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BoC’s Macklem says he’s not backing down on rate hikes, even as recession fears grow
Bank of Canada governor Tiff Macklem emphasized Friday (Oct. 14) that he has not changed his mind on interest rate hikes, even as expectations grow about a possible recession next year.Now is not the time to be flexible on interest…
Annual pace of housing starts up in September, hitting highest level since Nov. 2021
OTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts in September rose to the highest level since November 2021.The national housing agency says the seasonally adjusted annual rate of housing starts for…
Vancouver housing strategies abound, but will a fractured council hinder next mayor?
VANCOUVER – Voters in Vancouver's municipal election have been met with an array of proposed solutions to the city's chronic housing unaffordability – but the same question looms over all the mayoral candidates and their pledges.That's…
TD expects steeper home price drop in early 2023 than initial forecast
TORONTO – TD Economics has revised its housing forecast to account for even steeper price declines in early 2023 and then slower growth for the remainder of the year.The report from the bank's economist Rishi Sondhi foresees average…
More rate hikes needed despite signs of economic slowdown: Macklem
OTTAWA – Despite some early signs of a slowing economy, Bank of Canada governor Tiff Macklem says more interest rate hikes are necessary to bring inflation down.Speaking to the Halifax Chamber of Commerce on Thursday, Macklem said…
Vancouver home sales down 46% from last Sept., 10% from August: board
VANCOUVER – The Real Estate Board of Greater Vancouver says September's home sales dropped by 46 per cent since last year and 10 per cent from August as interest rate increases cooled buyer sentiment.The B.C. board says sales in the…
Homes still unaffordable for average households despite fall in prices: reports
OTTAWA – Buying a home has become more unaffordable for Canadians even as housing prices fall, according to new reports from the parliamentary budget officer and RBC.The PBO's house price assessment, published on Thursday, says the…
RESCON outlines 15 actions governments must take to boost supply of new housing
The Residential Construction Council of Ontario (RESCON) is calling on all three levels of government to tackle the housing supply and affordability crisis by immediately adopting a series of recommendations aimed at speeding up…
Former BoC governor Stephen Poloz warns against entrenching inflation in expectations
BANFF, Alta. – Preventing current high inflation levels from becoming embedded into the public's expectations is key if the country is to avoid falling into recession, former Bank of Canada governor Stephen Poloz said Thursday.…
Stats Canada says Canada’s homeownership rate fell in latest 2021 census release
OTTAWA – Canada's homeownership rate is on the decline, with young adults in particular less likely to own a home in 2021 than they were in 2011, says Statistics Canada.According to the latest census release, two-thirds of Canadians…