The Bank of Canada cut its benchmark interest rate by a quarter of a percentage point on Wednesday, the second straight reduction in the central bank’s easing cycle.
New condominium sales plummeted to a 27-year-low during the first six months of 2024 as a “sharp downturn in construction starts” in Toronto continued to impact inventory levels.
With many Canadian homeowners facing a sharp rise in mortgage payments, many of them have decided to bail, resulting in the highest number of Toronto housing units for sale in more than a decade and signalling a big drop in prices in the coming months.
Activity in Canada's housing market saw some early signs of renewed life in June 2024, following the Bank of Canada's interest rate cut at the beginning of the month.
Despite expectations of lower interest rates prompting homebuyers to leave the sidelines, a new report says the Bank of Canada’s quarter-point cut to its key interest rate last month did not lead to a rush in demand.
June 2024 home sales in the Greater Toronto Area (GTA) were lower compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB)
Ontario is holding the annual rent increase guideline for 2025 at 2.5 per cent. This is currently the lowest rate in the country and below the average inflation rate of 3.1 per cent. The rent increase guideline is the maximum amount a landlord can increase rent during the year for most tenants without the approval of the Landlord and Tenant Board.
More than one-third of first-time homebuyers in Ontario are getting help with their down payment and the average gift now tops $100,000, according to a report from CIBC.
Economists are forecasting inflation slowed further in May, which would be welcome progress for the Bank of Canada after it cut its key lending rate for the first time in four years.
The Bank of Canada's governing council thought about waiting until July to lower interest rates but ultimately decided to cut earlier, the central bank's summary of deliberations reveals.
The Bank of Canada’s top decision-makers expressed concerns before announcing this month’s interest rate cut, fearing that the rate relief could potentially overheat the housing market.
While May was another relatively uneventful month for many Canadian housing markets with national month-over-month home sales edging slightly lower and new listings moving only a little higher, the Bank of Canada’s recent rate drop will likely lead to increased activity moving forward.
Interest rates may slowly start to be easing around the world, but they won’t be returning to pandemic levels and borrowers will need to adjust accordingly.
The head of Canada’s banking regulator stood firm in rejecting renewed calls to remove the mortgage stress test on uninsured mortgage switches.
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