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Posted by: Adriaan Driessen
The Canadian Housing Market Strengthens Further Home sales activity recorded over Canadian MLS® Systems rose again in November, building on October’s surprise jump. Sales were up 2.8% m/m in November compared to October and now stand a cumulative 18.4% above where they were in May, just before the first interest rate cut in early June. […]
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Regulatory changes applicable from December 15, 2024 by OSFI aimed at benefiting First Time Home Buyers, and Home Owners with mortgages Maturing for Re-Negotiation. These updates reflect the federal government’s expanded eligibility criteria for for high-ratio insured mortgages allowing first time home buyers to purchase with less than 20% down payment, and are designed to […]
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The Surge In Canadian Unemployment Keeps Another Jumbo Rate Cut In Play In December The BoC slashed the overnight rate by 50 bps this morning, bringing the policy rate down to 3.25%. The market had priced in nearly 90% odds of a 50 bp move, where consensus coalesced. The combined slower-than-expected GDP growth and a sharp rise […]
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INTEREST RATE CUTS FUEL NOVEMBER REAL ESTATE MARKET INCREASE In November, the average sale price in the real estate market was $640,198, reflecting a 5.9% increase compared to the same month last year. This rise in prices highlights the ongoing demand and value in the market. Sales activity also saw a significant boost, with 614 […]
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October Inflation Rose to 2.0% As Gasoline Price Declines Were More Muted The Consumer Price Index (CPI) rose 2.0% year-over-year in October, up from a 1.6% increase in September. Gasoline prices fell to a lesser extent in October (-4.0%) compared with September (-10.7%). The all-items CPI, excluding gasoline, rose 2.2% in October, the same growth […]
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The Canadian Housing Market Shows Signs of Life Canadian home sales surged to their highest level in more than two years as the Bank of Canada cut interest rates, bringing buyers back into the market. Home sales rose 7.7% month-over-month (m/m) in October, reaching their highest level since April 2022. Rising home sales were broadly […]
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The Bank of Canada cut the overnight policy rate for the fourth time this year, but this time by a whopping 50 bps. View this email in your browser Bank of Canada Cuts Policy Rate By 50 BPs After three consecutive 25 bp rate cuts, the BoC slashed the overnight rate by 50 bps this morning, bringing the […]
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Homebuyers Cautious As New Listings Surge In April The Canadian Real Estate Association (CREA) announced today that national home sales dipped in April 2024 from its prior month, as the number of properties available for sale rose sharply to kick off the spring housing market. Home sales activity recorded over Canadian MLS® Systems fell […]
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The Bank of Canada Holds Rates Steady Until Core Inflation Falls Further Today (March 6, 2024), the Bank of Canada held the overnight rate at 5% for the fifth consecutive meeting and pledged to continue normalizing the Bank’s balance sheet. Policymakers remain concerned about risks to the outlook for inflation. The latest data […]
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Canadian March Home Sales Posted Their Biggest Decline Since June Statistics released today by the Canadian Real Estate Association (CREA) show that rising interest rates were already dampening housing activity well before the Bank of Canada’s jumbo spike in the key policy rate in mid-April. National home sales fell back by 5.4% on a month-over-month […]
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