26. April 2012 05:36
Ottawa is going ahead with new rules for the oversight of the Canada Mortgage and Housing Corporation. The national housing agency will come under the supervision of the Office of the Superintendent of Financial Institutions, the country’s top financial regulator. Finance Minister Jim Flaherty says the move is a response to CMHC’s evolution into a “significant financial institution”.
Pending home sales in the U.S. popped up 4.1% in March. The National Association of Realtors Index hit 101.4, its highest level in nearly 2 years. The U.S. housing market has been saddled with an oversupply of unsold properties since collapsing in late 2006. It remains a major constraint to faster economic growth. Signed contracts were up 12.8% in the 12 months to March.