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Teranet-National Bank House Price Index rises sharply in July Before seasonal adjustments, the Teranet-National Bank Composite House Price Index™, which covers the country’s eleven largest CMAs, rose by 1.8% from June to July, the fifth consecutive monthly increase. After adjusting for seasonal effects, the Teranet-National Bank Composite House Price Index™ rose by 2.4% from June […]

Canadian Home Sales Showing Signs of Stabilization in June Home sales recorded over Canadian MLS® Systems posted a 1.5% increase between May and June 2023, smaller increase than in April and May. Sales were up in June in a little over half of all local markets, with gains in British Columbia and Alberta offsetting fewer […]

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Gap between high- and low-income households widens Recent increases in the cost of living and declining real estate values had unprecedented impacts on net saving and wealth for more financially vulnerable households in the first quarter, such as those with lower incomes, less wealth, and in younger age groups. Income inequality increased in the first […]

Four Reasons to Use a Mortgage Broker for Your Renewal If you’re one of the roughly 1.1 million Canadians* whose mortgage is up for renewal this year, then you’ve probably already started wondering what you’ll do when the date comes. With interest rates continuing to climb, it’s important to get a head start on the […]

Mortgage interest cost rises as homeowners’ replacement cost slows Shelter costs rose 4.9% on a year-over-year basis in April, after a 5.4% increase in March. Canadians continued to pay more in mortgage interest cost in April (+28.5%) compared with April 2022, as more mortgages were initiated or renewed at higher interest rates. The higher interest […]

Rates increased slightly from 4.3% to 4.4% with the release of the latest Consumer Price Index (CPI) numbers on May 16. What does this mean for home owners?  First, it indicates that inflation continues to be a factor in the mortgage industry, and that rates could potentially go up once more on June 7th with the […]

The Rundown on Down Payments Making a down payment is one of the biggest decisions you’ll face when purchasing a home. Naturally, you may have a few questions about how the process works, such as: What’s the minimum amount you can put down? How will it affect your mortgage? And where can you get the […]

CREA Updates Resale Housing Market Forecast National home sales have remained little changed from month to month since the summer of 2022 and, in fact, posted modest back-to-back monthly gains in February and March 2023. With nearly a year without any large declines, the downward adjustment to sales activity from rising interest rates and high […]