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Ottawa, ON, January 15, 2016 -According to statistics released today by The Canadian Real Estate Association (CREA), national home sales edged lower in December 2015 compared to the previous month, but held above year-ago levels.

Highlights:

• National home sales edged back by 0.6% from November to December.
• Actual (not seasonally adjusted) activity was up 10% compared to December 2014.
• The number of newly listed homes rose 2.2% from November to December.
• The Canadian housing market remains balanced overall.
• The MLS® Home Price Index (HPI) rose 7.3% year-over-year in December.
• The national average sale price rose 12% on a year-over-year basis in December; excluding Greater Vancouver and Greater Toronto, it increased by 5.4%.

The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations edged back by 0.6 percent in December 2015 compared to November. Activity nonetheless remains close to a six-year high.

December sales were down from the previous month in slightly more than half of all local markets. Monthly sales declines in Calgary, Edmonton, the York Region of the Greater Toronto Area (GTA) and Hamilton-Burlington offset monthly activity gains recorded elsewhere.

“An increasingly short supply of listings in Vancouver and Toronto blunted the impact of changes to mortgage regulations announced in December that were aimed at cooling these housing markets,” said CREA President Pauline Aunger. “Buyers there had been expected to bring forward their purchase decisions before new regulations take effect in February 2016, but they faced a growing shortage of supply. Meanwhile, supply is ample in many other major urban markets, particularly those where buyers have become cautious amid economic uncertainty. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“December mirrored the main themes of 2015, with strong sales activity and price growth across much of British Columbia and Ontario offsetting declines in activity among oil producing regions,” said Gregory Klump, CREA’s Chief Economist. “The recent decline and uncertain outlook for oil prices means that housing market prospects are unlikely to improve in the near term in regions where job market prospects are tied to oil production.”

Actual (not seasonally adjusted) sales rose 10.0 percent on a year-over-year basis in December 2015. Activity was up compared to December 2014 in about 60 percent of all local markets, led by the Lower Mainland of British Columbia, the GTA and Montreal.

Sales activity in the fourth quarter of 2015 advanced by 2.0% quarter-over-quarter and hit the highest quarterly level in six years. Annual home sales in 2015 were up 5.5 from the previous year and reached the second-highest annual level on record – just 3.0% short of the annual record set in 2007.

The number of newly listed homes rose 2.2 percent in December compared to November. The monthly increase built on the 3.3 percent gain logged in November and lifted new supply to the highest monthly level in almost six years. December’s increase was driven by gains in the Fraser Valley, Calgary, Edmonton, the GTA and Montreal.

The national sales-to-new listings ratio eased to 55.5 percent in December – its lowest reading since March 2015. A sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.

The ratio was within this range in about 40 percent of all local housing markets in December. Slightly more than one-third of local markets recorded a ratio above 60 percent, almost all of which are located in British Columbia and Ontario.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.4 months of inventory on a national basis at the end of December

2015, unchanged from November and the lowest level in nearly six years. The national figure is being pulled lower by increasing market tightness in B.C. and Ontario. Many of these markets, particularly around Greater Vancouver and the GTA, ended 2015 with a record low or near-record low number of homes listed for sale.

The Aggregate Composite MLS® HPI rose by 7.27 percent on a year-over-year basis in December – the largest gain in over five years. Year-over-year price growth accelerated for single family homes and townhouse/row units but slowed for apartment units.

Two-storey single family homes continue to post the biggest year-over-year price gains (+9.15 percent), followed by one-storey single family homes (+6.63 percent), townhouse/row units (+6.12 percent) and apartment units (+4.96 percent).

Year-over-year price growth continued to range widely among housing markets tracked by the index. Greater Vancouver (+18.87 percent) and the Fraser Valley (14.35 percent) posted the largest gains, followed closely by Greater Toronto (+10.01 percent). By comparison, Victoria and Vancouver Island prices posted year-over-year gains in the range from six to eight percent.

By contrast, prices retreated by about two percent on a year-over-year basis in Calgary and Saskatoon and by nearly four percent in Regina. While the home price declines in Calgary and Saskatoon are a fairly recent trend, prices in Regina have been trending lower since early 2014.

Prices crept higher on a year-over-year basis in Ottawa (+0.62 percent), rose modestly in Greater Montreal (+1.81 percent) and outstripped overall consumer price inflation in Greater Moncton (+3.88 percent).

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in December 2015 was $454,342, up 12.0 percent on a year-over-year basis.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two housing markets are excluded from calculations, the average is a more modest $336,994 and the year-over-year gain is reduced to 5.4 percent. Even then, the gain reflects a tug of war between strong average price gains in housing markets around the GTA and the Lower Mainland of British Columbia versus flat or declining average prices elsewhere in Canada. If British Columbia and Ontario are excluded from calculations, the average price slips even lower to $294,363, representing a year-over-year decline of 2.2 percent.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

Ottawa, ON, October 15, 2015 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity eased in September 2015 from the month before.

