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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 …

After a sluggish second half of 2023, Canadian home sales show promising recovery in recent months. Recent data from the Canadian Real Estate Association (CREA) indicates a positive shift in the housing market following a lackluster performance in the latter part of 2023. According to CREA’s latest report, home sales have begun to rebound, with …

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. Global economic growth continues to slow, with inflation easing gradually across most economies. While growth in the United States has …

Income inequality increased in the third quarter as the gap in the share of disposable income between households in the two highest income quintiles (top 40% of the income distribution) and two lowest income quintiles (bottom 40% of the income distribution) reached 44.9%, up 0.5 percentage points from the third quarter of 2022. The lowest …

Home sales activity recorded over Canadian MLS® Systems rose 8.7% between November and December 2023, putting it on par with some of last year’s relatively stronger months recorded over the spring and summer. The actual (not seasonally adjusted) number of transactions came in 3.7% above December 2022, the largest year-over-year gain since August. On an …

Higher borrowing costs are leaving a permanent mark on the Canadian families who by the end of 2024 would have to budget for a roughly 30% increase in their monthly mortgage payments, on average. On aggregate, mortgage payments growth is forecast to slow next year, remain relatively flat in 2025 but pick up again in …

Summary On a seasonally adjusted basis, home sales dropped 5.6% from September to October, a fourth monthly contraction in a row and the sharpest slowdown in sales since June 2022. On the supply side, new listings decreased 2.3% in October, a first decline in seven months. Active listing increased by 4.6%, a fourth monthly gain …