RBC expects home sales to dive 30%, prices to decline because of outbreak

RBC expects home sales to dive 30%, prices to decline because of outbreak
TORONTO — RBC says it expects Canada’s housing market will see a significant pullback this year because of both the physical distancing restrictions and economic uncertainty caused by the coronavirus outbreak, but that it could rebound next year. Bank analyst Robert Hogue says in a report that this year’s home resales could dive by 30 per cent to a 20-year low as the market will “slow to a... Read More

Major residential landlords signal flexibility for tenants in need during outbreak

Major residential landlords signal flexibility for tenants in need during outbreak
TORONTO — Some of Canada’s biggest landlords say they’re committed to working with tenants who have lost their job because of the coronavirus pandemic. The signals come as efforts to contain the outbreak have led to huge business disruptions and surging unemployment levels that have made many Canadians worried about how they will pay next month’s rent. The unprecedented times have led some tenants to... Read More

CMHC expanding insured mortgage purchase program to $150B, up from $50B

CMHC expanding insured mortgage purchase program to $150B, up from $50B
OTTAWA — Canada Mortgage and Housing Corp. is expanding its insured mortgage purchase program to $150 billion as part of its response to the COVID-19 crisis. The move to help bolster the financial system is an increase from an initial plan for $50 billion announced March 16. The expansion is part of the emergency measures passed by the government to... Read More

Residential tenants, landlords face dilemma as rent comes due on April 1

Residential tenants, landlords face dilemma as rent comes due on April 1
As the economic impact of the COVID-19 pandemic ripples across Canada, another wave may crest within the week as rent comes due for residential tenants. April 1 is a pressing deadline for tenants and landlords alike as the novel coronavirus keeps people at home and closes businesses, leaving tens of thousands of Canadians out of work. “It reminds me of a... Read More

Shippers face an upended market amid pandemic — with some poised to benefit

Shippers face an upended market amid pandemic — with some poised to benefit
MONTREAL — Shippers are flying into uncharted territory as the COVID-19 pandemic upends delivery patterns, with surging consumer demand mitigating a slumping global economy exacerbated by border closures and travel controls. E-commerce is on the rise as non-essential businesses remain closed in Ontario and Quebec and the prime minister encourages Canadians to stay home. Amazon Inc., the country’s largest online retailer, said... Read More

Toronto and Vancouver real estate boards urge suspension of open houses

Toronto and Vancouver real estate boards urge suspension of open houses
TORONTO — The Toronto Regional Real Estate Board is urging it realtors to stop holding open houses because of the COVID-19 pandemic, following a similar move by the Greater Vancouver Area board last week. TRREB says that while the decision to hold open houses is up to realtors and their clients, the board will suppress information about the in-person showings on its... Read More

Canadian banks move to help customers, allow deferral of mortgage payments

Canadian banks move to help customers, allow deferral of mortgage payments
TORONTO — Canada’s big banks are trying to give Canadians more financial breathing room with a slew of measures aimed at helping customers hurt by an outbreak of a novel coronavirus. The Big Six banks — Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia and TD Bank Group —have banded together to provide... Read More

CREA reports home sales up in February, average price climbs higher

CREA reports home sales up in February, average price climbs higher
OTTAWA — The Canadian Real Estate Association says home sales in February were up sharply compared with February 2019 when sales hit a decade-low for the month. The association says sales for the month were up 26.9 per cent compared with the same month last year. On a month-over-month basis, sales in February were up 5.9 per cent, boosted by a... Read More

Events weigh ‘difficult’ decision whether to continue amid COVID-19

Events weigh ‘difficult’ decision whether to continue amid COVID-19
TORONTO — The Metro Toronto Convention Centre should have been bustling Wednesday with guests at a two-day retail, marketing and technology conference, but the event’s plans changed with the news that a Sudbury man who visited the venue last week had contracted a novel form of coronavirus. DX3 organizers said Wednesday that they had cancelled the second day of their annual event after learning that Ontario health officials are investigating... Read More

Oil price crash: What it means for Canada

Oil price crash: What it means for Canada
CALGARY — World oil prices are in free fall after Saudi Arabia slashed its crude sale price Sunday, signalling the start of a price war after OPEC talks with Russia broke down without an agreement on production cuts. The threat of increased crude supply, on top of prices already weakened over fears the global outbreak of a novel coronavirus would lead to lower fuel consumption, triggered the... Read More