28 Mar

How far will interest rates fall in 2024?

General

Posted by: Mike Hattim

Commercial lenders view interest rate cuts in 2024 as a certainty – but are split on the question of when they’ll fall and by how far, according to a new survey. Crete Capital’s latest lender sentiment report, which polled British Columbia lenders on their performance last year and outlook for the year ahead, revealed that […]

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22 Mar

Here’s how young Canadians are leaping into homeownership

General

Posted by: Mike Hattim

In a landscape where every decision on the housing market hinges on balancing trade-offs, a recent survey by RBC subsidiary Houseful sheds light on how Canada’s younger first-time homebuyers are charting their paths to homeownership. Despite the challenging market, these homebuyers under 30 are not only entering the market sooner than anticipated but are doing […]

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21 Mar

BoC officials suggest rate cuts could come this year

General

Posted by: Mike Hattim

The Bank of Canada has signalled a potential shift in its monetary policy stance, with officials suggesting that rate cuts are likely to happen this year if economic trends align with their projections. During their March 6 meeting, the central bank’s six-member governing chose to keep the policy rate at 5% and said it is […]

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19 Mar

February data bode well for a strong spring housing market

General

Posted by: Mike Hattim

The Canadian Real Estate Association announced today that national home sales dipped 3.1% m/m in February while home prices were flat, ending a five-month price decline that began last fall. It was noteworthy that prices remained unchanged from January to February, given that they dropped 1.3 from December to January. The MLS Home Price Index […]

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18 Mar

Housing starts increase in February

General

Posted by: Mike Hattim

Canada Mortgage and Housing Corporation (CMHC) has reported an increase in the pace of home construction across the country. According to new data from the federal crown corporation, housing starts in February were up 14% from the month earlier, reaching 253,468 on a seasonally adjusted annual rate. The February total also marks an 11% increase […]

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15 Mar

Should borrowers expect interest rates to stay higher for longer?

General

Posted by: Mike Hattim

While a drop in interest rates is expected to present a boost to the Canadian commercial mortgage market this year, borrowers should realize rates are unlikely to dip dramatically in the coming months, according to a top broker in the space. Peter Quinn, director at Multi-Prêts Hypothèques in Quebec, told Canadian Mortgage Professional that a […]

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14 Mar

Where are home prices climbing the quickest in Canada?

General

Posted by: Mike Hattim

New data has unveiled the Canadian areas witnessing the most significant surges in house prices from January 2023 to January 2024, with Bancroft, Ontario leading the pack. According to real estate experts at calgaryhomes.ca, which scrutinized house sales data from The Canadian Real Estate Association (CREA), Bancroft emerged as the frontrunner, with an average price […]

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14 Mar

How likely is a Bank of Canada rate cut in June?

General

Posted by: Mike Hattim

Optimism has swelled in Canada’s housing and mortgage markets about the prospect of imminent interest rate cuts by the central bank – but the need for patience was the main takeaway from its latest announcement, according to a leading bank economist. Doug Porter, chief economist at Bank of Montreal (BMO), told Canadian Mortgage Professional that […]

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8 Mar

Bank of Canada reaction: What’s next for Canada’s housing market?

General

Posted by: Mike Hattim

The Bank of Canada made no reference to the national housing market in its latest statement on interest rates – but will the central bank have been concerned by news of a sizeable uptick in market activity at the beginning of the year? Data released by the Canadian Real Estate Association (CREA) in mid-February showed […]

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7 Mar

Bank of Canada still likely to cut rates in June: CIBC’s Tal

General

Posted by: Mike Hattim

The Bank of Canada gave no indication in its March announcement that interest rates are set to fall soon – but the central bank is still likely to cut in June, according to CIBC deputy chief economist Benjamin Tal (pictured). Yesterday’s statement saw the Bank maintain its benchmark rate at 5.0%, the fifth decision in […]

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