Highlights:

• National home sales declined by 2.1% from August to September.
• Actual (not seasonally adjusted) activity edged up 0.7% compared to September 2014.
• The number of newly listed homes retreated 2.1% from August to September.
• The Canadian housing market remains balanced overall.
• The MLS® Home Price Index (HPI) rose 6.9% year-over-year in September.
• The national average sale price rose 6.1% on a year-over-year basis in September; excluding Greater Vancouver and Greater Toronto, it increased by 2.9%.

The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations fell by 2.1 per cent in September 2015 compared to August.

Sales were down in more than half of all local markets in September, led by declines in Greater Vancouver, Calgary and the Greater Toronto Area (GTA).

“Sales are off the peak reached earlier this year but are still running strong, particularly in British Columbia and Ontario,” said CREA President Pauline Aunger. “That said, sales strength varies considerably among markets and price segments across Canada. All real estate is local, and

REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“Although national sales activity was not as strong in September as it was earlier this year, a lack of supply in some parts of the country is likely keeping a lid on transactions,” said Gregory Klump, CREA’s Chief Economist. “The GTA and Greater Vancouver made sizeable contributions to the monthly decline in national sales activity. They also rank among the tightest urban housing markets in the country due to a shortage of inventory and supply of land on which to build, which is why prices there continue to grow strongly.”

Actual (not seasonally adjusted) activity in September 2015 eclipsed activity one year ago by 0.7 per cent. Sales in September 2015 reached the second-highest on record for the month, standing just 0.3 per cent (130 transactions) below the record set in September 2009.

Actual (not seasonally adjusted) sales were up from year-ago levels in a little over half of all local markets, led by the Lower Mainland region of British Columbia. Calgary posted the largest year-over-year decline in activity compared to the record set last year.

In line with sales activity, the number of newly listed homes also declined by 2.1 per cent in September compared to August led by the Lower Mainland, Victoria, the GTA, Hamilton-Burlington and Montreal.

The national sales-to-new listings ratio was 56.8 per cent in September. With sales and new listings having posted monthly declines of equal magnitude in September, the sales-to-new listings ratio held steady compared to August. A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively.

The ratio was within this range in half of local housing markets in September. Of the remainder, the majority breached the 60 per cent threshold in September and consisted almost entirely of markets in British Columbia and those in and around the GTA.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.7 months of inventory on a national basis at the end of September 2015, up slightly from the 5.6 months recorded in each of the previous four months.

The Aggregate Composite MLS® HPI rose by 6.90 per cent on a year-over-year basis in September, accelerating from 6.43 per cent in August, 5.90 per cent in July, and 5.43 in June. The recent acceleration in year-over-year growth follows about a year-and-a-half of gains that held steady within a range of between five and five-and-a-half per cent.

Year-over-year price growth picked up in September for all Benchmark home types tracked by the index, particularly for apartment units.

Two-storey single family homes continue to post the biggest year-over-year price gains (+9.07 per cent), followed by one-storey single family homes (+6.48 per cent), townhouse/row units (+4.40 per cent) and apartment units (+4.22 per cent).

Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+13.72 per cent) and Greater Toronto (+10.46 per cent) continue to post by far the biggest year-over-year price increases. Meanwhile, price gains in the Fraser Valley have accelerated to almost nine per cent.

By comparison, Victoria and Vancouver Island prices logged year-over-year gains between five and six per cent in September.

For the second consecutive month, prices in Calgary were flat on a year-over-year basis. Prices in Saskatoon and Ottawa also ran roughly even with year-ago levels.

Elsewhere, home prices were up from September 2014 levels by about one-and-a-half per cent in Greater Montreal and by about two-and-a-half per cent in Greater Moncton. Prices fell by four per cent in Regina, extending year-over-year price declines there that began in 2013.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in September 2015 was $433,649, up 6.1 per cent on a year-over-year basis.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $334,705 and the year-over-year gain is reduced to 2.9 per cent.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

Ottawa, ON, September 15, 2015 -According to statistics1 released today by The Canadian Real Estate Association (CREA), national home sales activity posted a small month-over-month increase in August 2015.

Highlights:

• National home sales edged up by 0.3% from July to August.
• Actual (not seasonally adjusted) activity stood 4.0% above August 2014 levels.
• The number of newly listed homes rose 0.5% from July to August.
• The Canadian housing market remains balanced overall.
• The MLS® Home Price Index (HPI) rose 6.43% year-over-year in August.
• The national average sale price rose 8.7% on a year-over-year basis in August; excluding Greater Vancouver and Greater Toronto, it increased by 4.2%.

The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations edged up 0.3 per cent in August 2015 compared to July and remains near levels that have changed little since reaching a five-year high in May. (Chart A)

Sales were little changed on a month-over-month basis among all local markets in August, with an even split between markets posting increases and those with declines.

