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More balanced market conditions have emerged, effectively ending the stronghold that buyers had on the market over the past six to eight months. Canada’s largest markets, Toronto and Vancouver, led the charge-with June sales among the highest in history for both local real estate boards. Close to 11,000 properties changed hands in Toronto, up 27% over one year ago, setting a new record for sales in the month of June. The figure was just slightly off the all-time peak of 11,146 units. Residential sales in Greater Vancouver increased 75.6% over one year ago, to 4,259 units, just short of the record breaking 4,333 sales, which occurred in June 2005. Overall, major markets began to recover in March, posting escalating sales in April, May and June. The impetus is expected to continue throughout the remainder of 2009, with most centres now forecasting year-end sales on par or ahead of 2008 levels.

“While sales are the leading indicator, there are other clear signals that recovery is indeed underway,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Renewed consumer confidence, albeit cautious, has been key, supported by improved economic news. In addition, we’ve seen sale price-to-list price ratios climb across the country, rising as high as 105% in some communities. Vendor incentives have also come off the table, both for resale and new housing stock.”

The recent surge in resale activity can be attributed to three key factors-pent-up demand, low interest rates, and greater affordability. The combination-in conjunction with declining inventory levels-has created heated market conditions in hot pocket neighbourhoods, prompting a resurgence in multiple offers in June. Average prices are holding steady or climbing, days on market are down, and inventory levels continue to tighten, especially at entry-level price points.

“The strength of the market, amid the most significant global recession in recent history once again underscores its relevance to the nation’s economic engine,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Canadians believe in homeownership — a fact best illustrated by the purchasers who ventured forward in recent months and snapped up some of the best real estate deals this market has seen in years. Those who chose to sit it out on the sidelines are now facing a market in transition, characterized by the threat of rising interest rates, low inventory levels, and upward pressure on housing values.”

Although the current pace may be unsustainable, all markers point to greater stability in the market, leading to healthier activity in the long run, with inventory levels a key variable influencing pent-up demand.

Market by market overview:

Greater Vancouver Area

Growing consumer confidence levels have prompted a serious upswing in home buying activity in the Greater Vancouver Area, with sales in June (4,259) the second highest on record for the local real estate board. From White Rock to Vancouver, radiating out to the Fraser Valley, bidding wars are breaking out on well-priced product. In Kitsilano, an estimated 50% of housing is selling in multiple offers. Low interest rates and increased affordability - average price is still significantly lower than one year ago - have served to stimulate market activity. Inventory levels have been on the decline in recent months, placing greater upward pressure on values. First-time buyers are driving freehold hous ing sales at the $600,000 price point, while those looking at more affordable alternatives are considering condominiums starting at substantially less. Balanced market conditions prevail overall. Pent-up demand has also been building, with local purchasers and international investors both active in the market. The upcoming Olympics, and the completion of the much anticipated Canada Line this Fall are expected to further bolster the cautious optimism characteristic of the Greater Vancouver market at present. Home buying activity, as a result, is forecast to continue at a healthy pace for the remainder of the year, with year-end sales slightly ahead of 2008 levels.

Calgary

Balanced conditions have returned to Calgary’s resale housing market. Strengthening momentum - residential sales at over 3,000 units were up in double-digit territory in June -has already begun to place upward pressure on prices in the entry level. With increasing competition among first-time buyers, the supply of starter homes is tightening. Buyers who moved in spite of doom and gloom forecasts in the Fall, Winter, and early Spring realized considerable savings, while those who hesitated are discovering it has cost them. Multiple offers are re-emerging in a few choice neighbourhoods on well-priced product, although there are still a few good deals to be had in the mid-range. Prices on the whole, however, are stabilizing. Signs of a transitionally stronger market include rising sales-to-new listings ratios, shorter days on market, and fewer incentives from vendors/builders. Activity is expected to remain better than average this summer, as those who paused over the past six months dive back in before interest rates rise. Momentum will continue to build into the fall, with overall 2009 sales edging slightly ahead of 2008 levels by year-end.

