter of 2015, which would limit the downside risks to core inflation. We expect that as the risks to the inflation projection tilt toward the upside on the back of strong growth, it will behoove the Bank to begin the process of reducing policy stimulus.

Dawn Desjardins, Assistant Chief Economist, RBC Economics

 Source: http://mortgage.rbc.com/sheri.mitchell

 

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November 27, 2014

Click on the link below to access the Market Update reports for November.

 

http://www.chbaalberta.ca/economic-analysis

November 18, 2014

Alberta home inspectors warn proposed national standards will send the cost of a home inspection soaring in the province if approved.

The proposed new rules — drafted by the Canadian Standards Association (CSA) and open to public review until mid-December — could hike the cost of a home inspection from $400 to $600 today to as much as $1,800 given the additional time required, raising the likelihood consumers will forgo the procedure before buying a home, the provincial group said.

Read Full Story

Source: edmontonjournal.com 

November 07, 2014
November 06, 2014
October 30, 2014

Click HERE to access CHBA-ER's Detailed Monthly Permit Reports for the month of September. 

Please note that only CHBA-ER members have access to the Permit Reports. You will require your CHBA-ER Username and Password to access the secured members-only section of the website.

Contact:
Meghan Rennick, 
Communications / Membership Manager 
mrennick@chbaedmonton.ca
(780) 7025306

 

October 09, 2014

EDMONTON - What was once a niche environmental dream is edging toward the mainstream, and enthusiasts say Edmonton is a hot spot for net-zero technology in wintry Canada.
At least 27 homes that produce as much energy as they consume have been completed here and several more are under construction, including a net-zero office building.

Read Full Story

Source: edmontonjournal.com 

 

October 08, 2014

Judging of the 2015 CHBA - Edmonton Region Awards of Excellence in Housing

CHBA – Edmonton Region’s Awards of Excellence in Housing recognizes the outstanding efforts of the best of Edmonton Region’s builders, developers, landscape architects, and sales and marketing professionals.

Our goal for the 2015 Awards of Excellence in Housing is to judge each entry on its own merit using an impartial panel of industry experts. Award submissions are entered online, providing CHBA-ER with the opportunity to have the judging process completed online as well.  We are seeking top notch judges/industry experts who would be willing to participate.

The identity of our judges and the results of the judging are entirely confidential, and known only to the staff of Canadian Home Builders Association – Edmonton Region.

CHBA - ER is currently seeking volunteers to judge entries in the following award categories:

  • Single Family Housing -  15 categories
  • Multi-Family Housing - 10 categories
  • Sales Centre - 3 categories
  • Advertising - 7 categories
  • Renovation - 4 categories
  • Development - 3 categories
  • Sales People - 3 categories
  • Leadership - 1 categories

In each category there will be an average of 15 to 20 entries to judge unless you are judging an advertising award where there is substantially more to review. A typical entry for our housing/renovation awards will consist of pictures of the home, floor plan and a write up of questions which was asked by the Association. The development category is very similar with the exception of reviewing a subdivision plan etc.  The advertising category consists of reviewing a write up of questions which was asked by the Association along with the entry image or listening to the video or commercial as an example.   Each entry should take no more than five minutes to judge and we ask that you choose a clear winner.  Judging will be open approx.

November 24 and can be done at your leisure.  The deadline for judging will be December 8. Once you have agreed to assist us with this process, an awards package with all of the categories and their criteria will be emailed to you once the packages are ready. This package will also contain the link to the website, your username and password for the site, as well as a step by step outline for the process.

If you would be willing to act as a judge for our awards, have any questions about the judging process or know someone who would be of interest in this opportunity, please contact Kimberley Banford at

780-702-0324 or kbanford@chbaedmonton.ca . Your assistance is greatly appreciated.