Canada's housing affordability cannot be resolved by changing the country's unique mortgage structure, the Bank of Canada's Senior Deputy Governor said on Wednesday, as a wave of mortgage renewals over the next two years threaten to hurt the economy.
Greater Toronto Area (GTA) home sales increased strongly year-over-year in October 2024. Over the same period, new listings were up, but by a lesser annual rate. The result was tighter market conditions compared to October 2023. The average selling price was up slightly on an annual basis.
Conservative Leader Pierre Poilievre has written to the provinces’ premiers, asking them to eliminate their sales taxes on new homes that are under $1 million.
Canada's housing agency says risks remain in the mortgage market as over a million contracts are up for renewal next year while a growing share of new mortgages are being issued by alternative lenders.
With the benchmark prices for a home in Toronto or Vancouver at over a million dollars, the prospect of saving enough for a down payment to enter the real estate market can be a daunting task for first-time buyers.
A new report says that while fewer young Canadians own a home compared with three years ago, a majority of millennials and Gen Z adults still plan to purchase one in the next five years.
New home sales in the Greater Toronto Area remained sluggish last month, but a new report suggests that the market is now primed for buyers following four consecutive interest rate cuts.
The federal government allowed 30-year mortgage amortizations for first-time homebuyers purchasing new builds in August, and the new rules are set to expand in December to everyone looking to buy a newly-constructed home.
More Canadian homeowners are considering switching to variable rate from fixed rate mortgages after an unusually large interest rate cut by the central bank on Wednesday, mortgage brokers said.
The Bank of Canada on Wednesday reduced its key benchmark rate by 50 basis points to 3.75%, its first bigger-than-usual move in more than four years, and hailed signs the country has returned to an era of low inflation.
Landlords who plan to evict tenants to renovate their properties may soon be required to apply for a licence and provide additional financial compensation to the tenants they are displacing.
Five of Canada's biggest banks are now expecting a larger-than-usual interest rate cut from the Bank of Canada after inflation numbers came in lower than anticipated.
New condo sales in the Greater Toronto and Hamilton Area are continuing to drop off, falling 81 per cent in the third quarter of 2024 compared to the same period last year, according to a new report by Urbanation.
Following the Bank of Canada's third interest rate cut of the year, national home sales increased slightly in September compared to August. This follows a similar pattern of gains recorded in the months following the first two rate cuts.
Royal LePage’s latest housing market forecast predicts a real estate rebound that will see Canada’s “sluggish” markets in recovery mode by spring following a third straight interest rate cut.
Interest rate cuts by the Bank of Canada in recent months have helped reduce ownership costs for homeowners and buyers and bring about a slight improvement in the overall housing outlook, according to a new analysis by Royal Bank of Canada (RBC) assistant chief economist Robert Hogue.
The federal government is rolling out another set of mortgage changes aimed at addressing the housing shortage, this time focusing on supporting the construction of secondary suites.
An ex-member of the Bank of Canada’s governing body said officials should cut borrowing costs by half a percentage point later this month.
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