Canada's Job Growth Soars Above Forecasts

For the second consecutive month, Canada’s economy has put a surprisingly large number of people to work, and again most of those were in full-time positions.
Statistics Canada said Friday that while 58,200 more people found jobs last month, the unemployment rate edged up to 7.3% from 7.2% in March as others entered the labour market in search of work.
The vast majority of the new jobs in April were in the private sector.
Friday’s numbers add to the momentum from March, when a massive 82,300 jobs were created.
“This is the strongest back-to-month monthly job gain since 1981,” Scotia Capital in a note to investors.
Full-time employment was up by 43,900 positions in April, while part-time hiring totaled 14,300. In March, there were 70,000 new full-time positions and 12,400 part-time jobs.
Compared to a year earlier, employment is up 1.2%, or 214,000 positions. All of the growth the past 12 month was in full-time positions.
The huge gains in March and April came after fourth months of little change in employment rolls.
“The employment gain in April was primarily in the goods sector, with increases in construction, manufacturing, natural resources and agriculture,” Statistics Canada said.

According to Canadian newspaper "Financial Post", Friday’s (April 11, 2012) stronger than-expected job numbers could help push Canada’s GDP to 3% in the second quarter, a development that could spur the Bank of Canada to begin hiking rates this summer, one economist said Friday.
CIBC chief economist Avery Shenfeld said that such strong numbers could have the Bank of Canada rethinking on when to hike. Mr. Shenfeld had originally expected the Bank to leave interest rates unchanged this year, but he admits that the strong data has him weighing the possbility now.
http://business.financialpost.com/2012/05/11/canadas-job-growth-soars-above-forecasts/

Home Sales in April 18% Higher than in 2011

Great Toronto REALTORS® reported 10,350 transactions through the TorontoMLS System in April 2012: 3,925 Sales in Toronto (416 Area) and 6,425 Sales in Rest of GTA (905 Areas).

This level of sales was 18% higher than the 8,778 firm deals reported in April 2011.The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22% compared to a year ago.

“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions.Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased.With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President, Richard Silver.

The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011.While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at 4%.
“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area.While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year.On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

http://www.torontorealestateboard.com/market_news/release_market_updates/news2012/nr_market_watch_0412.htm