Canadian Housing

Lower interest rates got the wheels turning a little faster in September for homebuyers.

Mortgage payments, property taxes and utilities fell as a share of median household income in Canada to 59.5% from 61% in Q1.

The influx is continuing to build inventory—which is still hovering near the equivalent of four months of supply.

Interest rates may be coming down, but most Canadian homebuyers remain unconvinced that now is the right time to make a purchase.

Early reports on August home sales showed only small increases in most markets including Vancouver, Calgary, Edmonton, Toronto and Montreal.

Resales pulled back modestly—dipping 0.7% between June and July at the national level—partially offsetting a 3.5% advance in June.

After a small uptick between May and June, home resales fell again in some markets including Vancouver, Calgary and Toronto.

The first Bank of Canada interest rate cut in four years brought some energy to Canada’s housing market in June.

Transactions increased across the board with more buyers coming to the housing market. But buying was far from enough to absorb the new inventory that’s been accumulating for months.

Slight drops in interest rates and home prices lowered the costs of owning a home in Canada in the first quarter

The spring-long stalemate between buyers and sellers stretched into May. Home resales and prices were little changed nationwide, edging lower by 0.6% and 0.2% from the previous month, respectively. High interest rates and poor affordability have taken the wind out of the market’s sail for some time but a looming rate cut—delivered by the Bank […]

Buyers remained in a wait-and-see mode in May with an interest cut looming around the corner.