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Real Estate
Lower economic growth necessary to bring inflation down: BoC senior deputy governor
OTTAWA – Bank of Canada senior deputy governor Carolyn Rogers says the journey back to two per cent inflation will take time and that a period of lower economic growth is necessary to bring inflation down.The Thursday speech to Calgary…
Canadians vulnerable to ‘payment shock’ as debt, interest rates climb, experts say
Canadians are increasingly vulnerable to ``payment shock'' as higher household debt levels collide with oversized interest rate hikes.The Bank of Canada raised its key lending rate by three-quarters of a percentage point Wednesday,…
Bank CEOs say higher rates starting to dampen growth despite economic buffers
TORONTO – The heads of Canada's biggest banks say rising interest rates are starting to have their intended effect of slowing demand but that for now they continue to notch growth.Speaking at an investment conference in Toronto on…
Equifax says total consumer debt $2.32 trillion in Q2, up 8.2% from year ago
TORONTO – Equifax Canada says total consumer debt rose to $2.32 trillion in the second quarter, up 8.2 per cent compared with the same quarter last year.The report by the credit rating agency says increases in new lending and higher…
Bank of Canada raises key interest rate by 0.75%, says rates likely need to go higher
OTTAWA – Canadians should expect interest rates will climb even higher, the Bank of Canada said Wednesday after announcing another supersized interest rate hike.The central bank raised its key interest rate by three-quarters of a…
Vancouver home sales down 40% from last year, nearly 1% since July: board
VANCOUVER — The Real Estate Board of Greater Vancouver says last month's home sales plunged roughly 40 per cent since August 2021, but were almost unchanged from this past July.The board says sales for the month amounted to 1,870 and…
Toronto home sales down 34% from last year, up 15% from July: real estate board
TORONTO — The Toronto Regional Real Estate Board says August sales were down 34 per cent since last year, but up almost 15 per cent from July, as buyers returned to the market to take advantage of prices that eased from winter's elevated…
Calgary’s benchmark home price up 11% since last August: real estate board
CALGARY — The Calgary Real Estate Board says August's benchmark price for a home in the city rose by 11 per cent since last year, while the number of sales was almost unchanged in the same period.The Albertan board says last month's…
Lenders cautious about micro condo mortgages, but financing options still plentiful
TORONTO — Canadians eager to buy a home as the real estate market cools might find themselves considering micro-condos, but mortgage brokers say if you're thinking small, prepare for extra caveats when seeking financing.Brokers say many…
TD Bank sees up to 25% drop in Canadian home prices by early 2023
TORONTO — A new TD Bank report suggests the average price of a home in Canada could fall between 20 and 25 per cent from its peak seen earlier this year to the first quarter of 2023.The report released Monday comes as a decrease in…