With the Bank of Canada widely expected to increase interest rates Wednesday, a poll from debt advisors MNP shows rising concern over higher rates. The survey, conducted by Ipsos, found that 1 in 3 Canadians are worried that rising interest rates could push them towards bankruptcy, up 6% since June. More than half (52%) of […]

B.C.’s finance minister has introduced legislation to move ahead with a controversial speculation tax on vacant or underutilized properties. The bill ends months of speculation about how the province planned to use the new levy to help deal with runaway housing prices in some B.C. communities, outlining a range of tax rates from 0.5 to […]

Mortgage industry representatives met with around 50 members of parliament and other government officials to urge them to reconsider some of the measures introduced to curb the housing market. Mortgage Professionals Canada highlighted the continued negative impact of the stress test and discussed housing affordability. “Fewer Canadian now are able to obtain the mortgage they […]

A leading national measure of home prices was decidedly average in September. The Teranet-National Bank National Composite Home Price Index was flat at 226.23 (up 0.05% from August), but in line with the historical average for September since 2010. Of the 11 metros included in the survey, five gained – Winnipeg (1.1%), Montreal (0.5%), Victoria […]

Several challenges continue to concern real estate professionals but there is still optimism for the sector in the year ahead. A new report from PwC Canada and the Urban Land Institute shows that the industry’s concerns include tariffs and interest rates which could further weaken affordability. For those developers, investors, lenders and other leading experts […]

Home resales in Canada were driven by the Greater Toronto Area in July with a 7.7% gain compared to 1.9% nationally. The GTA also saw a flattening of price growth which has been declining in recent months. RBC’s senior economist Robert Hogue says that the national benchmark price appreciated at a faster rate (2.1% y/y) […]

The CMHC wants the Canadian Revenue Agency to provide more robust verification of incomes stated on mortgage applications. The call comes following an investigation by the CMHC into the correlation between incomes stated on mortgage applications and those reported to the CRA. It now wants the tax agency to take a “more direct and formal […]

Buyers looking for detached homes in Metro Vancouver have more choice as sales weakened again in June. Detached home sales fell 42% to 766 and the Real Estate Board of Greater Vancouver says that the sector is leading the move towards a buyers’ market. “Buyers are less active today. This is allowing the supply of […]