Edmonton

The residential resale market is springing back to life in Edmonton, with sales setting a new record for the month (June) and the third best month for unit sales in MLS history. While activity has been steadily improving in the second quarter, the heated momentum has yet to put any serious pressure on average price, which, although rebounding, remains down year-over-year. The market has shifted, moving from buyer’s territory to more balanced conditions, prompted by the recent flurry in home buying and the slow return to more traditional inventory levels. Stability will characterize Edmonton’s housing sector going forward, with low interest rates, rising consumer confidence levels and affordability the impetus behind healthy demand. The frenzied climate of previous upswings will be conspicuously absent. While multiple offers have re-emerged - particularly in the $300,000 to $450,000 price point - they will continue to be the exception rather than the rule, driving sales price close to, but not typically over, asking price. Demand is expected to remain strong in the months ahead, bolstered by looming interest rate hikes and glimmers of positive news on the economic horizon, as consumers regain a cautious optimism.

Regina

Positive economic performance continues to bolster home buying activity in Regina. Despite a 10% decline in year-to-date sales (1,778 vs. 1,977 units) from levels reported January to June 2008, the gap is narrowing as purchasers move to take advantage of low interest rates and greater affordability. Sales in May and June were up in double-digit territory over one year ago and momentum is building. First-time buyers remain the most active segment of the market, sparking sales under $275,000. Inventory levels have been responsible for the steady upward pressure on housing values in the lower-end of the market. Limited supply of starter product in Regina has most properties in good condition, in desirable communities, moving quickly - some in multiple offers. The top-end of the market has also seen some bounce back, with sales between $400,000 and $450,000 up about 25% over one year ago.

Condominium sales, however, have softened year-over-year, with an oversupply of product currently listed for sale. Although conditions currently favour the buyer, the market is transitioning. More balanced conditions are expected to emerge in the months ahead. Given a continuation of current economic fundamentals, the number of homes sold in Regina by year-end is expected to match 2008 levels.

Greater Toronto Area

Pent-up demand for residential housing continues to fuel home buying activity across the Greater Toronto Area. The number of homes sold in June - at 10,955 — came close to the historic record of 11,146 units set in May 2007, while pressure on average price is sending housing values higher than one year ago. Although balanced market conditions prevail, there are those communities that have clearly transitioned into sellers markets. Inventory is key, with the number of properties currently listed for sale down approximately 30% from 2008 levels. Over the past six weeks, momentum has been building, with demand strongest for homes priced between $300,000 and $600,000. Multiple offers are once again commonplace, especially in the city’s coveted hot pocket neighbourhoods. Affordability - in terms of low interest rates and housing values - has been the impetus for first-time buyers. Luxury home sales have also experienced solid demand in recent months, with 291 homes changing hands over the $1 million price point in June - a new record. The threat of higher interest rates and home prices are expected to stimulate a flurry of home-buying activity in the months ahead. By year-end, sales are forecast to exceed 2008 levels.

Ottawa

Solid economic fundamentals in the nation’s capital continue to prop up housing activity. Year-to-date sales for January to June are slightly ahead of 2008 levels, with the number of properties sold in June (1,895) up 12.5% over one year ago - the third consecutive record setting month. Pent-up demand has been a major factor, with purchasers who put their home buying decisions on hold during the late fall and early winter now entering the market en masse. As a result, the balanced market that prevailed in recent months is now shifting in favour of the seller. Multiple offers are occurring on desirable properties in virtually every price range. Inventory levels, which peaked in April, are now falling. With less product on the market, certain segments are experiencing serious shortages-in fact, single family homes priced between $275,000 to $375,000 are few and far between. In the past four to six weeks, the upper-end has also started to rebound as all segments of the market work in tandem. While the threat of an upcoming election will have some impact on the market, healthy sales activity is expected to continue throughout the remainder of the year, with sales ahead of 2008 levels.

Halifax-Dartmouth

Improved purchasing power, combined with the threat of rising interest rates, effectively spurred fence-sitters back into the resale housing market in June, halting the trend of double-digit declines in sales. The number of homes sold was up five% to 805 units in June 2009, compared to one year ago.

