High borrowing costs and uncertain economic conditions continued to weigh on Greater Toronto Area (GTA) home sales in November 2023. Sales were down on a year-over-year basis, while listings were up from last year’s trough in supply. With more choice in the market, selling prices remained basically flat year-over-year.
The Liberal government last week unveiled a “new” Canadian Mortgage Charter aimed at ensuring lenders offer relief to mortgage borrowers who are struggling to make their payments.
Home prices in the Greater Toronto Area are expected to slide once again next year, according to a new report from one of the country’s largest real estate brokerages.
From a crackdown to short-term rentals to new investments to create more housing supply, the federal government made housing a key component of its Fall Economic Statement released today.
Without that boost in spending, the central bank’s key overnight lending rate would be about 3 per cent instead of the current 5 per cent, according to Scotiabank calculations.
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales declined on a month-over-month basis in October 2023.
Residential mortgage debt in Canada totalled $2.14 trillion as of August this year, up by 3.4% compared with the same month in 2022 as the value of uninsured mortgages outstanding saw a sizeable increase.
Canada’s unemployment rate ticked up two basis points to 5.7% in October, suggesting the Bank of Canada can now remain “firmly on the sidelines,” economists say.
Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year. However, selling prices remained higher than last year’s levels.
Bank of Canada governor Tiff Macklem says the central bank held its key interest rate at five per cent in part because of the effect a wave of upcoming mortgage renewals is expected to have on the economy.
Canadian homeowners are facing a significant payment shock on their mortgages unless interest rates decline in the coming years, according to a new Royal Bank of Canada (RBC) report.
The Bank of Canada delivered its second straight rate hold today, but signalled that it remains concerned about inflationary risks and price pressures.
Many in the mortgage industry reacted with surprise after learning about a little but very important nugget buried in an OSFI report released earlier this week.