Rebounding Q3 Canadian Economy Stalls in Q4 The Canadian economy rebounded sharply in the third quarter, posting its most rapid expansion ever. Still, it was a lower than expected gain, and early data show that momentum is quickly fading in the face of a second wave of the pandemic. Gross domestic product rose by a massive […]

Federal Fiscal Update–Finance Minister Freeland’s Debut Justin Trudeau’s government, which has delivered the biggest COVID-19 fiscal response in the industrialized world, announced plans for another dose of stimulus and vowed to continue priming the pump as long as needed. Finance Minister Chrystia Freeland unveiled $51.7 billion of new spending over two years in a mini-budget Monday, led […]

Record-low Supply and Interest Rates Fuel Record October Home Prices The average home price in Canada continued to trend higher in October as housing supply fell to a fresh record low. The Canadian Real Estate Association reported the average sale price at $607,250 for the month, an increase of 15.2% from a year earlier.Removing the […]

Canadian October Home Sales Slipped for the First Time Since April Today’s release of October housing data by the Canadian Real Estate Association (CREA) shows national home sales fell 0.7% month-over-month (m-o-m) from September’s record high (see chart below). This is the first decline in five months, as market conditions remained tight and prices continued […]

Canada’s Jobs Recovery Slowed in October With New Pandemic Restrictions The October Labour Force Survey, released this morning by Stats Canada, showed an employment increase of 83,600–well below the 378,000 gain in September and average monthly gains of 395,000 over the past six months (see chart below). Several provinces tightened public health restrictions last month […]

Latest in Mortgage News: Toronto and Vancouver Home Sales Up 25+% in October The postponed spring housing market has now extended its run well into the fall, with home sales in Toronto and Vancouver up 25% and 29%, respectfully, compared to a year ago. The high demand is continuing to put pressure on prices as […]

Bank of Canada Signals Low Rates Until 2023, Unveils Changes to QE Program Mortgage shoppers take note: Cheap money is here to stay, at least for the next two years, the Bank of Canada reaffirmed during its interest rate decision on Wednesday. The BoC had previously provided guidance that rates would remain at their effective […]

Bank of Canada Holds Overnight Rate at 0.25% and Recalibrates Bond-Buying Program Bank of Canada Recalibrates Quantitative Easing As expected, the Bank held its target overnight rate at the effective lower bound of 25 basis points with the clear notion that negative policy rates are not in the cards. Instead, the central bank will continue to rely on […]

Bank of Canada Will Stop Buying Canada Mortgage Bonds This Wednesday, the Bank of Canada will release its interest rate announcement and the October Monetary Policy Report. Most people expect the overnight rate to remain at 0.25%, where it has been since the pandemic hit. A few have suggested that the Bank could take a page from […]

Latest in Mortgage News: Dominion Lending Centres Unveils New Deals Dominion Lending Centres continued its growth trajectory this month with several new announcements. Earlier this month, Founders Advantage—which bought a controlling share of DLC in 2016—announced it has entered into an agreement to acquire 100% of DLC as part of a larger restructuring that will […]