HIGHLIGHTS OF THE WEEK – April 28
- Existing home sales declined 0.2% m/m to 4.59 million (annualized) units in March. Despite this, the report surprised to the upside with the median consensus forecast calling for a sharper 1% decline on the month.
- New home sales declined 14.5% m/m, falling to 384k units in March from an upwardly 449k last month. This disappointed market expectations and represents the lowest tally since October 2012.
- Both core and headline durable goods orders exceeded market expectations, rising 2.0% and 2.6% respectively in March. Similarly, core capital goods orders also exceeded expectations, growing 2.2% in March. These measures point to further economic momentum in the months ahead.
- Canadian retail sales grinded higher (+0.5%) in February, building on January’s revised 0.9% recovery from December’s ice-storm-induced plunge. In real terms, February retail sales rose by 0.1%, and were up by a moderate 3.9% year-over-year.
- The CFIB’s Business Barometer strengthened to 65.7 in April after stalling over the past few months. An index above 65 is in line with an economy growing at its potential.
- Data from the Luxembourg Income Study suggests that real median per capita income in Canada has surpassed that of the United States
For further information, please contact:
John Maveety Manager, Residential Mortgages – Greater Ottawa Area
TD Canada Trust T: (613) 371-1984 F: (888) 899-1984 P: (866) 767-5446