York Region in Early-Q2: – Avg home price: ↓ 0.6% MoM & ↓ 3.2% yearly to $1.3M – Total home sales: ↓ 7.3% yearly to 1,270 Detached Houses: – Avg price: ↑ 2.1% MoM & ↑ 0.9% yearly to $1.7M – Sales: 627 – Avg DOM: 19Read more
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Aggregate home price in GTA ↑ 5.2% yearly to ~$1.2M in Q1 2024. Median price of single-family detached home ↑ 3.9% yearly to ~$1.4M; condo price ↑ 3.7% to ~$734K.Read more
The Ontario government allocates $155.5M to expedite long-term care construction projects in 2024. The subsidy program, facilitated 67 projects across the province in its first year.Read more
Eligible employees who worked from home in 2023 will be required to use the Detailed Method to claim home office expenses. The temporary flat rate method does not apply to the 2023 tax year. As an employee, you may be able to claim certain home office expenses (work-space-in-the-home expenses, office supplies, and certain phone expenses).Read more
Canada’s federal Finance Minister tabled Budget 2024 on April 16th. Gross new spending measures were substantially higher than signalled ahead of budget day, with equally substantial taxation measures partially offsetting the net impact. The budget adds a near-term boost to growth with major new spending, but it introduces another twist as it gives with oneRead more
Consumers believe inflation has slowed, but their expectations for inflation in the near term have barely changed. Consumers link their perceptions of slowing inflation with their own experiences of price changes for frequently purchased items, such as food and gas. Expectations for long-term inflation have increased, though they remain below their historical average. Relative toRead more
Central bankers took the stage this week, but it was Canadian economic data that stole the show. A significant improvement in inflation for February and a weak reading on retail sales increased expectations for an earlier cut by the Bank of Canada (BoC). Adding to this was the release of the BoC’s March deliberations thatRead more
Canadian home prices as measured by the seasonally adjusted Aggregate Composite MLS® Home Price Index (HPI) were flat on a month-over-month basis in February 2024, ending a streak of five declines that began last fall, according to the latest data from the Canadian Real Estate Association (CREA). The fact that prices were unchanged from JanuaryRead more
The deadline for submitting new or updated applications for the First-Time Home Buyer Incentive is March 21, 2024, at midnight ET. No new approvals will be granted after March 31, 2024. Initially designed to alleviate the burden of monthly mortgage payments for first-time buyers, the program involved the government acquiring partial ownership of a property.Read more
From National Bank of Canada The fourth quarter of 2023 witnessed a second consecutive deterioration for housing affordability in Canada. The degradation was widespread with every single market experiencing an increase in their mortgage payment as a percentage of income (MPPI) due to both higher interest rates and rising home prices. This worsening has practicallyRead more
