From Tiff Macklem – Governor Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today’s policy announcement and the Bank’s Monetary Policy Report (MPR). Today, we raised the policy interest rate by 100 basis points, or 1%. An increase of this magnitude at one meeting is very unusual. ItRead more
blog
We’ve downgraded our 2022 growth forecasts in most provinces by 0.1-0.9 percentage points compared to our March forecast, as a steeper climb in borrowing costs and persistently elevated inflation crimp household and business spending across the country. Real GDP is now projected to run from 1.4% in Newfoundland and Labrador to 5.5% in Alberta. TheRead more
On a seasonally adjusted basis, home sales slumped 8.6% from April to May, bringing the level of sales slightly below its 10-year average for the first time in 24 months. This decline also represents a third consecutive decrease, with sales down a cumulative 23.0% between February and May. The downward trend is now well establishedRead more
We’re in a housing crisis. This report looks at the overall affordability for the entire housing system in Canada. The report has taken steps to estimate how much additional housing supply is required — beyond current trends — to restore housing affordability by 2030. Key Highlights CMHC projects that if current rates of new constructionRead more
New data from the Canadian Housing Statistics Program (CHSP) show the extent of inequalities in housing: multiple-property owners possess nearly one-third of all residential properties and the top 10% wealthiest owners account for around one-quarter of residential housing value. Despite these inequalities, new data show an increase in the number of first-time home buyers fromRead more
National Overview Residential building construction costs increased 5.6% in the first quarter of 2022, the highest increase since the second quarter of 2021. Non-residential building construction costs were up 2.6% in the first quarter. Contractors surveyed attributed part of the growth in building construction costs to the rise in labour costs, and a surge inRead more
Home sales recorded over Canadian MLS® Systems dropped by 12.6% between March and April 2022. The decline placed monthly activity at the lowest level since the summer of 2020. While the national decline was led by the Greater Toronto Area (GTA) simply because of its size, sales were down in 80% of local markets, withRead more
The Bank of Canada today increased its target for the overnight rate to 1%, with the Bank Rate at 1¼% and the deposit rate at 1%. The Bank is also ending reinvestment and will begin quantitative tightening (QT), effective April 25. Maturing Government of Canada bonds on the Bank’s balance sheet will no longer beRead more
The size of companies represented in the survey ranged from 1–25 employees to 500+, with 43% of the brokerages having 26–100 employees. Among the respondents, 50% were classified as brokerages, 36% were lenders, and the rest are in the technology, network, or ‘other’ categories. This year’s 5-Star winners gained high scores for putting the workingRead more
Statistics released by the Canadian Real Estate Association (CREA) show national home sales were up in February 2022 as buyers jumped on the first batch of spring listings. Home sales recorded over Canadian MLS® Systems climbed 4.6% between January and February 2022. The monthly increase in activity was likely the result of a rebound inRead more