“August marked the fourth month in a row for strong and stable national sales activity,” said CREA President Pauline Aunger. “While home prices increased in British Columbia and in the Greater Toronto Area, they have been holding fairly steady in many other parts of the country for some time now. All real estate is local and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“Prices continue to rise in Ontario and British Columbia, where listings are either in short supply or heading in that direction,” said Gregory Klump, CREA’s Chief Economist. “August also provided early evidence that modest price growth is re-emerging in some markets in Quebec and New Brunswick. The continuation of low interest rates is supporting home sales and price trends, and is likely to keep doing so for some time.”

Actual (not seasonally adjusted) activity in August 2015 was up four per cent from the same month last year. It was the third highest August sales figure on record after 2005 and 2007, and stood 6.6 per cent above the 10-year average for August.

Actual (not seasonally adjusted) sales were up from year-ago levels in a little over 60 per cent of all local markets, led by the Lower Mainland region of British Columbia and the Greater Toronto Area (GTA). Sales in Calgary continued to post the largest year-over-year declines after having run near record levels there last year.

The number of newly listed homes edged up by 0.5 per cent in August compared to July, led by gains in Edmonton and the GTA.

The national sales-to-new listings ratio was 56.7 per cent in August, down slightly from 56.9 per cent in July. A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively.

The ratio was within this range in a little under half of local housing markets in August. More than one-third of all local markets breached the 60 per cent threshold in August, comprised mostly of markets in British Columbia together with those in and around the GTA.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.6 months of inventory on a national basis at the end of August 2015, unchanged from the previous three months and holding at a three-year low for the measure.

The Aggregate Composite MLS® HPI rose by 6.43 per cent on a year-over-year basis in August, accelerating from the 5.90 year-over-year gain in July and 5.43 per cent in June. This recent acceleration in year-over-year growth follows gains that held steady within a range of about five and five-and-a-half per cent. (Chart B)

Year-over-year price growth picked up in August for all Benchmark home types tracked by the index with the exception of townhouse/row units.

Two-storey single family homes continue to post the biggest year-over-year price gains (+8.85 per cent), followed by one-storey single family homes (+6.09 per cent), townhouse/row units (+4.29 per cent) and apartment units (+3.08 per cent).

Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+11.96 per cent) and Greater Toronto (+9.99 per cent) continue to post by far the biggest year-over-year price increases. By comparison, year-over-year price growth in the Fraser Valley accelerated to about seven per cent, while Victoria and Vancouver Island prices logged year-over-year gains of about five per cent in August.

Prices in Calgary were flat on a year-over-year basis in August, marking the first month since September 2011 of no year-over-year price growth. Prices in Saskatoon also ran roughly even with year-ago levels.

Elsewhere, home prices were up from August 2014 levels by about one-and-a-half per cent in Greater Montreal, by about one per cent in Greater Moncton, and by about half of one per cent in Ottawa. Prices fell by about three-and-a-half per cent in Regina, extending year-over-year price declines there that began in 2013. (Table 1)

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in August 2015 was $433,367, up 8.7 per cent on a year-over-year basis.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $338,755 and the year-over-year gain is reduced to 4.2 per cent.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

For more information, please contact:

Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

Highlights:

• National home sales edged back by 0.8% from May to June.
• Actual (not seasonally adjusted) activity stood 11% above June 2014 levels.
• The number of newly listed homes edged down 0.2% from May to June.
• The Canadian housing market remains balanced overall.
• The MLS® Home Price Index (HPI) rose 5.43% year-over-year in June.
• The national average sale price rose 9.6% on a year-over-year basis in June; excluding Greater Vancouver and Greater Toronto, it increased by 3.1%.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations declined by 0.8 per cent in June 2015 compared to May. Sales levels in May and June marked the strongest monthly readings in more than five years.

June sales were up from the previous month in about half of all local markets, led by increases in Hamilton-Burlington and in the Durham Region of the Greater Toronto Area. The monthly increase in sales there was offset by monthly sales declines in Ottawa and Montreal.

“Low interest rates are unquestionably helping boost consumer confidence and home sales activity this summer,” said CREA President Pauline Aunger. “But low interest rates are benefiting sales in some areas more than others. All real estate is local, with trends affected by a combination of local and national factors. REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“Low interest rates are helping sales activity set new records in and around the Greater Toronto Area, which is boosting national sales activity,” said Gregory Klump, CREA’s Chief Economist. “Those records would be even higher were it not for an ongoing shortage of listings for single family homes in the area. The combination of strong demand and a shortage of listings is continuing to fuel single family home price increases.”

Actual (not seasonally adjusted) activity in June 2015 set a record for the month, standing 11 per cent above levels reported for the same month last year and 14 per cent above the 10-year average for the month.

Actual (not seasonally adjusted) sales were up on a year-over-year basis in about two-thirds of all local markets, led by activity in the Lower Mainland of British Columbia, Greater Toronto, Hamilton-Burlington, and Montreal.

