Low interest rates and a lack of available homes for sale helped push prices higher.
Prices were up more than 30 per cent in New Brunswick. Greater Moncton was stronger than Lower Fredericton and Saint John.
Ontario continued its march higher with a 30 per cent year-over-year increase. After lagging earlier in the year, the Greater Toronto Area surged.
British Columbia is up 25 per cent, led by areas outside of Vancouver.
Montreal was up around 20 per cent, Manitoba gained about 13 per cent, while Alberta and Saskatchewan rose mid-to-single digits.
The sales record was already broken by October, with 581,275 homes changing hands in 2021. Months of inventory was 1.8, which is tied for the tightest market ever. The long-term average is around five months.
CREA says the trend will likely continue in the new year.
“Housing cycles can be very long, so market trends do not care that we’ve put new 2022 calendars up on our refrigerator doors,” said CREA’s senior economist Shaun Cathcart.
“The fact is that the supply issues we faced going into 2020, which became much worse heading into 2021, are even tighter as we move into 2022.”
A number of market watchers say higher interest rates are the best tool to cool housing markets. Fixed mortgage rates have crept up but variable rates haven’t and there’s been a big shift into that type of mortgage.
A Bank of Canada rate hike will put upward pressure on variable mortgage rates. BMO senior economist Robert Kavcic expects a 100 basis point of tightening in 2022.
“Is that enough to seriously cool the market? It will certainly be a dampener, but the job market is very strong, wage growth is picking up and, after adjusting for inflation or house-price growth expectations (which have been allowed to harden), those mortgage rates would still remain negative in real terms,” said Kavcic.
Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.
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TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.
The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.
Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.
In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.
On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.
The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
