The Bank of Canada has raised its overnight target rate by 50 basis points, bringing it to 4.25%. Banks will increase their Prime Rate from 5.95% to 6.45%.
This is the Bank’s seventh consecutive rate hike and was expected by markets.
Looking ahead, the Bank said it “will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target."
The Government of Ontario has introduced new changes to the Condominium Act, 1998 related to an expansion of the jurisdiction of the Condominium Authority Tribunal (CAT) – the Province’s virtual tribunal that helps resolve condo-related disputes.
The Government of Ontario has introduced new changes to the Condominium Act, 1998 related to an expansion of the jurisdiction of the Condominium Authority Tribunal (CAT) – the Province’s virtual tribunal that helps resolve condo-related disputes.
On March 12, 2020, Ontario’s Minister of Municipal Affairs and Housing introduced Bill 184, proposing the new Protecting Tenants and Strengthening Community Housing Act.
Home sales plummet 69% in April as coronavirus shutdowns hit housing market. GTA area home sales off a cliff, real estate experts say that while prices may stall as people stay home, they will pick up where they left off once the crisis passes. Sales started falling off a cliff since mid-March when the provinces restricted activity and implored residents to stay at home.
2020 starts off with a bang for the Toronto housing market, as the latest round of data reveals year-over-year prices have already begun a meteoric rise. The Toronto Regional Real Estate Board (TRREB) reports that home prices soared 12.3% in January 2020 to $8839,363 from January 2019.
Canadian real estate is increasingly becoming a seller’s market as supply shrinks to decade lows, raising the prospect of rising prices and the re-emergence of froth in some major cities.
Toronto Real Estate Board announced that, Greater Toronto Area Sales increased by 14% compared to last year. Real estate board says there were 8,491 residential sales through TREB's MLS® System in October 2019, up from 7,448 sales reported in October 2018. GTA-wide, sales were up on a year-over-year basis for all major home types.
Hoping to buy a house or condo in 2019 or 2020? The housing market always produces key buying moments if you can read the signals. Timing your purchase could save you lot of hard earned money.
Sales grew 13.4% in August YoY, and 24.3% over July as a strong unpredicted upswing hit the Toronto housing market. Forecasts are for continued rising prices in the high density homes sector (Toronto condo forecast) as listings (down 10.5% YoY) lag behind buyer demand.
