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Posted by: Dean Kimoto
Its a close call which way the bank wil go… (Bank of Canada Policy interest rate announcement coming Wednesday, July 12th) Employment growth last month came in at a whopping 60,000 jobs, tripling expectations, and most of those net new jobs were for full-time workers. As our population grows, more people are available to fill […]
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This article is from the Canadian Mortgage Trends website: https://www.canadianmortgagetrends.com/2023/06/another-week-another-rise-in-fixed-mortgage-rates-how-much-higher-could-they-go/ Another week and another round of fixed rate hikes have swept Canada’s mortgage market. Mortgage lenders, including most of the big banks, have continued to hike their fixed mortgage rates following the recent surge in Government of Canada bond yields, which are used to price […]
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The Canadian Real Estate Association says home sales in May rose 5.1% month-over-month (m/m), adding to the 11.1% gain in April. This brought the year-over-year sales gain to 1.4%, The first y/y sales increase in almost two years. While spring home sales started booming (compared to the past year), the surprising 25 bps uptick in […]
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After spending most of the past year at or near record lows, Canada’s mortgage delinquency rate is expected to return to pre-pandemic levels, potentially rising by nearly a third. That’s the latest forecast from RBC Economics, which points to a “looming” recession and an expected increase in the unemployment rate to 6.6% by next year […]
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Weakening Housing Markets Pose A Risk For The Canadian Economy On April 18, Canada’s national banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), released its second Annual Risk Outlook (ARO), outlining what it believes are the most significant headwinds facing the Canadian financial system – and what the regulator plans on doing […]
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The Bank of Canada holds rates steady again but maintains its commitment to 2% inflation The Bank of Canada left the overnight policy rate at 4.5%, as expected, stating their view that inflation will hit 3% by mid-year and reach the 2% target by next year. They admit, however, that demand continues to exceed supply, […]
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Federal Budget 2023… Press the Snooze Button As promised, there would be nothing much in this year’s budget for fear of stimulating inflation. The federal government faces a challenging fiscal environment and a weakening economy. Ottawa promised it would err on the side of restraint. Instead, Finance Minister Chrystia Freeland announced a $43 billion increase […]
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Further decline in inflation in February will keep the Bank of Canada on hold in April All eyes will be on the Federal Reserve tomorrow when they decide whether to hold rates steady because of the banking crisis or raise the overnight rate by 25 basis points (bps). Before the run on Silicon Valley Bank, […]
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Residential Market Commentary – Housing market optimism Instability persists in the Canadian housing market, but analysts say there are signs things may start to normalize in the coming months. The Canadian Real Estate Association reports that February home sales fell 40% compared to their peak in February of last year, just before the Bank of […]
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Canadian Housing Appears To Be Close To Bottoming. Housing Market Could Be Poised For a Spring Rebound The Canadian Real Estate Association says home sales in February bounced 2.3% from the previous month. Homeowners and buyers were comforted by the guidance from the Bank of Canada that it would likely pause rate hikes for the first […]
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