Thursday, November 16, 2006

Ottawa Home Sales Stall

Existing-home sales in Ottawa were little changed in October, indicating the country's housing market is slowing after the central bank made it more expensive to borrow this year. The average price jumped 9.6 % from a year ago to $301,516.

The Bank of Canada (BoC) paused in July after raising the benchmark lending rate seven consecutive times, to 4.25 %. Policy makers may not need to raise rates again this year, as the economy slows in part because of a cooler housing sector that will cut Canada's growth in 2007 and 2008, the central bank has said. The last rate decision this year is scheduled for Dec 5, 2006.


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