Despite the increased momentum, buyers remain firmly in the driver’s seat, benefiting from increased inventory and negotiating muscle, as motivated vendors adjust pricing to position their homes more competitively. Although sales remain down year-over-year, the gap is narrowing. Affordability and the stability of Halifax-Dartmouth’s relocation market continue to prop up activity, and first-time buyers remain the driving force. Opportunity exists for purchasers in the mid-to-upper price ranges, where demand and conditions have generally been softer. Consumer confid ence is strengthening once again. With the upswing expected to extend into the fall, more balanced market conditions are forecast to emerge, and Halifax-Dartmouth may once again find itself a market in transition.

St. John’s

Strong consumer confidence, buoyed by a vibrant local economy and a healthy employment picture, has kept St. John’s real estate engine moving at a steady clip. With billions of dollars in capital works projects planned or underway, in-migration remains positive and demand for resale housing continues to be solid. Improving inventory levels have shifted the market slightly into buyers territory, giving purchasers the necessary traction to make their moves. The threat of interest rate hikes has further stimulated home buying activity, pushing fence-sitters off the sidelines and into action. Residential sales in June 2009 (354 units) are slightly ahead of June 2008 (351 units) figures. The year-to-date average price recorded a 24% increase to $211,221, compared to $170,500 for the same time period last year, bolstered by greater momentum in the mid-range. Corporate transfers have been a significant stimulus. Entry-level homes, priced between $100,000 and $200,000, are being snapped up at an unprecedented pace given the sharp upswing in pricing. Listing inventory levels are higher and the upper-end continues to move well, supported by the relocation market. Inventory will be a key factor influencing St. John’s housing sector in the months ahead. The pace is expected to continue, with sales rounding out the year at or ahead of 2007 levels, but below record numbers reported in 2008.

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“May’s increase is a welcome development, but it is too early to tell if the worst is over for the construction industry or the economy,” says Keith Sashaw, Vancouver Regional Construction Association President. “However, there are certainly some encouraging signs the construction industry may have reached the bottom of the market and is now on an upward trend.”

In the Lower Mainland-Southwest region, total building permit values jumped 36 per cent to $296.1 million in May compared to April, led by a 95 per cent rebound in non-residential permits. Residential permits edged-up one per cent in the same period.

“May saw significant increases in non-residential permits,” says Sashaw. “The large surge in commercial permits issued in May is the highest regional figure since last November. And, the June housing sales numbers released last week also offer hope that new housing construction will pick up in the coming months, possibly as early as the fourth quarter this year.”

Year-to-date, total building permit values in the Lower Mainland-Southwest region are down 57 per cent to $1.3 billion dollars compared to last year, led by residential permits, which are down 65 per cent to $687.3 million. Non-residential permits are down 42 per cent to $613.2 million in the same period.

“The construction industry anticipates the institutional-government sector will be heading higher in the next year or so when more of the fiscal stimulus spending hits the economy,” says Sashaw. “It is our hope that increased building activity in 2009 will set the stage for a recovery 2010.”

With more than 700 members, VRCA is British Columbia’s largest and most inclusive regional construction association, representing union and non-union, general and trade contracting companies, manufacturers, suppliers and other professionals throughout the Lower Mainland from Hope to Whistler.

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REBGV release - The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 75.6% in June 2009 to 4,259, from the 2,425 sales recorded in June 2008. The figure is just short of the record-breaking 4,333 sales which occurred in June 2005.

New listings for detached, attached and apartment properties declined 17.9% to 5,372 in June 2009 compared to June 2008, when 6,546 new units were listed. However, new listings increased 13.5% from May to June of this year. Total active listings in Greater Vancouver currently sit at 13,252, down 27% from June 2008 and 2.9% below the active listings count at the end of May 2009.

“Price reductions and low interest rates have created an improvement in affordability, which is causing the number of sales to rise to levels comparable to 2003 to 2007,” Scott Russell, REBGV president said.

