Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Friday, September 13, 2013

House Prices: Canada Sees Another All-Time Record In August

Home prices in Canada rose another 0.6 per cent from July to August, setting another all-time record, according to the Teranet-National Bank Composite House Price Index.

The index, which measures resale house prices in the 11 largest metro areas in the country, found prices have risen 1.9 per cent, nationwide, in the past year.

Prices in Toronto’s closely watched housing market rose 1.33 per cent in the month, a very sharp increase that’s unlikely to be sustained, as it would mean they are now growing at a 16-per-cent annual rate. Prices in the city have risen 3.72 per cent so far since the start of the year.

Vancouver and Victoria, B.C., both posted declines, continuing a market slump that began last year.

Economists at the big banks have declared Canada’s housing slump over, following last year’s decline in sales volumes. BMO's Doug Porter noted that the 1.9-per-cent year-on-year price gain is within striking range of the inflation rate, indicating a steady market. His two-word conclusion on the data: "Big deal."

“Existing home sales were up 18 per cent from a year ago. Therefore, it is hard to believe that nationwide monthly price drops are in the offing,” Teranet said in a research note.

Not everyone is convinced everything is fine.

“New housing demand is still falling sharply while excess supply mounts,” Capital Economics said in a recent research note. The firm last year predicted a 25-per-cent price correction for Canada’s housing market.

Evidence is growing that developers are heeding the warnings of an overheated, oversupplied market. Housing starts have declined for the past four months, Canada Mortgage and Housing Corp. reports, bringing the numbers more in line with demand.

Original Article
Source: huffingtonpost.ca
Author: The Huffington Post Canada

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