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Economy

Tiff Macklem, Governor of the Bank of Canada, holds a press conference at the Bank of Canada in Ottawa on Jan. 25, 2023. THE CANADIAN PRESS/Sean Kilpatrick Ellen D. Russell, Wilfrid Laurier UniversityThe Bank of Canada…

Real Estate

Bank of Canada hikes key interest rate by quarter point, says it plans to hold

Nojoud Al Mallees – THE CANADIAN PRESS Jan 25, 2023

OTTAWA – The Bank of Canada delivered what it expects to be its last interest rate hike of the cycle as it pauses to assess the effects of higher rates on the economy.The central bank raised its key interest rate by a quarter of a…

Real Estate

How thieves stole a Toronto condo in ‘total title fraud’, selling it for $970,000

The Canadian Press Jan 24, 2023

The professional photographs posted on a property tour website last year show Moffy Yu's condo in downtown Toronto, a light-filled two-bedroom home with floor-to-ceiling windows framing sweeping views from the tallest residential tower in…

Real Estate

Home prices in Q4 down year over year, first decline since end of 2008: report

The Canadian Press Jan 16, 2023

TORONTO — The median price of a home in Canada in the fourth quarter of 2022 posted the first year-over-year decline since the end of 2008 during the financial crisis, Royal LePage says.In its house price survey released Friday, the…

Building

Inflation, pandemic costs driving Ontario property tax hikes as upkeep backlogs grow

Jordan Omstead - The Canadian Press Jan 12, 2023

TORONTO — With a number of Ontario municipalities eyeing property tax increases, experts say homeowners across the province can expect to see higher tax bills this year because of inflation, pandemic costs and recent provincial changes to…

Real Estate

Calgary’s December home sales down 31% from last year: real estate board

The Canadian Press Jan 4, 2023

CALGARY — The Calgary Real Estate Board says home sales in the region ended the year on a record high even though December sales fell 31 per cent from a year ago.The Albertan board says it capped the year with 29,672 sales, including…

Real Estate

Mortgage stress tests unchanged despite housing market slowdown

Ian Bickis – THE CANADIAN PRESS Dec 19, 2022

Mortgage stress test levels were left unchanged Thursday as the federal banking regulator and Department of Finance favoured a cautious approach over calls to relax tests to help a slowing housing market.The Office of the…

Real Estate

Home prices to drop one per cent by Q4 2023: Royal LePage outlook

The Canadian Press Dec 14, 2022

TORONTO — Royal LePage is forecasting the aggregate price of a home in Canada will drop by one per cent to $765,171 by the fourth quarter of 2023.The real estate company says it expects prices to flatten in the second quarter and then…

Real Estate

Bank of Canada governor says rate hikes are working but it needs to stay the course

Ian Bickis – THE CANADIAN PRESS Dec 12, 2022

The Bank of Canada expects to see a clear pullback in inflation by the spring, but it isn't taking any chances in its efforts to get the inflation rate back to two per cent, said governor Tiff Macklem on Monday.``Yes, we are going…

Real Estate

Bank of Canada hikes key rate by half percentage point, signals possible pause

Nojoud Al Mallees – THE CANADIAN PRESS Dec 7, 2022

OTTAWA – The Bank of Canada hit a turning point on Wednesday when it announced a half percentage point interest rate increase while signalling it might be ready to pause its aggressive rate hike cycle.The central bank hiked its key…

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