The head of Ontario’s mortgage broker regulator has confirmed he will be stepping down from his role as CEO later this month. Mark White, head of the Financial Services Regulatory Authority of Ontario (FSRA), is vacating his position to take on his new role as Chair of the Ontario Energy...
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Can the Bank of Canada reduce rates in response to rising unemployment?
The Canadian labour market has stumbled, as the unemployment rate rose more than anticipated to 6.4% in June. The Bank of Canada is expected to continue waiting for its next rate reduction despite the report's disappointment. According to the Bureau of Labor Statistics, there was a loss in jobs totaling...
Montreal home sales rise in June as prices continue to climb: real estate board
The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 6.4% in June compared with the same month last year. The association says home sales in the region totalled 3,830 for the month, up from 3,598 in June 2023. The median price for all housing types was...
Homeownership costs easing, but “long way to go” before affordability is restored: RBC
Borrowers experienced a slight reduction in homeownership costs in the first quarter, despite affordability remaining near its worst level ever. Small declines in fixed mortgage rates and homes prices earlier in the year helped reduce the average cost of all housing types to 60.9% of median income in Q1, down...
Greater Toronto home sales fell 16% in the month of June, despite Bank of Canada rate cuts: Board
You can also contact us by clicking here. Sammy Hudes Toronto Regional Real Estate Board reports that home sales declined by 16.4% in June compared to last year. Many potential buyers remained on the fence despite Bank of Canada's much-anticipated interest rate reduction. According to the board, 6,213 houses were...
RBC economist: More development of rental housing needed, despite recent increase in prices
RBC's new report says that even though the construction of rental housing in Canada is on the rise, there are still many more homes needed to meet demand. RBC's Rachel Battaglia, an economist at the bank, said that rental housing started reached its highest level in years in 2022-2023. More...
Vancouver’s home sales fell 19% in the month of June, as inventories continue to grow: Board
The Greater Vancouver Real Estate Board says that the number of houses sold in June fell 19.1% compared to the same period last year, as the inventory level continued to rise. Greater Vancouver Realtors reported that there were 2,418 homes sales in the area last month. This is 23.6% lower...
Calgary home sales fell in June, but were still higher than long-term trend: Board
Calgary Real Estate Board reports that June sales of homes fell by 12.8% compared to last year, with 2,738 units changing hands. The decline was primarily due to lower priced properties. The board reports that despite the decline in sales for the month, activity was 17% above long-term trend. All...
Canadian bond yields are rebounding sharply and sending mortgage rates up
The Canadian bond yields are now on an upward trend after two consecutive months of decline. The yields on Government of Canada bonds, which affect fixed mortgage rates and have been at their lowest level of the year, last month, are now up more than 30 basis point, or about...
On Quebec’s moving day tradition, there are hundreds of tenants still searching for an apartment
You can also contact us by clicking here. Maura Forrest Mario Lortie, who has lived in his apartment for 27 years, is moving out of it. This is not something that Lortie chose. Lortie's new landlords who bought his Montreal duplex recently want to turn it into one home. He...