“Many people who were reluctant to purchase a home last fall and earlier this year are returning to the market because they see conditions that appeal to their personal and financial needs,” Russell said. “However, the current marketplace is such that buyers are more inclined to walk if they don’t like the terms of an offer.”

Residential benchmark prices, as calculated by the MLSLink® Housing Price Index, declined 8.2% to $518,855 in June 2009 compared to June 2008.

The number of sales of detached properties increased 81.6% to 1,667 from the 918 detached sales recorded during the same period in 2008. The benchmark price for detached properties declined 8.4% to $701,384 in June 2009 compared to June 2008.

The number of sales of apartment properties in June 2009 increased 69.3% to 1,790, compared to 1,057 sales in June 2008. The benchmark price of an apartment property declined 8.2% from June 2008 to $356,880.

The number of attached property sales in June 2009 increased 78.2% to 802, compared with the 450 sales in June 2008. The benchmark price of an attached unit declined 7.3% between June 2009 and 2008 to $441,620.

Bright spots in Greater Vancouver in June 2009 compared to June 2008:

Detached:

Burnaby up 109.7% (151 units sold from 72)

Coquitlam up 122.2% (160 units sold from 72)

Delta - South up 107.7% (56 units sold from 27)

Maple Ridge/Pitt Meadows up 54.3% (162 units sold from 105)

New Westminster up 104.8% (43 units sold from 21)

North Vancouver up 96.2% (153 units sold from 78)

Port Moody/ Belcarra up 120% (33 units sold from 15)

Richmond up 77.4% (204 units sold from 115)

Squamish - up 107.7% (27 units sold from 13)

Sunshine Coast - up 33.9% (75 units sold from 56)

Vancouver East - up 71.2% (238 units sold from 139)

Vancouver West up 85.2% (200 units sold from 108)

West Vancouver/Howe Sound up 117.8% (98 units sold from 45)

Attached:

Burnaby up 81.8% (140 units sold from 77)

Coquitlam up 80% (54 units sold from 30)

Maple Ridge/Pitt Meadows up 48.6% (55 units sold from 37)

North Vancouver up 121.2% (73 units sold from 33)

Port Coquitlam up 82.6% (42 units sold from 23)

Port Moody/ Belcarra up 77.3% (39 units sold from 22)

Richmond up 84.5% (155 units sold from 84)

Vancouver East up 118.5% (59 units sold from 27)

Vancouver West up 121.8% (122 units sold from 55)

Apartments:

Burnaby up 60.4% (239 units sold from 149)

Coquitlam up 93.9% (95 units sold from 49)

New Westminster up 57.1% (121 units sold from 77)

North Vancouver up 71.4% (120 units sold from 70)

Port Coquitlam up 58.1% (49 units sold from 31)

Port Moody/Belcarra up 128.6% (48 units sold from 21)

Richmond up 54.1% (225 units sold from 146)

Vancouver East up 58.7% (165 units sold from 104)

Vancouver West up 87.2% (627 units sold from 335)

West Vancouver/Howe Sound up 155.6% (23 units sold from 9)

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CanWest — Tourism Minister Diane Ablonczy has been stripped of responsibility for administering a major tourism funding program after she signed off on a grant for Toronto’s gay pride week.

Ablonczy, who retains her title as minister of state for small business and tourism, was in charge of the Marquee Tourism Events Program, an initiative to provide $100 million of funding over two years to the country’s major festivals and tourist attractions like the Calgary Stampede, the Stratford (Ont.) Festival and the Montreal International Jazz Festival, each of which received at least $2 million in federal support.

But within days of her June 15 announcement that Toronto’s Pride Week would get a $400,000 grant, Ablonczy lost control of the file to the senior minister in her department, Industry Minister Tony Clement.

Clement was in Italy attending the G8 summit and was not available to explain why Ablonczy was relieved of responsibility for funding tourism events.

“There’s no real relieving in this,” said Darren Cunningham, Clement’s director of communications. “Her office helped us out with the first phase of the program. The second phase of it we’re doing.”

