Home prices could fall 7 per cent in 2021, hitting Prairies hard: Moody’s forecast

Home prices could fall 7 per cent in 2021, hitting Prairies hard: Moody’s forecast
TORONTO — Moody’s Analytics, Inc. says home prices across Canada could tumble about seven per cent in 2021, as unemployment dampens the hot real estate market. The financial intelligence company says there is a dangerous oversupply of new, single-family homes in Calgary and Edmonton, on top of affordability issues in Vancouver and Toronto. Moody’s report did not go into detail... Read More

Mortgage rates tick up to 2.9%, remain at historic lows

Mortgage rates tick up to 2.9%, remain at historic lows
SILVER SPRING, Md. — U.S. average rates on long-term mortgages rose slightly this week but remain at historically low levels. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan edged up to 2.90% from 2.87% last week. One year ago, the rate averaged 3.64%. The average rate on the 15-year fixed-rate mortgage also rose,... Read More

Housing market ‘moderately’ vulnerable amid potential overvaluation of homes: CMHC

Housing market ‘moderately’ vulnerable amid potential overvaluation of homes: CMHC
OTTAWA — Canada Mortgage and Housing Corp. says there was some evidence of overvaluation in Canada’s housing market this spring amid the COVID-19 pandemic. The Crown corporation says in cities such as Victoria, Moncton and Halifax, there was a widening gap between the selling price of houses and the price economists would expect, based on population growth, disposable income, mortgage... Read More

New tools, ideas needed to speed up housing strategy funding, CMHC president says

New tools, ideas needed to speed up housing strategy funding, CMHC president says
OTTAWA — The national housing strategy will need new tools to move more quickly from ideas to finished projects during the COVID-19 pandemic, says the head of the federal housing agency. The Canada Housing and Mortgage Corp. is a key overseer of the decade-long national housing strategy, which includes tens of billions in federal and provincial funding and financing. It... Read More

August US home building slides 5.1% after months of gains

August US home building slides 5.1% after months of gains
WASHINGTON — U.S. housing construction fell a surprising 5.1% in August after three months of strong gains when home builders ramped up projects following a pandemic-induced shutdown in March and April. New homes were started at a seasonally adjusted annual pace of 1.42 million last month after a 17.9% surge in July, the Commerce Department reported Thursday. Applications for building... Read More

CREA reports Canadian home sales climb again, set record for August

CREA reports Canadian home sales climb again, set record for August
Canada posted record home sales and prices in August, but the increase was uneven, as the housing market levelled off in some regions. Home sales in August climbed 6.2 per cent compared with July to hit a record for the month, with gains led by the Greater Toronto Area and B.C.’s Lower Mainland, the Canadian Real Estate Association said on... Read More

Five things to watch for in the Canadian business world in the coming week

Five things to watch for in the Canadian business world in the coming week
TORONTO — Five things to watch for in the Canadian business world in the coming week: Cabinet retreat Prime Minister Justin Trudeau and his cabinet will hold a two-day retreat starting on Monday. The federal government spent billions to help Canadians and businesses through the COVID-19 pandemic and keep the economy moving, but now those programs are set to start... Read More

Already under pressure, Toronto Airbnb operators face registration rules

Already under pressure, Toronto Airbnb operators face registration rules
TORONTO — Renting out properties for short-term stays is about to get more complicated in Canada’s largest city. Starting Thursday, Toronto homeowners must register with the city if they want to fill their units for any period less than 28 days. The new registration process — for listings on short-term rental sites such as Airbnb, VRBO, HomeAway, Expedia, and Booking.com — is... Read More

Bank of Canda keeps key interest rate target on hold

Bank of Canda keeps key interest rate target on hold
OTTAWA — The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent and says it will stay there until inflation is back on target. The central bank’s key rate has remained at its lower effective bound since March when COVID-19 lockdowns plunged the economy into crisis. In a statement today, the central bank’s... Read More

CPP Investments creates new senior management position to reflect anticipated growth

CPP Investments creates new senior management position to reflect anticipated growth
TORONTO — The investment manager for Canada’s national retirement fund has named Edwin Cass as its first-ever chief investment officer, a position that’s being created to reflect the growing size of its fund. Cass will report to Mark Machin, the president and chief executive of the Canada Pension Plan Investment Board. Machin says the fund is on track to more... Read More