Canada Extends Foreign Buyer Ban in Bid to Cool Housing Market

Canada has extended its ban on foreign buyers purchasing residential properties for an additional two years, aiming to address housing affordability concerns. Initially implemented on January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act was set to expire on December 31, 2024. However, the Canadian government, under the leadership of…

Bank of Canada maintains policy rate, continues quantitative tightening

FOR IMMEDIATE RELEASE Media Relations Ottawa, Ontario March 8, 2023 The Bank of Canada today held its target for the overnight rate at 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening. Global economic developments have evolved broadly in line with…

Buyers return to Toronto housing market as prices level off in Feb 2023

Home prices in the Greater Toronto Area (GTA) experienced their largest year-over-year drop on record in February, falling nearly 18% as the number of properties sold was halved, according to the Toronto Regional Real Estate Board (TRREB). The average selling price for February was $1,095,617, which was about 5% higher than January’s average price of…

One of Ontario’s Largest Private Lenders has Suspended Lending

Magenta Capital Corporation has notified mortgage brokers that it will suspend new lending until September. Originally I wasn’t going to speak about this, as it was not really public knowledge. Since the Globe and Mail have reported on it, I thought I should also. While rumours are going around about Magenta having financial problems, I…

Sharp, deep, and unprecedented – The Conference Board of Canada releases its Provincial Economic Outlook

With the advent of the COVID-19 pandemic, Canada is in the midst of an economic downturn, unlike anything most of us have ever experienced. The Conference Board of Canada’s Provincial Economic Outlook – Preliminary Forecast Spring 2020 shows that Canadian real GDP will drop by 25 per cent in the second quarter. This will be the steepest…

Mortgage Deferrals in Canada Reach Half a Million

Banks in Canada last month announced plans to provide financial relief to Canadians impacted by the economic consequences of COVID 19. Banks assembled quickly and made a commitment to work with their customers to provide flexible solutions to help them manage through financial hardship. This support includes up to a six-month payment deferral for mortgages. Almost 500,000…

Canadian home sales and listings down in March

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales and listings were down sharply between February and March 2020.   Highlights: Monthly home sales (CNW Group/Canadian Real Estate Association) National home sales fell 14.3% on a month-over-month (m-o-m) basis in March. Actual (not seasonally adjusted) activity was up 7.8% year-over-year (y-o-y)….