The recent announcement by the Office of the Superintendent of Financial Institutions (OSFI) regarding loan-to-income (LTI) limits in Canada has caused people to wonder about the implications. These new regulations aim to restrict the proportion of new mortgages with loans exceeding 450% of borrower income.  OSFI has not yet provided clear guidance on the exact proportion of loans exceeding 450% of borrower income that banks are expected to adhere to. Instead, OSFI plans to evaluate this threshold on a case-by-case basis, suggesting that each bank’s compliance will be assessed individuall ..read more

Buying your first home should be a cause for celebration – not instill fear like a trip to the dentist. Sadly, though, many young people today are no longer able to feel the exuberance of owning a home. High interest rates, hefty fees, taxes, levies and other charges and have killed that dream. Young, first-time buyers are being taxed on new housing at rates which would have crushed their parents and grandparents. In Ontario, the average selling price of a single-family home was $969,900 in March, an increase of 1.7 per cent over the previous month. Single-family home prices have increased by ..read more

In March 2024, lowered sales, increased prices, and other shifting trends, characterized the New Brunswick market. Sales In March 2024, 656 homes were sold, according to the MLS® System of the New Brunswick Real Estate Board, for a 13.2% decline from March 2023. Sales remained 23.9% below the five-year average and 10.4% below the ten-year average for March. Year-to-date sales reached 1,706 units, down 0.9% from 2023 for the same period.  Across the province, home sales decreased in all regions compared to March 2023: Saint John – 3.9% Greater Moncton -14.9% Fredericton -15.2% Northern an ..read more

In March 2024, Newfoundland and Labrador’s real estate market experienced mixed trends, with St. John’s seeing increases. Sales In March 2024, 310 homes were sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS®, with a 10.9% decrease from March 2023. These sales were 12.3% below the five-year average and 1.3% below the ten-year average for March. Year-to-date home sales totalled 855 units, down by 5% from the same period in 2023.  St. John’s In St. John’s, residential sales saw an 8.6% increase year-over-year in March, although the rest of the province ha ..read more

Guelph and the Oakville-Milton real estate markets are all within commuting distance of Toronto, and feature a strong demand for housing, as well as diverse housing options. They attract university students, faculty, and staff, creating rental demand, and offer other, varied housing and investment options, each area with its own, unique characteristics. March 2024 Market Updates – Guelph vs. Oakville-Milton Sales Guelph’s market showed sales trailing 23.9% below the five-year average, while Oakville-Milton was even more slowed, with sales lagging 31.1% below the five-year average.  Both m ..read more

On April 10th, the Ontario Ford government introduced a comprehensive bill aimed at simplifying home construction and approval processes across the province. The new Cutting Red Tape to Build More Housing Act would include provisions to decrease the required amount of parking for developers, implement expedited procedures for building student housing, and enforce a use-it-or-lose-it policy. Critics suggest these actions are not robust enough, and have expressed concerns over the lack of specific details regarding the anticipated number of new homes resulting from the proposed planning changes ..read more

According to an Edge Realty report, in February, provincial real estate markets experienced varied trends, while Canada overall continued to face affordability challenges. Source: Edge Realty Home Sales February saw a notable decrease in demand for homes across Canada, with seasonally adjusted home sales for the country overall dropping by 3.1% month-over-month (m/m). However, this decrease wasn’t experienced equally in all provinces, and some actually experienced increases. The decline was particularly pronounced in British Columbia (BC) and Ontario, both experiencing matching 7.2% monthly d ..read more

The Ontario housing market in March 2024 showed some subtle shifts, with moderate declines in monthly home sales and a rise in new and active residential listings, resulting in a growing inventory. Meanwhile, the average price of resale homes continued to rise. Home Sales In March 2024, residential sales activity in Ontario, as reported through MLS®, totalled 15,167 units. This was a moderate decline of 4.4% compared to March 2023. However, on a year-to-date basis, home sales increased by 7.9% from the same period last year, totaling 37,571 units over the first three months of the year. Nation ..read more

On April 10, 2024, the Bank of Canada announced it was keeping its overnight rate target at 5%, alongside a Bank Rate of 5.25% and a deposit rate of 5%. It also maintained its strategy of reducing money in circulation, for quantitative tightening. The Bank predicts the global economy will grow around 3%, with inflation in most developed economies gradually decreasing and the US economy outperforming expectations. While US economic growth is expected to slow in the latter part of the year, it will still be stronger than expected in January. The euro area is anticipated to slowly recover from it ..read more

An Altus Group study found that, in the final quarter of 2023, the Greater Toronto Area (GTA) witnessed a total dollar volume of $22.8 billion in 2023’s final quarter, showing a drop of roughly 25% compared to the year before. Despite this slight deceleration, Toronto has kept its place as one of the top three markets for investors; Vancouver and Ottawa are the other leaders. The industrial sector maintained stability, with $7.6 billion in dollar volume transacted, showing a marginal increase year-over-year, while the hotel sector exhibited signs of recovery, with $202 million in dollar volume ..read more