The data from the Canadian Real Estate Association is probably not as bad as it sounds because activity was still 7.9% above year-ago levels. They noted weakness near the Canadian oil patch.
“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.”
They note that Calgary prices were still up 8.8% ytd.
It’s all about the SNB today. But Mike noted bids at 1.1800 in his latest USD/CAD post and that proved to be a nice springboard with USD/CAD quickly back to 1.1914.