The number of newly listed homes was little changed (-0.2 per cent) in June compared to May, marking the third consecutive month in which they remained stable. There was roughly an even split between the number of local markets showing an increase in new listings and those showing a decline.

The national sales-to-new listings ratio was 57.2 per cent in June. Although little changed from its reading the previous month, it is up from the low of 50.4 per cent reached in January when it reached its most balanced point since March 2013. The ratio has risen steadily along with sales over the first half of the year while new supply has remained stable.

A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively.

The ratio was within this range in about half of local housing markets in June. About one-third of all local markets breached the 60 per cent threshold in June, comprised mostly of markets in British Columbia together with those in and around the Greater Toronto Area.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.6 months of inventory on a national basis at the end of June 2015, unchanged from a month earlier when it reached its lowest reading in three years. The national balance between supply and demand has tightened since the beginning of the year, when it was at its most balanced in nearly two years.

The Aggregate Composite MLS® HPI rose by 5.43 per cent on a year-over-year basis in June, accelerating slightly by comparison to the 5.17 per cent year-over-year gain logged in May. Gains have generally held within the range of between five to five and a half per cent since the beginning of 2014.

Year-over-year price growth picked up in June for single family homes, slowed for apartment units, and was little changed for townhouse/row units.

Two-storey single family homes continue to post the biggest year-over-year price gains (+7.65 per cent), with comparatively more modest increases for one-storey single family homes (+4.43 per cent), townhouse/row units (+4.00 per cent) and apartment units (+2.64 per cent).

Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+10.26 per cent) and Greater Toronto (+8.94 per cent) continue to post by far the biggest year-over-year price increases. By comparison, Fraser Valley, Victoria, and Vancouver Island prices all recorded year-over-year gains of about four per cent in June.

Price gains in Calgary continued to slow, with a year-over-year increase of just 0.48 per cent in June. This was the smallest gain in nearly four years and marks a full year of monthly slowdowns in the rate of year-over-year price growth.

Elsewhere, prices held steady on a year-over-year basis in Saskatoon and Ottawa and rose slightly in Greater Montreal. By comparison, prices fell by almost three and a half per cent in Regina and by about two per cent in Greater Moncton.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in June 2015 was $453,560, up 9.6 per cent on a year-over-year basis.

The national average home price continues to be upwardly distorted by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $346,904 and the year-over-year gain is reduced to 3.1 per cent.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

Highlights:

• National home sales rose 2.3% from March to April.
• Actual (not seasonally adjusted) activity stood 10% above April 2014 levels.
• The number of newly listed homes was little changed from March to April.
• The Canadian housing market overall remains balanced.
• The MLS® Home Price Index (HPI) rose 4.97% year-over-year in April.
• The national average sale price rose 9.5% on a year-over-year basis in April; excluding Greater Vancouver and Greater Toronto, it increased by 3.4 %.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose 2.3 per cent in April 2015 compared to March. This marks the third consecutive month-over-month increase and raises national activity back to where it was during most of the second half of last year.

April sales were up from the previous month in two-thirds of all local markets, led by the Greater Toronto Area, the surrounding Golden Horseshoe region, and Montreal.

“As expected, low mortgage interest rates and the onset of spring ushered many homebuyers off the sidelines, particularly in regions where winter was long and bitter,” said CREA President Pauline Aunger. “All real estate is local and REALTORS® remain your best source of information about sales and listings where you live or might like to in the future.”

“In recent years, the seasonal pattern for home sales and listings has become amplified in places where listings are in short supply relative to demand,” said Gregory Klump, CREA’s Chief Economist. “This particularly stands out in and around Toronto. Sellers there have increasingly delayed listing their home until spring. Once listed, it sells fairly quickly. Sales over the year as a whole in Southern Ontario are likely being constrained to some degree by a short supply of single family homes. However, the busy spring home buying and selling season has become that much busier as a result of sellers waiting until winter has faded before listing.”

Actual (not seasonally adjusted) activity in April stood 10.0 per cent above levels reported in April 2014. This marks just the third time ever that sales during the month of April topped 50,000 transactions.

Sales were up on a year-over-year basis in about 70 per cent of all local markets, led by activity in the Lower Mainland of British Columbia, Greater Toronto, and Montreal. Of the 18 local markets that set new records for the month of April, all but two are in Southern Ontario.

The number of newly listed homes was virtually unchanged (+0.1 per cent) in April compared to March. Below the surface, new supply rose in almost two thirds of all local markets, led by a big rebound in Halifax-Dartmouth following a sharp drop in March. This was offset by declines in Greater Vancouver, Victoria, and the Okanagan Region, as well as by a continuing pullback in new supply in Calgary. New listings in Calgary have dropped by one-third from their multi-year high at the end of last year to their current multi-year low.

The national sales-to-new listings ratio was 55.3 per cent in April, up from 50.4 per cent three months earlier as the ratio has steadily risen along with sales so far this year.

