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Canadian real estate correction was side-effect of recession, not cause, while U.S. market still faces challenges, report says

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New York — Home prices rose for the third month in a row in July, new data Tuesday showed, more proof a fragile housing recover is under way.

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Consumer confidence in Canada continues to rise as the economy and financial markets improve, the Conference Board of Canada says. But not so in the United States.
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Canadians searching for clues on the health of the residential housing market should take a close look at an industry statistic known as the sales-to-listings ratio.
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The worst of Canada's housing market woes appear to be past but the sector's rebound will be tenuous as a rise in mortgage rates and high unemployment limit the recovery in prices and sales.
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Statistics Canada says household net worth declined by $72-billion, or 1.3 per cent, in the first quarter as falling real-estate values and stock market woes continued to erode assets.
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Jas Grewal's reaction to the recent runup in interest rates was to abandon a sweetheart of a variable-rate mortgage in favour of a safer, but more expensive, fixed-rate mortgage.
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Surging household debt is emerging as the greatest risk to Canada's financial system, the Bank of Canada said Monday.
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Resale prices for Canadian homes rose to their highest average on record in May, while sales activity climbed for a fourth straight month as consumer confidence strengthened, according to an industry report released on Monday.
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The prices of new homes in Canada in April fell by 0.6 percent from March and by 3.0 percent from April 2008, the largest year-on-year decline for more than 17 years, Statistics Canada said on Wednesday.
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