CMHC Report: An Outlook on Home Prices Reaching Peak Levels and Setting New Records by 2026
The Canada Mortgage and Housing Corp. (CMHC) predicts that by next year, home prices could equal the peak levels observed in early 2022, and by 2026, they could set new records. The latest housing market forecast from the agency, published on Thursday, indicates that despite an expected increase in rental housing availability in 2023, the […]
Building the Future: Canada’s $6 Billion Housing Infrastructure Fund
In an ambitious move to tackle the ongoing housing crunch, the Canadian Federal Government has announced the launch of a “Canada Housing Infrastructure Fund,” a $6 billion initiative designed to significantly accelerate the construction of new homes and enhance essential infrastructure. Prime Minister Justin Trudeau, alongside Housing Minister Sean Fraser, unveiled the plan amidst the […]
Why hasn’t the boom in Canadian condo construction led to a decrease in rent prices?
The Canada Mortgage and Housing Corp. (CMHC) reports that construction of new homes in Canada’s six largest cities remains at historically high levels, yet demand continues to outstrip supply, prompting a call for urgent action to address the shortfall. “We need everything,” emphasized Aled ab Iorwerth, deputy chief economist at the CHMC, in an interview […]
Canadian Bank Regulator Sets Mortgage Leverage Limits Before Anticipated Rate Cuts
In anticipation of potential rate reductions, Canada’s bank regulator is implementing new leverage restrictions. The Office of the Superintendent of Financial Institutions (OSFI) has instructed lenders to brace for a new loan to income (LTI) regulation. This new regulation will cap the mortgage portfolios of federally regulated financial institutions (FRFIs) at a multiple of the […]
February Marks a Near 20% Yearly Increase in Canadian Home Sales
The Canadian Real Estate Association (CREA) reported a 19.7% surge in home sales in February compared to the same month last year, potentially indicating the end of a relatively calm period. The association noted on Monday that the rise partly mirrors the low performance of February 2023, which was one of the weakest in the […]
Canada’s Standard of Living Dips, NBF Forecasts a Lost Decade
The National Bank of Canada Financial (NBF) has recently alerted institutions about the stagnation of the country’s productivity. Consequently, the quality of life is also stagnating as the real gross domestic product (GDP) remains at the same level it was seven years ago, and it seems to be going downhill. The Real GDP per capita, […]
Average Rent Reaches a New High of $2,193 in February, Up 10.5% from 2023
A recent study reveals that the median rental price in Canada rose to $2,193 per month in February, indicating a 10.5% growth compared to the previous year and marking the most rapid annual expansion since September 2023. The report, published on Monday by Rentals.ca and Urbanation, highlights that the typical monthly expense for a one-bedroom […]
The key rate remains at 5%: Bank of Canada says it’s too early for cuts
In its latest announcement, the Bank of Canada opted to keep its key interest rate steady at five percent, asserting that it remains premature to initiate rate reductions. The decision, unveiled on Wednesday, aligns with economists’ expectations, anticipating a status quo in the policy rate. While inflationary pressures have been gradually receding and economic indicators […]
Equifax Reports a Rise in Missed Payments by Canadian Mortgage-Holders in Q4
As interest rates and inflation pressures persist, Equifax Canada reveals a notable increase in missed mortgage and credit card payments in Ontario and British Columbia for Q4 2023. The phenomenon, highlighted by Rebecca Oakes, Equifax Canada’s Vice President of Advanced Analytics, underscores the mounting financial strain on consumers, particularly as they renew their mortgages in […]
BMO Reports No Urgency for Rate Cut as Canadian GDP Outperforms Forecasts
Canada’s economic performance has surpassed expectations, showing resilience in the face of challenges. Recent data from Statistics Canada reveals that real gross domestic product (GDP) experienced growth in the fourth quarter, resulting in positive annual growth. This positive momentum was accompanied by an upward revision of the previous quarter’s decline, indicating that while growth may […]
