The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate boards and associations in 2022 and 2023. With interest rates on the rise, home sales have continued to cool. In some parts of the country, home prices have fallen fromRead more
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From the National Bank of Canada Declining transactions in the resale market and rising interest rates continue to weigh on property prices, with the Teranet-National Bank Composite House Price Index falling 0.2% from June to July after seasonal adjustments. This is the first monthly decline since the one seen at the beginning of the pandemicRead more
From the National Bank of Canada On a seasonally adjusted basis, home sales fell 5.3% from June to July, bringing the level of sales 12.8% below its 10-year average. This was the fifth consecutive decline for this indicator, with sales down a cumulative 31.1% between February and July. The slowdown was broad- based, with theRead more
From National Bank of Canda On a seasonally adjusted basis, home sales fell 5.6% from May to June, bringing the level of sales 7.0% below its 10-year average. This was the fourth consecutive decline for this indicator, with sales down a cumulative 26.8% between February and June. The slowdown was broad- based, with the numberRead more
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
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
