Thanks to the strong real estate market, Canadian consumers continue to be optimistic about their personal wealth, and will continue to be.
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Toronto, Canada (PRWEB) August 11, 2014
Canadalend.com, the leading low-cost, private mortgage solution provider in Canada, is weighing in on buoyant consumer confidence levels as Canadian building permits for June unexpectedly jumped 13.5%.
Canadian consumer confidence levels remain buoyant near a four-year high amid continued optimism about real estate. Canadian home prices climbed 7.9% during the first two quarters of the year. For the last week of July, the Bloomberg Nanos Canadian Confidence Index was at 59.7; during the previous week, the index hit 60.6, the highest level in four years. (Source: Argitis, T., “Canada Consumer Confidence Stays Near 4-Year High,” Bloomberg web site, July 28, 2014; http://www.bloomberg.com/news/2014-07-28/canada-consumer-confidence-stays-near-4-year-high.html.)
“Thanks to the strong real estate market, Canadian consumers continue to be optimistic about their personal wealth, and will continue to be,” says Bob Aggarwal, president of Canadalend.com. “During the same time frame, the number of Canadians predicting higher home prices over the next six months was at 44.4%, the fourth highest reading since 2008.”
Aggarwal believes recent building permit data for the month of June will only bolster Canadian consumer confidence levels and the overall housing market. That’s because monthly building permit activity is a leading indicator of the nation’s construction industry. The value of Canadian building permits issued in June climbed by 13.5%. Analysts had predicted building permits would decline two percent month-over-month after experiencing a 15.4% gain in May. (Source: “Building permits, June 2014,” Statistics Canada web site, August 7, 2014; http://www.statcan.gc.ca/daily-quotidien/140807/dq140807a-eng.htm.)
The unexpected increase in June comes primarily from higher building permits for institutional and industrial buildings in Quebec and commercial buildings in Alberta. Residential building permits edged up 0.4% to $4.2 billion—a fourth consecutive monthly increase. Municipalities issued $2.4 billion worth of building permits for single-family dwellings in June, up 5.5% from May. Increases were reported in six provinces, led by Alberta, Ontario, Quebec, and British Columbia.
“With five-year fixed mortgage rates remaining steady near three percent and five-year variable mortgage rates hovering near 2.5%, it continues to be a great time for first-time home buyers to consider stepping onto the property ladder,” Aggarwal concludes. “Before looking for their dream home, potential home buyers should contact the independent, licensed agents at Canadalend.com. We can tell clients how much of a mortgage they will quality for and get them pre-approved in less than 24 hours.”
Canadalend.com is one of the largest, most trusted private mortgage brokers in Canada, with skilled independent, licensed professionals helping Canadians coast-to-coast. Canadalend.com provides its clients with residential and commercial mortgages, home equity credit, debt consolidation, and help with addressing financing concerns. To learn more about Canadalend.com, visit the web site at http://www.Canadalend.com.