The latest Royal LePage House Price Survey has been released, providing essential insights and details about the current state of the Canadian housing market. The report is useful for real estate professionals’ reference; it highlights regional variances and economic complexities.  The Canadian real estate market continues to experience a prolonged catch-up period, with buyers remaining ..read more

While the news has been full of negative reports on Canada’s economy, a new report has suggested that it might not be as bad as it is sometimes portrayed, and that Canada is holding its own globally in a few key areas.  A recent WealthSimple report for Q2 2024 has indicated that concerns about Canada’s economy might be somewhat exaggerated due to over-comparisons with the U.S. When viewed in a broader international context, Canada’s economic performance is more favourable.  GDP Per Capita While Canada’s GDP per capita seems unimpressive compared to the U.S., it aligns more closely wi ..read more

In May, the housing inventory experienced a notable increase, continuing the upward trend from previous months, according to a recent Edge Realty Analytics report. Seasonally adjusted active inventory levels rose by 2.9% month-over-month (m/m), with Ontario seeing a significant 5.5% increase. Listings in Ontario are now 70% higher compared to the same time last year. However, it is important to note that despite these increases, national inventory levels have not yet returned to what would be considered normal levels Real Estate Market Trends Across Canada Canada On a national level, Canadian ..read more

Insured and Uninsured Rates Fall Below 5% A June report from Edge Realty Analytics discusses the significant psychological impact of mortgage rates breaking above or below key “round” numbers. For instance, while the difference between 4.99% and 5.09% is minimal in terms of affordability, a rate in the 4% range feels considerably more appealing to potential borrowers than one that is in the 5% range. This sentiment is crucial as, in May, insured mortgage rates for some lenders fell below the 5% threshold, with uninsured rates following suit in June. Mortgage yields have been on a notable decli ..read more

The Canada Mortgage and Housing Corporation (CMHC) has announced the reopening of the Housing Accelerator Fund (HAF) application window for previous applicants who were not approved in the 2023 round. This initiative is aimed at fostering the development of affordable, inclusive, equitable, and climate-resilient communities within Canadian municipalities. The renewed application period will run from July 15, 2024, to September 13, 2024. This window is reopening for both the Large/Urban Stream (municipalities with populations over 10,000) and the Small/Rural/North/Indigenous Stream (municipalit ..read more

A June 2024 Edge Realty Analytics report has highlighted some notable shifts in Canadian building permit and construction trends. In a surprising turn of events, Canada saw a significant increase in building permits issued in April 2024. Permits surged by 20.5% month-over-month and soared 81% year-over-year. This sharp rise was driven primarily by a record-setting number of multi-family housing permits, which include both rental apartments and condominiums. Source: Edge Realty Analytics Divergence Between Multi-Family and Single-Family Housing This increase highlights a notable split in the h ..read more

Choosing the right realtor can significantly impact your real estate experience and the success of your transaction, whether you’re buying, selling, or investing. Calgary’s real estate market is strong but nuanced, and requires a realtor who is not only experienced but also understands the intricacies of the local areas. This is especially important if you are interested in a more complex transaction such as a pre-construction or investment property.  Look for the Key Qualities of a Top Calgary Realtor Certain qualities and skills can significantly increase a realtor’s effectiveness and s ..read more

On July 2, 2024, to address housing concerns, the Government of Canada and the City of Brandon, Manitoba reached an agreement under the Housing Accelerator Fund (HAF) to expedite the construction of 168 homes within the next three years and pave the way for over 761 additional homes over the next decade. The $6.2 million funding package will help eliminate barriers to housing development and encourage affordable, higher-density housing. The Housing Accelerator Fund, a part of Canada’s National Housing Strategy, aims to streamline and expedite the approval process for new housing projects acros ..read more

Various levels of government have implemented secondary suite incentive programs to increase the supply of affordable rental housing. These initiatives are aimed at encouraging homeowners to convert existing spaces into rentable units or create new ones, for long-term rentals and housing.  Budget 2024: Canada Secondary Suite Loan Program In Budget 2024, the Canadian government introduced the Canada Secondary Suite Loan Program, under Housing, Infrastructure and Communities Canada*, as part of a broader housing strategy. This program offers homeowners up to $40,000 in low-interest loans to ..read more

The recent decrease in interest rates by the Bank of Canada by 25 basis points was anticipated by the market and is expected to provide the necessary stimulus for the Canadian economy to start prospering again. This move is significant as it sets Canada apart from the Federal Reserve, which has remained on hold.  Of particular interest to investors, Canada has become the first economy among the G7 nations to start lowering rates, both sooner and faster than the Federal Reserve. Following the Bank of Canada’s decision, the European Central Bank (ECB) reduced its rate by 25 basis points as ..read more