. The spring Canadian housing market, which is usually very busy, stalled because homebuyers chose to remain on the fence until the Bank of Canada confirmed its first interest rate reduction. According to preliminary data, home sales in May were lower than expected on an annual basis in Toronto (+12.7%),...
Mortgages with fixed rates are on the decline. Fixed mortgages are falling. Experts weigh in and explain the reasons
. The recent drop in rates has benefited both existing home owners and those who are looking to buy a new house. Bond yields have also fallen following the Bank of Canada's interest rate reduction last week, which reduced rates for current variable-rate mortgage holders. This has led to a...
Commercial real estate trends shifting toward purpose-built rentals: Re/Max report
An analysis of 12 of the largest Canadian commercial real estate markets shows developers have shifted their focus toward purpose-built rental construction, some at the expense of new residential condominiums and commercial buildings. Re/Max Canada’s 2024 Commercial Real Estate Report, which examined the dozen markets during the first quarter of...
The average Canadian rent reaches a record high of $2.202
Rents in Canada have risen 32% since their lows during the pandemic. According to the most recent monthly report by Rentometer, the average rent for May was $2202. This is up $200 over the previous month, and 9.3% over a year earlier. Rentals.ca. Since April 2021, rent prices have risen...
How the Bank of Canada’s rate reduction affects mortgages, consumer lending and investment
You can also contact us by clicking here. Ian Bickis Bank of Canada lowered their key interest rate for the first time in over four years by one quarter of a point. What it might mean to your financial situation. Prime rates and consumers: What do they mean? Bank of...
Bank of Canada’s rate cut could spur housing demand as Toronto home sales fall in May
By Sammy Hudes Real estate market analysts say the Bank of Canada’s much anticipated decision to lower its key interest rate could be the sign that many would-be homebuyers have been waiting for to make their move. The central bank announced the quarter-percentage-point cut on Wednesday, its first in more...
Does today’s Bank of Canada interest rate reduction mean that it is “one-and-done”?
Today, variable-rate borrowers got the rate reduction they wanted from Bank of Canada. How long will they have to wait before the next rate cut? Bank of Canada announced today a reduction of 25 basis points to the overnight rate target, which brings it down to 4.75%. This is its...
The number of options to improve credit score is increasing, but the principles are still the same.
You can also contact us by clicking here. Ian Bickis Credit scores, while sometimes a bit opaque in how they are calculated, can be a very important part of a borrower's life. A good credit score is important because interest rates are already high. Short-term lenders have warned that they...
EQB expects improvements in the future
EQB, an alternative mortgage lender, saw a jump in grossly impaired loans from a year earlier to the second quarter. However it highlighted improvements in recent months and anticipates that losses will stabilize in future. EQB's gross impaired loan portfolio doubled to 0.98% in the third quarter. This is up...
Why the Bank of Canada may cut rates this week (and why it might not)
Although the chances of the Bank of Canada cutting rates this week are higher, experts say the final decision can still be made in either direction. The bond markets are pricing in a rate reduction of one quarter point on Wednesday, following the most recent Data on GDP The Canadian...