Cunningham said Clement assumed responsibility for the Marquee Tourism awards “about two weeks ago.”

Ablonczy did not respond to a request for an interview, despite several telephone and e-mail messages left at her riding office in Calgary and at her ministerial office in Ottawa.

Conservative MP Brad Trost said Ablonczy was removed from the file because of her decision to fund Pride Week, which its organizers say, is to “celebrate the history, courage, diversity and future of Toronto’s lesbian, gay, bisexual, transsexual, transgender, intersex, queer, questioning, two-spirited” communities.

Trost was critical of Ablonczy for making that decision.

“The pro-life and the pro-family community should know and understand that the tourism funding money that went to the gay pride parade in Toronto was not government policy,” Trost said in article published Tuesday at LifeSiteNews.com. “Canadian taxpayers, even non-social conservative ones, don’t want their tax dollars to go to events that are polarizing, or events that are more political than touristic in nature.”

Trost attributed the decision to fund the gay pride event to his own government’s “sloppiness.”

Trost, a three-term MP from a Saskatoon riding, would only respond to an e-mailed question from Canwest News Service, saying: “Diane is doing a good job, but she didn’t handle all details right on this file.”

NDP MP Libby Davies said Trost’s reaction is more evidence “of how narrow-minded and prejudicial they are.”

Davies, who has participated in the Vancouver equivalent of Toronto’s Pride Week, said the events are attended by both gay and straight people.

“The fact that the Conservatives would have such a terrible reaction to a funding decision is just another affirmation of their narrow-minded views and political agenda,” said Davies. “The Conservatives are, in effect, cutting out a whole slice of Canadian society and saying, ‘in effect, you don’t count.’ It’s quite outrageous.”

Trost said “almost the entire Conservative caucus” and “most of the Prime Minister’s Office were taken by surprise at this announcement.”

Pride Week organizers used the federal funding to improve access for disabled visitors and hire performers for the week’s activities.

“We have received federal funding in the past and it has always been used for the purposes for which it was allocated,” Pride Week executive director Tracey Sandilands told Global National. “Pride Toronto is thrilled to have been a part of this program and we believe that the recent success of the festival shows that the grant was justified and the expenditure will prove to be worthwhile.”

Some Conservative MPs disagreed with Trost’s assessment of the grant.

“It’s a tourism event, like any other tourism event,” said Calgary Conservative MP Lee Richardson. “It attracts as many people in Toronto as the Molson Indy.”

Dona Cadman, a first-term Conservative MP from Surrey, B.C., said she supports Ablonczy’s decision.

“I’m proud to see this reaching out to all sectors of the Canadian mosaic,” Cadman said in an e-mailed message.

“Minister Ablonczy should be congratulated for running an inclusive and responsive portfolio. I do think we need to be open, to consider funding non-core cultural groups, as long as they are not engaging in activity that is offensive to most Canadians. They filled out all the required paperwork properly and were treated the same as any other group.”

But Dave Quist, a former political aide to Stephen Harper and now executive director of The Institute for Family and Marriage, said his group was disappointed that a Conservative government, just like governments before them, approved funding for the event.

“We would find the funding of Pride Week anywhere controversial,” said Quist. “It’s not a family-friendly event. It doesn’t espouse family values that I would support, so the funding of events like that, I would have problems with.”

More than a dozen Conservative MPs responded to questions from Canwest News Service about Trost’s criticisms but most either did not want to comment or did not want to be identified. Two MPs, who requested anonymity for fear of being disciplined by the PMO, said the issue was discussed at a closed-door caucus meeting in June and that Ablonczy was criticized by several MPs about the grant.

