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Canadian Home Sales Continue to Climb in November Home sales activity recorded over Canadian MLS® Systems rose again in November, building on October’s surprise jump. Sales were up 2.8% 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 […]

Mortgage Holders Have Moved Away From The Cliff Edge TD analysis suggests that mortgage renewals are going to be less stressful for households than previously feared, with aggregate payments on Canadian mortgages poised to decline for balances outstanding as of mid-2024. The key factors behind this expected easing are lower interest rates and increased payments, […]

Slow mortgage growth continued as homebuyers remained on sidelines Canadian residential mortgage debt increased 3.5% year over year in July 2024, reaching $2.2 trillion. This historically slow mortgage debt growth was the result of many potential homebuyers remaining on the sidelines for much of the year, driven by high borrowing costs and elevated home prices. […]

OSFI to eliminate stress test for uninsured mortgage switches starting November 21 OSFI has confirmed that it will remove the requirement for lenders to apply the Minimum Qualifying Rate (MQR) to straight switches of uninsured mortgages. Superintendent Peter Routledge confirmed that OSFI will formally announce this change on November 21, 2024, as part of the […]

TD: Dollars and Sense: Ready… Set… Cut! Cut! Cut! Report by TD Economics Highlights The Federal Reserve is just under three weeks away from delivering its first interest rate cut in four years. While at times it felt like the day would never come, inflation has finally stabilized close to the 2% target alongside a […]

The Bank of Canada has lowered its benchmark interest rate by 25 bps to 4.25%. This is the Bank’s third rate cut since March 2020. Read the full statement here: https://www.bankofcanada.ca/…/fad-press-release-2024…/ The next BoC announcement is October 23.

Bank of Canada reduces policy rate by 25 basis points to 4½% The Bank of Canada on July 24th reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization. The global economy is expected […]

BMO: Canadian Housing: Migration Matters

Canada: Still sluggish home sales allow inventory to recover Home sales edged down 1.7% between March and April, a second monthly decrease in five months. On a provincial level, decreases were recorded in April in Nova Scotia (-6.3%), Alberta (-4.5%), Manitoba (-4.1%), Ontario (-2.9%), Quebec (-1.3%), P.E.I. (-0.6%), and B.C. (- 0.5%). On the other […]

Federal Budget Summary: Housing and Capital Gains Tax TD Economics Budget 2024 re-upped the Liberal government’s efforts to improve affordability for low-and-moderate income Canadians, with new spending totaling $53 billion earmarked over the five-year horizon ($57 billion including spending since the Fall Economic Statement). Programs to fast-track the building of new homes and improve affordability […]