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Posted by: Adriaan Driessen
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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Bank of Canada Hikes Rates by 50 BPs, Signalling More To Come The Governing Council of the Bank of Canada raised the overnight policy rate by a full 50 basis points for the first time in 22 years. This was a widely telegraphed action that will be followed by the US Federal Reserve next month. […]
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Bank of Canada Starts Hiking Rates, Signalling More To Come The Governing Council of the Bank of Canada raised the overnight policy rate target by a quarter percentage point in a widely expected move and signalled that more hikes would be coming. This is the first rate hike since 2018. In a cautious […]
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Housing affordability remains a huge political issue, and with the Department of Finance working on the upcoming budget, no doubt measures to reduce home prices will be front and center. With an election coming this spring in Ontario, Premier Ford’s Housing Affordability Task Force has made recommendations to step up homebuilding. Still, Ontario’s mayors are […]
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The CPI rose 5.1% from year-ago levels in January, driven by higher gasoline and car prices. Published by Sherry Cooper February 16, 2022 StatsCanada today reported that consumer price inflation rose to 5.1% from year-ago levels in January, compared to 4.8% in December. This was higher than expected […]
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In an aggressive response to the rise in inflation, the Bank of Canada issues a hawkish press release affirming it is ending its bond-buying program (quantitative easing–QE) and accelerating its plans for the first hike in the overnight rate to Q2 or Q3 of next year. This would be the Bank’s first rate hike since […]
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Canadian 5-Year Bond Yield Surges In an unprecedented move, bond yields are spiking around the world. Yields globally are now at levels last seen before the coronavirus spread worldwide. At the same time, commodity prices are surging, including energy, metals and minerals, agricultural products and lumber. The Biden administration’s $1.9 trillion stimulus package is has triggered […]
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Industry & Market Highlights Surge in outstanding residential mortgage credit’: CMHC sees risk of delinquencies jumping Canadians piled on mortgage debt even as COVID-19 forced the country into lockdowns, and Canada Mortgage and Housing Corporation (CHMC) worries many will eventually struggle to keep up with payments. The national housing agency says total outstanding mortgage debt […]
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Industry & Market Highlights The Bank of Canada 5-year Benchmark Qualifying Rate reduced to 4.79% Effective Monday August the 17th, The Bank of Canada Benchmark qualifying rate was reducing from 2.94% to 2.79%. The impact of the lower qualifying rate on borrower’s purchasing power is small – e.g for an average single family home costing […]
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Industry & Market Highlights COVID-19 Ontario Announces Regional Approach Reopening Into Stage 2 Ontario will be taking a regional approach to move into Stage 2. As directed by the province, each region will be permitted to enter Stage 2 when safe to do so as public health criteria outlined in the framework are met. […]
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