EXTREME CANADIAN WEATHER NOT KEEPING SKIERS AWAY FROM THE SLOPES Frigid temperatures throughout Canada along with an Environment Canada forecast for colder than typical weather in March is good news for ski resort operators and skiers hoping to extend the season this year. At Banff National Park — home to Norquay, Lake Louise and Sunshine Village ski areas the mean temperatures averaged minus 17.9 C, about 10 degrees colder than historic norms, according to Environment Canada. According to David Phillips, chief climatologist for Environment Canada, March is also looking like a cold month, which is meaning the ski season will continue, and the longer days mean more time on the slopes for skiers.
CANADIAN HOME PRICES FALL FOR THE FIFTH STRAIGHT MONTH The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices fell 0.4 per cent last month from January making February the fifth straight month that most major markets weakened for Canadian home prices. Except for the global financial crisis in 2009, this has been the largest decline in 19 years of index history, according to Marc Pinsonneault, senior economist at National Bank of Canada, with prices falling in nine of the eleven Canadian markets in the index. Showing that the impact of the government’s new stringent mortgage regulations appears to be lasting much longer and affecting the market than was initially expected, leaving some asking if it is time for another change.
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SPOTLIGHT ON BUSINESS MAGAZINE • MARCH 2019
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