14:43:44 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,209,654,411
Close 2015-04-14 C$ 64.66
Market Cap C$ 78,216,254,215
Recent Sedar Documents

Globe says Big Five banks hear BOC warn on housing

2015-04-16 06:44 ET - In the News

See In the News (C-RY) Royal Bank of Canada

The Globe and Mail reports in its Thursday, April 16, edition that the Bank of Canada is warning about a correction in three of the country's largest housing markets as home values continue to soar in Toronto and Vancouver even as they fall across Alberta. The Globe's Tamsin McMahon writes that the BOC has long called for a "soft landing" in the national housing market. It reiterated that prediction on Wednesday, but for the first time raised explicit concerns about the possibility of corrections in several key housing markets and warned of the risks to the broader economy should regional housing market downturns start spilling across provincial borders. The warnings come amid further evidence that Canada's housing market is dividing in two, with prices showing double-digit gains in the most competitive markets, while falling in others. Nationally, the average resale home price hit $439,144 in March, jumping 9.4 per cent compared with a year earlier. However, nearly all of that growth came from Vancouver and Toronto. Home sales have skyrocketed by more than 50 per cent over the past year in Vancouver and risen nearly 11 per cent in Toronto. Demand for expensive luxury homes in the two cities is soaring.

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