Handouts to festivals:

The Marquee Tourism Festival Program is an initiative to provide $100 million of federal funding over two years to the country’s largest festivals and attractions. Diane Ablonczy, Minister of State for Small Business and Tourism was stripped of responsibility for this program after giving a grant to Toronto’s gay pride week. Here’s a list of other grants Ablonczy approved:

Calgary Stampede $2 million

Toronto International Film Festival Grant $3 million

Edmonton International Fringe Theatre Festival $400,000

Le Festival International de Jazz de Montreal $3 million

Shaw Festival Grant $2 million

Le Festival d’ete de Quebec $3 million

Stratford Festival $3 million

Luminato Festival 2009 $1,2 million

Ottawa Cisco Bluesfest $1,5 million

Toronto Pride Week $400,000

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(link) As a people, the Uighurs look more like Afghans than ethnic Chinese. Ethnically, they are a Turkic race whose homeland is at the meeting point of Asia and Europe. The area now called Xinjiang was annexed by the Chinese Empire in the 19th century, although it briefly achieved independence before the Communist victory in China in 1949.

Hello?!! I can’t believe this comes out from a westerner who’s supposed to represent the current global atmosphere of trumpeting for multiculturalism and diversity. The blacks look more like Africans than ethnic whites in the US, so they are not Americans??? Ethnically, I look more like a Chinese than ethnic whites, do you say I’m not a taxpaying, honest Canadian?? Again, it shows how selfish the west is.

Look at what this paragraph says: “Xinjiang was annexed by the Chinese Empire in the 19th century”.,.. annexed?? Hong Kong was annexed by the British during the 19th century too. Should it become an independent state under the British Empire?

More from the well-respected media of the former Empire where the Sun never Sets:

(link) The Urumqi riots also call into question Han nationalism, increasingly China’s ideological glue as communism loses its fervour. This platform, appealing to more than 90 per cent of the population, seeks to convince all Chinese that they are one ethnic family and represses any minority dissent. Its flaw is that it denies China’s cultural and human diversity and blinds Beijing to rights that it should admit. Money is no panacea: that the authorities have to focus on these minority resentments, rather than the army of unemployed migrants, should send Beijing a message about where policy is failing. The Uighurs may not be challenging Communist control as much as they are Han hegemony. The riots in Urumqi should force a change. Instead, the likely outcome is denial, repression and a step farther away from basic rights and greater self-expression.

This time, the writer is correct. The Chinese government IS wrong about its ethnic policy. Instead of promoting one rule for all ethnicities, the Chinese government allow ethnic groups to enjoy preferential treatments which Han Chinese could only dream of. For instance, ethnic groups do not need to follow the one-child policy; their children are accepted to universities with lower grades than Han students would need to achieve; some groups are allowed to carry knives (as part of their traditions) etc etc… (Perhaps that’s why Han Chinese could be killed so easily by these peoples whenever there are “ethnic uprising”.)

Imagine if Canada has such preferential treatments for ethnic groups…. I can’t even think of going to universities with less than perfect grades! Or ethnic groups like us should pay less taxes because we in general earn less that white Canadians (even 2nd, 3rd generation Chinese Canadian) as tonnes of research (such as here, here, and here) have concluded?

The west likes to say the ethnic groups are prohibited from practising their own tradition and customs, quoting examples that there are restrictions going to religious places etc. True, there are restrictions under the Communist rule. But that’s NOT about not respecting ethnic customs or traditions, it’s about controlling political atmosphere as a whole. In China, any large gathering places/events are seen as potential threats to public security and/or political stability. The CCP is particularly alert to religious gatherings as we have seen in history and in contemporary events that religion IS the root of the majority of human conflicts — Christianity definitely one of them. Religious followers are encouraged to follow the orders from their religious leaders but not the rules of the states. (For instance, ppl whom should be extradited from Canada can stay on the soil perpetually if a church gives them refuge. Isn’t that church is above the law?) Why shouldn’t the atheist Chinese be higly alert to religions and religious setups? Until religions completely disappear in the human race, they are always a source of turbulence and threat to lives.