A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively. The ratio was within this range in the majority of local housing markets in April.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.9 months of inventory on a national basis at the end of April 2015, down from 6.1 months in March and 6.5 months at the end of January when it reached the highest level in nearly two years. While the sales-to-new listings ratio and months of inventory measures of market balance indicate that the housing market has tightened on a national basis over the past few months, both measures remain firmly entrenched in balanced market territory.

The Aggregate Composite MLS® HPI rose by 4.97 per cent on a year-over-year basis in April, on par with the 4.95 per cent year-over-year gain recorded in March.

Year-over-year price growth accelerated in April for apartment units and two-storey single family homes, while decelerating for townhouse/row units and one-storey single family homes.

Single family home sales continue to post the biggest year-over-year price gains (+5.84 per cent), led by two-storey single family homes (+6.89 per cent). By comparison, the rise in selling prices was more modest for one-storey single family homes (+4.20 per cent), townhouse/row units (+3.87 per cent), and apartment units (+2.60 per cent).

Price gains varied among housing markets tracked by the index. For the third consecutive month, Greater Vancouver (+8.50 per cent) and Greater Toronto (+8.43 per cent) posted the biggest year-over-year price increases. By comparison, Fraser Valley, Victoria, and Vancouver Island recorded gains in the range between 2.7 per cent and 4.0 per cent.

Price growth in Calgary continued to slow, with a year-over-year increase of just 2.21 per cent in April, the smallest gain in three years and the tenth consecutive month for which the gain diminished.

Prices remained stable on a year-over-year basis in Saskatoon and Ottawa, while rising slightly in Greater Montreal, dipping slightly in Greater Moncton, and falling in Regina.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in April 2015 was $448,862, up 9.5 per cent on a year-over-year basis.

The national average home price continues to be upwardly distorted by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. Excluding these two markets from calculations, the average price is a more modest $339,893 and the year-over-year gain shrinks to 3.4 per cent.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

Ottawa, ON, March 13, 2015- According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity edged up slightly on month-over-month basis in February 2015.

Highlights:

• National home sales edged up 1.0% from January to February.
• Actual (not seasonally adjusted) activity stood 2.7% above February 2014 levels.
• The number of newly listed homes fell 2.5% from January to February.
• The Canadian housing market remains balanced.
• The MLS® Home Price Index (HPI) rose 5.01% year-over-year in February.
• The national average sale price rose 6.3% on a year-over-year basis in February.

The number of home sales processed through the MLS® Systems of Canadian real estate

Boards and Associations rose by one per cent in February 2015 compared to January.

The monthly increase was led by Greater Vancouver, the Okanagan region, and Greater Toronto. Gains there offset sales declines elsewhere, with more than half of all local markets having posted weaker sales in February compared to January.

“A number of buyers across the Prairies stayed on the sidelines in February,” said CREA President Beth Crosbie. “That’s likely to remain an important part of the national housing story until the outlook for oil prices starts improving. Meanwhile, home sales in British Columbia and much of Ontario are improving, which underscores the fact that all real estate is local. Nobody knows this better than your local REALTOR®, who remains your best source for information about the housing market where you currently live or might like to in the future.”

Actual (not seasonally adjusted) activity in February stood 2.7 per cent above levels reported in the same month last year, but remained five per cent below the 10-year average for the month of February.

“Sales came in below the ten-year average for the month of February in two-thirds of all local markets,” said Gregory Klump, CREA’s Chief Economist. “That said, the opposite was true in a few large urban markets in British Columbia and Ontario despite a shortage of listings there, which is fuelling prices higher.”

The number of newly listed homes fell 2.5 per cent in February compared to January, led by Greater Vancouver, the Okanagan region, and Calgary. New listings in Calgary have retreated in recent months after having climbed sharply toward the end of last year.

The national sales-to-new listings ratio was 52.2 per cent in February. With sales up and new listings down, this marked an increase from 50.4 per cent in January.

A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively. The ratio was within this range in more than half of all local markets in February.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 6.4 months of inventory on a national basis at the end of February 2015, down from 6.5 months in January. Both the sales-to-new listings ratio and months of inventory measures continue to point to a balanced market at the national level.

The Aggregate Composite MLS® HPI rose by 5.01 per cent on a year-over-year basis in February. Price gains have held steady between five and five-and-a-half per cent for more than a year.

Year-over-year price growth decelerated in February for all Aggregate Benchmark housing types tracked by the index except two-storey single family homes, which again posted the biggest year-over-year price gain (+6.63 per cent).

This was followed by townhouse/row units (+4.44 per cent) and one-storey single family homes (+4.34 per cent). Price growth remained more modest for apartment units (+2.77 per cent).

Price gains varied among housing markets tracked by the index. Greater Toronto (+7.84 per cent), Greater Vancouver (+6.38 per cent) and Calgary (+5.96 per cent) posted the biggest year-over-year increases. Even so, the increase in Calgary was far smaller than gains posted last year and the smallest since December 2012.

