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Global Markets: Home sales in Canada have record month

By MarketsFarm

WINNIPEG, Feb. 16 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Home sales in January established a new record for the month, according to the Canadian Real Estate Association on Tuesday. The CREA said sales spiked by more than 35 per cent last month compared to those a year ago. Also, the national sales-to-new listings ratio jumped to a record 90.7 per cent, shattering the previous mark of 81.5 per cent set in 2002. The CREA reported the national average price of a house was more than C$621,500, which was up nearly 23 per cent from the previous January.

– Unable to withstand temperatures that are unusually cold for the Gulf Coast, a number of oil refineries in Texas have scaled back or shut down operations on Tuesday. An Arctic cold front swept across much of the southern United States, and provided the region with some of its coldest temperatures on record. Among the operations affected is the largest refinery in the United States at Port Arthur. The Gulf Coast supplies approximately three-fifths of the U.S. oil needs.

– Former U.S. President Donald Trump was acquitted over the weekend on charges of inciting an insurrection. Although the Senate voted 57 to 43 to find Trump guilty, it was 10 votes short of the required two-thirds majority. The U.S. Congress is now pushing ahead with an independent commission to investigate the violence that occurred on Capitol Hill on Jan. 6.

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