Say if the mentality of church/mosque goers is that of someone visiting a restaurant, having dim sum AND not about following the order of the restaurant owner, I bet the government would be more relaxed. I’m not saying the Chinese government is correct to prohibit “freedom” of religion. What I’m trying to say that in the eyes of the CCP, restriction to religious places is not about “Hanification” or not respecting ethnic minorities. It’s about politics. The reason why the west would believe the Han Chinese are trying to “Hanify” ethnic minorities is because this is what the west did — they used to force Christianity onto Aboriginal peoples and “westernize” them. On the other hand, as many China experts have said, the Chinese are proud of their civilization more than the land called “China”. Throughout Chinese history, there has been a constant theme that the Chinese civilization was so supreme that foreigners would fall for it, adopt it naturally (in general term, not talking about specific periods or events). There was no need to use force (comparatively to western history). I’m sure I am attracting attacks by pointing this out. Han Chinese “immigrating” to Tibet and Xinjiang not because they want to “Hanify” the places (such as what Israelis have been doing). For the forever money-thirsty Han Chinese, they are motivated by economic prospects than anything else (ask any of them if they would go to the desert if there is no natural resources to dig out).

Ethnic cleansing by immigration is a western concept.

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Keeping commodities

China, U.S. and EU face off at the WTO

Globe and Mail -The complaints this week to the World Trade Organization by the United States and the European Union about Chinese restrictions on exports of raw materials are important actions, because they take on the China’s subsidization of its manufactured exports, which is a major cause of imbalances in the world economy.

The prices of various raw materials for which China is a leading source – including bauxite, zinc and coke (a coal extract that is a major manufacturing fuel) – are kept down inside China, depressing demand by imposing export duties on some materials and export quotas on others, as well as by various pricing and licensing policies. These measures reduce the costs of Chinese manufacturers, especially in the aluminum, chemical and steel industries, which amounts to a major export subsidy.

China’s essentially mercantilist strategy of relying on the exporting of manufactured goods for rapid growth has undoubtedly been highly successful, but the resulting international economic disequilibria have rebounded on China, in the course of the world’s first truly global recession.

This strategy includes the Chinese government’s massive buying of U.S.-dollar-denominated securities, which keeps down the exchange rate of the Chinese renminbi, raises that of the U.S. dollar and thus makes Chinese goods cheaper, all of which adds up to an enormous export subsidy.

Because of the recession, the powers that be in China now have misgivings about some of these policies, but they are spending some of their huge foreign-exchange reserves on importing and building up stockpiles of raw materials (such as minerals from Canada), to reduce their dependence on the dollar.

Both the retaining and the importing of raw materials amount to subsidies of manufactured exports.

The White House has said that Barack Obama is working on an important speech about international trade, but it is as yet unscheduled. In the meantime, these complaints to the WTO loom all the larger, though as yet they are strictly speaking only requests for “dispute settlement consultations.”

The Chinese government, which used to be quite yielding on WTO disputes, is defending the policies as being for the sake of the environment and the conservation of natural resources, but is hardly denying their consequences.

The WTO will not resolve these complaints quickly, but the U.S. and the EU have rightly put this whole complex of issues more squarely on the agenda.

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STATCAN - Canada’s reliance on the United States as a trading partner fell even further in 2008, in the wake of declines in the American automobile and housing markets during the economic downturn.

In 2008, the United States accounted for less than two-thirds (65.7%) of Canada’s total merchandise trade on a customs basis, that is exports and imports combined, down from 67.2% in 2007 and 74.0% in 2003.

Exports to countries other than the United States have been growing for the past six years. In 2008, they represented 22.3% of total exports, up from 14.3% in 2003. Leading the gain for Canada’s exports from 2007 to 2008 were the Asia Pacific countries (mainly Japan) and Brazil.

Exports to Japan increased 20.2% from 2007 to $11.1 billion, driven by coal, canola, and wheat. Exports to China totalled $10.4 billion in 2008, up 9.1% from 2007. As a result, Japan replaced China as Canada’s third most important export destination, behind the United States and the United Kingdom (correction).

[China became Canada's second largest trading partner in 2003, surpassing Japan. Two-way trade between Canada and China increased almost five-fold in the last decade, from $4.8 billion in 1993 to $23.3 billion in 2003. (STATCAN 2005)]

Canada’s exports to Brazil increased 70.7% from 2007, led by potash, used as a fertilizer, as well as coal and newsprint.