In other markets from West to East, prices were up compared to year-ago levels by between two and two-and-a-half per cent in the Fraser Valley, Victoria, and Vancouver Island, while holding steady in Saskatoon, Ottawa, and Greater Montreal, and falling in Regina and Greater Moncton.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in February 2015 was $431,812, up 6.3 per cent on a year-over-year basis.

The national average home price remains skewed by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $326,910 and the year-over-year gain shrinks to just 1.5 per cent.

Ottawa, ON, February 17, 2015 - According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was down on a month-over-month basis in January 2015.

Highlights:

• National home sales fell 3.1% from December to January.
• Actual (not seasonally adjusted) activity stood 2.0% below January 2014 levels.
• The number of newly listed homes rose 0.7% from December to January.
• The Canadian housing market remains balanced.
• The MLS® Home Price Index (HPI) rose 5.17% year-over-year in January.
• The national average sale price rose 3.1% on a year-over-year basis in January.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations fell 3.1 per cent in January 2015 compared to December 2014.

January sales were down from the previous month in about 60 per cent of all local housing markets. On a provincial basis, the monthly decline largely reflected fewer sales in Alberta and Saskatchewan.

"As expected, consumer confidence in the Prairies has declined and moved a number of potential homebuyers to the sidelines as a result," said CREA President Beth Crosbie. "By contrast, housing market trends in the Maritimes are continuing to improve, which underscores the fact that all real estate is local. Nobody knows this better than your local REALTOR®, who remains your best source for information about the housing market where you currently live or might like to in the future."

Actual (not seasonally adjusted) activity in January stood two per cent below levels reported in the same month last year, marking the first year-over-year decline since April 2014.

"Comparing sales activity for January this year to sales one year earlier, there was a fairly even split between the number of markets where sales were up versus the number of markets where sales were down," said Gregory Klump, CREA's Chief Economist. "The decline in national sales largely reflects weakened activity in Calgary and Edmonton. If these two markets are removed from national totals, combined sales activity remained 1.9 per cent above year-ago levels."

The number of newly listed homes rose 0.7 per cent in January compared to December. New supply climbed higher in just over half of all local markets, led by Edmonton and Greater Toronto. By contrast, Greater Vancouver, Calgary, and Regina posted the largest monthly declines in new listings.

The national sales-to-new listings ratio was 49.7 per cent in January, marking the first time this measure of market balance has dipped below 50 per cent since December 2012.

A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers' and buyers' markets, respectively. The ratio was within this range in more than half of all local markets in January.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 6.5 months of inventory nationally at the end of January 2015, its highest reading since April 2013. As with the sales-to-new listings ratio, the reading for the number of months of inventory still indicates that the national market remains balanced.

The Aggregate Composite MLS® HPI rose by 5.17 per cent on a year-over-year basis in January. This continues the trend, in place throughout 2014, where year-over-year price gains held steady between five and five-and-a-half per cent.

Year-over-year price growth held steady in January for one-storey single family homes and decelerated for other Aggregate Benchmark housing types tracked by the index.

Two-storey single family homes continued to post the biggest year-over-year price gains (+6.57 per cent), followed closely by townhouse/row units (+5.00 per cent) and one-storey single family homes (+4.61 per cent). Price growth remained comparatively more modest for apartment units (+3.11 per cent).

Price gains varied among housing markets tracked by the index. As in recent months, Calgary (+7.76 per cent), Greater Toronto (+7.47 per cent), and Greater Vancouver (+5.53 per cent) continued to post the biggest year-over-year increases.

That said, while prices in Greater Vancouver and Greater Toronto continue to trend higher, the trend for prices in Calgary has been fairly stable since last summer while year-over-year gains continue to shrink.

In other markets from West to East, prices were up on a year-over-year basis in the Fraser Valley, Victoria, and Vancouver Island, while remaining stable in Saskatoon, Ottawa, and Greater Montreal. By contrast, prices declined on a year-over-year basis in Regina and Greater Moncton.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in January 2015 was $401,143. This represents an increase of 3.1 per cent year-over-year and the smallest increase since April 2013.

The national average home price remains skewed by sales activity in Greater Vancouver and Greater Toronto, which are among Canada's most active and expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $312,280, which represents a year-over-year decline of three tenths of one per cent.

- 30 -

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

Ottawa, ON, January 15, 2015- According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was down on a month-over-month basis in December 2014.

Highlights:

• National home sales fell 5.8% from November to December.
• Actual (not seasonally adjusted) activity stood 7.9% above December 2013 levels.
• The number of newly listed homes rose 1.1% from November to December.
• The Canadian housing market remains balanced.
• The MLS® Home Price Index (HPI) rose 5.4% year-over-year in December.
• The national average sale price rose 3.8% on a year-over-year basis in December.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations fell 5.8 per cent in December 2014 compared to November and remained above year-ago levels.

December sales were down from the previous month in almost two-thirds of all local housing markets, led by declines of about 25 per cent in both Calgary and Edmonton. Activity also slipped by about five per cent in the Greater Toronto Area.

