While the data is very preliminary, the hardest-hit regions are Brock, which registered a 29% decline, followed by Georgina . For example, there is no indication when the bill will come into effect, how long the “cooling-off” period will be, or what—if any—financial penalty a buyer would have to pay after backing out of a […]
The country’s largest non-bank lender reported a slight decline of 3% in single-family originations, while overall originations were up 2%. …Read the full story
The Bank of Canada has so far lifted its benchmark rate by 75 basis points, which has raised prime rate, affecting variable-rate mortgages and lines of credit. In September, HomeEquity Bank announced its acquisition by Ontario Teachers’ Pension Plan Board, subject to the receipt of required regulatory approvals, which are still pending. The company now […]
For example, seasonally adjusted home sales were down 18.6% from February, reaching the lowest levels since June 2000. As for some of the other metro markets, sales in Vancouver are down from last year, although the city hasn’t seen the same supply response compared to Toronto, Rabidoux noted. “Competition between home buyers in the GTA […]
For example, seasonally adjusted home sales were down 18.6% from February, reaching the lowest levels since June 2000. As for some of the other metro markets, sales in Vancouver are down from last year, although the city hasn’t seen the same supply response compared to Toronto, Rabidoux noted. “Competition between home buyers in the GTA […]
Since the fourth quarter of 2019, the average benchmark price in Canada, based on RPS data, is up 34.2%. The Ontario government announced this week that it will increase the Non-Resident Speculation Tax to 20%, up from 15%, and will expand its coverage province-wide. The government said it will also close several “loopholes” that exist […]
“At the end of the day…we like to be in all channels to be everywhere where our customer is. …Read the full story
“Where it gets concerning is if that strength starts to feed on itself and we get to the point where prices accelerate simply because people think prices are going to rise further.,” he continued. The total value of residential real estate rose $238.4 billion in the third quarter, accounting for more than half of the […]
“Based on rhetoric from the Bank of Canada in December, it was clear that labour market dynamics and outperforming economic data had created heightened concerns at the Bank that the output gap was closing more rapidly than expected,” J.P. Despite heightened concerns over the current Omicron variant outbreak, economic data from as recently as December […]
We’ve also recapped the latest interest rate forecasts for 2022 from the bond market and from analysts at the Big 6 banks. Below are the latest rate forecasts from the Big 6 banks. …Read the full story
“That can expose the market to a higher chance of a correction. “A key concern here is that financially stretched households have little breathing room to absorb any disruption to their income. At present, markets are now forecasting seven quarter-point rate increases by the Bank of Canada starting in March. …Read the full story
Home sales topped 550,000 in 2020, but could rise to 602,300 in 2021 before falling back to 547,100 in 2022 and 561,100 in 2023, CMHC noted. “Economic conditions are expected to return to pre-pandemic levels by the end of 2023, if broad immunity to COVID-19 takes hold by the end of 2021,” said Bob Dugan, […]
In the near-term, watch for some potential “pull forward” of sales as buyers try to get in before a stricter stress test takes effect June 1 for uninsured mortgages . “Buying a home is one of life’s biggest financial decisions. Just 6% of homeowners planned to sell their home pre-pandemic, and 77% say that hasn’t […]