Similarly, imports from countries other than the United States have been on the rise for the past seven years. In 2008, they accounted for 47.6% of Canada’s total imports, up from 39.4% in 2003.

Imports from countries other than the United States rose by 10.7% in 2008 compared with a year earlier, led by continued growth from China, Canada’s second most important trading partner for imports, behind the United States. Chinese companies sold $42.6 billion worth of merchandise to Canada last year, up 11.3% from 2007.

Telecommunications equipment, games, toys and computers were the main goods imported from China.

Mexico was the third largest supplier of goods to Canada, sending $17.9 billion worth of goods, a 4.2% increase from 2007. This growth was led by the “other communications and related equipment” category, which consisted mainly of flat panel, high-definition televisions that have gained in popularity as prices have dropped.

Trade balance: Fourth year of decline

Canada’s international merchandise trade expanded strongly at the beginning of 2008, but the global economic downturn took much of the wind out of the sails in the second half of the year.

In 2008, Canada exported $489.5 billion of merchandise to the world, on a balance of payments basis, up 5.7% from 2007. At the same time, imports rose 6.7% to $442.8 billion.

As a result, Canada’s annual trade surplus with the world narrowed to $46.7 billion from $48.0 billion in 2007, continuing a decline that started in 2005.

The gain in exports was price driven as volumes fell 7.8% in 2008 compared with a year earlier. Export prices started declining in the second half of the year as commodity prices began to fall and the economic downturn set in.

Increases in exports were restricted to energy products, industrial goods and materials as well as agricultural and fishing goods.

On the import side, most sectors recorded increases in 2008. The growth was attributable to a combination of higher prices and volumes. The increase in prices was a result of rising commodity prices in the first half of the year and the depreciating value of the Canadian dollar compared with the US greenback in the latter half of 2008.

Canada’s trade surplus with the United States increased to $89.1 billion from $86.3 billion in 2007, following two years of decline. This increase was on the strength of crude petroleum exports, which were partially offset by a large drop in exports of automotive products.

Canada’s trade deficit with countries other than the United States increased to $42.4 billion from $38.3 billion in 2007.

Exports rise mainly on the strength of energy products

Exports of energy products rose 37.6% in 2008 compared with a year earlier, totalling $126.1 billion. While the United States continued to be the leading consumer of Canada’s energy products, growing demand for coal in the Asia Pacific region boosted energy exports to that area. The supply of coal in the region was disrupted early in the year because of snow storms and flash floods in its principal supply areas.

Exports of automotive products fell 21.0% from a year earlier to $61.1 billion in 2008. These products have been on a downward trend since 2002. The decline was attributable to a drop in volumes, as the economic crisis in the United States depressed car and light truck sales, leaving auto companies with growing inventories. Exports of passenger autos fell 14.8%, while exports of trucks and motor vehicle parts also declined.

Decline in automotive products tempers growth in imports

A decline in imports of automotive products in 2008 tempered strong growth in imports of energy products.

Imports of energy products grew for the sixth straight year, increasing 44.9% to $53.0 billion as both prices and volumes rose.

Leading the gain was crude petroleum, which benefited from rising prices in the first three quarters of the year as imports increased 44.3% to $34.1 billion. Imports of petroleum and coal products as well as coal and other related products also increased due to a combination of prices and volumes.

On the other hand, imports of automotive products declined 10.1% from a year earlier to $72.0 billion, halting four years of increase. Leading the decline was motor vehicle parts, which fell 14.9%, partly due to a strike at an American parts producer early in the year and a weak sales environment.

Imports of trucks and other motor vehicles dropped 13.5%, as rising gas prices in the first half of the year led to a slow down in sales. Imports of passenger autos also slid on declining prices.

More readings:
Study: Canadian exporters and a booming China 1998 to 2004
Study: Canada’s trade and investment with China 2004
Study: Canada-China merchandise trade reconciliation 2002 and 2003

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