ARTICLE 1
The Bank of Canada will raise its key overnight interest rate next week, but the pace of subsequent hikes is less clear, according to Canadian primary dealers and global forecasters surveyed by Reuters. The Reuters poll, released today, showed a 73% median probability that the Bank of Canada will raise the overnight rate by 25 basis points, to 0.75% from the current 0.50%, at its next policy announcement date on July 20th. Read more http://www.financialpost.com/news/Bank+Canada+July+hike+seen+highly+likely/3277012/story.html
ARTICLE 2
94% of Canadians say they feel better when they have a safety net of savings to fall back on. 19%, haven’t put any money aside for a rainy day, according to a survey released Tuesday by Scotiabank. Personal finance experts say everyone should have an emergency fund that would cover one to 3 months’ worth of household expenses.The bank’s survey found that 25%, of those surveyed have that much set aside. Another 33% have more than three months’ worth, and 23% have squirreled away less than one month of expenses.
ARTICLE 3
Canadians bought more US properties than the citizens of any other country in the last year, although financing was a hurdle for many of them. A study by the Chicago-based National Association of Realtors showed Canadians bought 23% of all the homes sold to foreigners from March 2009 to March 2010. Mexicans came in second at 10%. The United Kingdom (9%), China (8%) and Germany (7%) rounded out the top five. Read more http://www.theglobeandmail.com/report-on-business/canadians-snap-up-us-properties/article1638310/
ARTICLE 4
The seasonally adjusted annual rate of housing starts was 189,300 units in June, according to CMHC. Seasonally adjusted annual rate estimates of housing start activity were also revised up for April and May. This resulted in a month-over-month gain of 3.7% in April (205,900 units), a 5.1% decline in May (195,300 units), and a decrease of 3.1% in June. Read more
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