“Home sales activity remained above year-ago levels in most local housing markets,” said CREA President Beth Crosbie. “Sales were also stronger in December than they were the previous month in about one-third of all local markets in Canada. This underscores the fact that all real estate is local. Nobody knows this better than your local REALTOR®, who remains your best source for information about how the housing market is shaping up where you currently live or might like to in the future.”

“December sales were down from the previous month in a number of Canada’s largest and most active housing markets, indicating a broadly based cooling off for Canadian home sales as 2014 came to an end,” said Gregory Klump, CREA’s Chief Economist. “Even so, sales remain above year-ago levels in many of the same markets.”

“Given the uncertain outlook for oil prices, it’s no surprise consumer confidence in Alberta softened and moved some home buyers to the sidelines,” said Klump. “With regards to slower activity in Calgary and Edmonton, sales in these two markets had been running strong all year before they returned to levels that are entirely average for the month of December.”

Actual (not seasonally adjusted) activity in December stood 7.9 per cent above levels reported in the same month in 2013. Sales for the month were up from year-ago levels in about two-thirds of all local markets, led by Greater Vancouver and the Fraser Valley, the Greater Toronto Area, and Montreal.

Some 481,162 homes traded hands via the MLS® Systems of Canadian real estate Boards and Associations on an actual (not seasonally adjusted) basis in 2014 — the highest annual level in seven years. Annual sales activity in 2014 was up 5.1 per cent from the previous year and stood 2.6 per cent above the 10-year annual average.

The number of newly listed homes rose 1.1 per cent in December compared to November. Led by Calgary, Regina and Ottawa, new supply was up in just over half of all local markets.

The national sales-to-new listings ratio was 51.8 per cent in December, down from the mid-55 per cent range in the previous four months.

A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively.

The ratio was within this range in just over two-thirds of all local markets in November. More than half of the British Columbia, Alberta and Southern Ontario markets that had been in seller’s market territory in November returned to balanced market territory in December. This list included Greater Vancouver, Calgary, Edmonton, and the Greater Toronto Area.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 6.2 months of inventory nationally at the end of December 2014, up from 5.8 months in November. Together with the softer reading for the sales-to-new listings ratio, this suggests that the Canadian housing market has become more balanced.

The Aggregate Composite MLS® HPI rose by 5.38 per cent on a year-over-year basis in December. Monthly price gains held steady between five and five-and-a-half per cent throughout 2014.

In December, year-over-year price growth decelerated compared to November for townhouse/row units but accelerated for other types of homes tracked by the index. Two-storey single family homes continue to post the biggest year-over-year price gains (+6.98 per cent), followed closely by townhouse/row units (+5.31 per cent) and one-storey single family homes (+4.51 per cent). Price growth remained comparatively more modest for apartment units (+3.51 per cent).

Price gains varied among housing markets tracked by the index. As in recent months,

Calgary (+8.80 per cent), Greater Toronto (+7.89 per cent), and Greater Vancouver (+5.82 per cent) continued to post the biggest year-over-year increases. By contrast, prices in Regina declined by 3.48 per cent.

In other markets from West to East, prices were up between 2.2 and 2.6 per cent on a year-over-year basis in the Fraser Valley, Victoria, and Vancouver Island, and by less than one per cent in Saskatoon, Ottawa, Greater Montreal, and Greater Moncton.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in December 2014 was $405,233, representing an increase of 3.8 per cent year-over-year and its smallest increase since May 2013.

The national average home price remains skewed by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $319,481 and the year-over-year increase shrinks to 1.9 per cent.

- 30 -

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

Ottawa, ON, December 15, 2014 - According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was unchanged on a month-over-month basis in November 2014.

Highlights:

• National home sales were unchanged from October to November.
• Actual (not seasonally adjusted) activity stood 2.7% above November 2013 levels.
• The number of newly listed homes edged down 0.4% from October to November.
• The Canadian housing market remains balanced.
• The MLS® Home Price Index (HPI) rose 5.2% year-over-year in November.
• The national average sale price rose 5.7% on a year-over-year basis in November.

The number of home sales processed through the MLS® Systems of Canadian real estate

Boards and Associations was unchanged in November 2014 compared to October. As a result, activity remains much improved compared to the quiet start to the year.

November sales strengthened in half of all local housing markets, with monthly increases in Montreal, Edmonton, Winnipeg, Hamilton-Burlington, Barrie, and Windsor-Essex tempered by a monthly decline in the Greater Toronto Area.

“The Canadian housing market remains a story about how sales and prices are still running strong in some areas while others are seeing subdued levels of activity with slower price gains or modest price declines,” said CREA President Beth Crosbie. “All real estate is local and your REALTOR® remains your best source for information about how the housing market is shaping up where you currently live or might like to in the future.”

