March 2024

In February 2024, Canadian home prices, as indicated by the seasonally adjusted Aggregate Composite MLS® Home Price Index (HPI), remained stable compared to the previous month, marking an end to five consecutive declines that began last autumn. This information comes from the latest data released by the Canadian Real Estate Association (CREA). The fact that …

The Bank of Canada maintains overnight rate at 5% amid continued quantitative tightening measures. The Bank of Canada announced its decision to keep the target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank reaffirmed its commitment to quantitative tightening. Globally, economic growth witnessed …

The deadline to submit new or updated applications for the First-Time Home Buyer Incentive is March 21, 2024, at midnight ET. No new approvals will be granted after March 31, 2024. Originally designed to ease the burden of monthly mortgage payments for first-time buyers, the program involved the government acquiring partial ownership of a property. …

From National Bank of Canada In the fourth quarter of 2023, Canada experienced a second consecutive decline in housing affordability, impacting every market. This decline was driven by increased mortgage payments as a percentage of income (MPPI), attributed to rising interest rates and home prices. Consequently, recent affordability improvements have been nearly erased, with the …