“The effect of lower oil prices on Canada’s housing markets is something of a wildcard at the moment,” said Gregory Klump, CREA’s Chief Economist. “It’s not clear how far oil prices may drop or for how long they’ll stay down. How that plays out may affect the outlook for interest rates, job growth, consumer confidence, and sentiment about making major purchases.”

Actual (not seasonally adjusted) activity in November stood 2.7 per cent above levels reported in the same month last year. November sales were up from year-ago levels in about half all local markets, led by Greater Vancouver and the Fraser Valley, Calgary, and Greater Toronto.

Actual (not seasonally adjusted) sales activity for the year-to-date in November was five per cent above levels in the first 11 months of 2013. It was also slightly above (+2.4 per cent) the 10-year average for year-to-date sales.

The number of newly listed homes edged down 0.4 per cent in November compared to October. Led by Greater Toronto, new supply was down in just over half of all local markets.

The national sales-to-new listings ratio was 56 per cent in November. While this is marginally tighter compared to the previous three months in which it averaged 55.7 per cent, the broader trend for the ratio indicates that it has remained balanced and largely stable for the past four months.

A sales-to-new listings ratio between 40 and 60 per cent is usually consistent with a balanced housing market, with readings above and below this range indicating sellers’ and buyers’ markets respectively.

The ratio was within this range in almost 60 per cent of all local markets in November. About 60 per cent of the remaining markets posted ratios above this range, almost all of which are located in British Columbia, Alberta and Southern Ontario.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.8 months of inventory nationally at the end of November 2014. As with the sales-to-new listings ratio, the number of months of inventory has been stable for the past four months and remains well within balanced market territory.

The Aggregate Composite MLS® HPI rose by 5.19 per cent on a year-over-year basis in November. Price gains have held steady between five and five-and-a-half per cent since the beginning of the year.

Year-over-year price growth decelerated among all property types tracked by the index in November compared to October.

Two-storey single family homes continue to post the biggest year-over-year price gains (+6.79 per cent), followed closely by townhouse/row units (+5.63 per cent). Price growth was comparatively more modest for one-storey single family homes (+4.20 per cent) and apartment units (+3.18 per cent).

Price growth varied among housing markets tracked by the index. As in recent months,

Calgary (+8.53 per cent), Greater Toronto (+7.73 per cent), and Greater Vancouver

(+5.69 per cent) continue to post the biggest year-over-year increases. By contrast, prices in Regina declined by 3.36 per cent.

In other markets from West to East, prices were up between 1.6 and 2.8 per cent on a year-over-year basis in the Fraser Valley, Victoria, and Vancouver Island, by less than one per cent in Saskatoon and Ottawa, flat in Greater Montreal, and down by less than one per cent in Greater Moncton (Table 1).

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in November 2014 was $413,649, up 5.7 per cent from the same month last year.

The national average home price continues to be raised considerably by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $331,743 and the year-over-year increase shrinks to five per cent.

– 30 –

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

The Bank of Canada announced on December 3^rd, 2014 that it was holding its trend-setting overnight lending rate at 1 per cent.

Economic conditions around the world have changed rapidly in recent months. The Bank’s December 3^rd announcement took a decidedly “on the one hand, on the other hand” approach in addressing how recent developments have altered not only the outlook for inflation and the economy, but also the risks to that outlook.

While it considers the potential upside and downside risks to be balanced, the Bank sees them as having intensified.

1. Risks to the Canadian economy: On the upside, the Bank acknowledged Canadian exports as having improved, resulting in stronger business investment and employment, suggesting the return of balanced and self-sustaining growth. On the downside, the Bank indicated lower prices for oil and other commodities will act as a drag on the Canadian economy, and that household imbalances present a significant risk to financial stability.
2. Inflation risks: On the downside: weaker oil prices could lower inflation. On the upside, The impact of lower oil price may be tempered by a stronger U.S. economy, Canadian dollar depreciation, and recent federal fiscal measures. The Bank acknowledged inflation is up by more than expected due largely to what it considers to be temporary factors, and while underlying inflation has edged up it remains below the 2 per cent target.
3. Interest rate risks: On the upside, developments as outlined above together with upward revisions to past economic data suggest that slackness in the Canadian economy may be less than the Bank previously thought. That means the expected date for the first interest rate hike could be moved up. On the downside, conditions in the labour market continue to suggest there is still plenty of slackness in the Canadian economy. Additionally, lower oil prices could mean slower growth and more time before the Bank starts raising interest rates.

What does all this mean for the interest rate outlook? At this point, not much. The first hike is still pencilled in for later next year. Whether that outlook changes will depend on what happens in the months ahead – and perhaps most importantly, what happens to the price of oil.

As of December 3rd, 2014, the advertised five-year lending rate stood at 4.79 per cent, unchanged from the previous Bank rate announcement on October 22nd, 2014 and down 0.55 percentage points from the same time one year ago.

The next interest rate announcement along with the next update to the Monetary Policy Report will be on January 21^st, 2015.

(CREA 12/03/2014)