As the summer draws to a close, the Canadian real estate and mortgage landscape is brimming with significant developments. From changing mortgage rates to government-backed housing initiatives, here’s a roundup of the most important news impacting the sector.
TD Bank Reports First Quarterly Loss in 21 Years but Strong Mortgage Volumes Persist
Despite reporting its first quarterly loss in over two decades, TD Bank remains optimistic about its mortgage division. The bank saw robust mortgage volumes in the third quarter, a trend that may indicate sustained demand in the housing market despite economic challenges. Read more.
Nova Scotia’s Home-Sharing Platform Falls Short with Just 23 Leases in a Year
A Nova Scotia government-funded home-sharing platform aimed at alleviating housing shortages has resulted in only 23 leases over the past year. The program’s limited impact raises questions about its effectiveness and the need for alternative solutions. Read more.
Lowest National Mortgage Rates in Canada Right Now
As the cost of borrowing remains a hot topic, Robert McLister has identified the lowest national mortgage rates currently available in Canada. These rates are crucial for prospective homebuyers and those looking to refinance. Read more.
New Home Prices See First Annual Increase in 15 Months
Statistics Canada reports that new home prices in Canada edged up slightly in July, marking the first annual increase in 15 months. This shift may signal the beginning of a market recovery after a prolonged period of stagnation. Read more.
Waterloo Region Supports Affordable Housing with New Land Sale
The Region of Waterloo has sold land in Cambridge to support a new affordable housing project. This initiative is part of a broader strategy to address the region’s growing housing affordability crisis. Read more.
Stacked Townhouse Project Advances in Wellesley
A new stacked townhouse project in Wellesley has been approved, representing a “win for both parties.” The development is expected to provide much-needed housing options in the area. Read more.
Quebec Plans to Build 500 Prefabricated Housing Units Amid Crisis
In response to the ongoing housing crisis, Quebec has announced plans to build 500 prefabricated housing units. This initiative aims to quickly provide affordable homes to those in need. Read more.
B.C.’s Rental Protection Fund Secures Nearly 1,500 Homes
British Columbia’s rental protection fund has helped non-profits secure nearly 1,500 homes. Premier David Eby highlighted this achievement as a significant step towards protecting affordable housing in the province. Read more.
Summer Pulse Check & Fall Outlook: What’s Happening in Canadian Real Estate Markets
As we transition into fall, a new report offers insights into the current state of Canadian real estate markets. The analysis covers key trends and provides an outlook for the months ahead. Read more.
Oakville Exceeds 2024 Housing Target, Surrounding Areas Lag Behind
Oakville has already surpassed its 2024 housing target, while nearby areas such as Milton, Burlington, and Halton Hills are struggling to keep pace. The disparity highlights the varying levels of progress in addressing housing needs across the region. Read more.
Younger Canadians Sacrifice More to Save for a Home
A recent survey by Royal LePage reveals that younger Canadians are making significant sacrifices to save for a home, underscoring the challenges faced by the next generation of homeowners. Read more.
Most Canadian Home Builders Plan to Cut New Supply in Half
The Canadian Home Builders’ Association reports that most home builders plan to reduce new housing supply by half, a move that could exacerbate the country’s housing shortage. Read more.
Why You Shouldn’t Time the Mortgage Market
With fluctuating mortgage rates, many are tempted to time the market. However, experts advise against this strategy, suggesting that focusing on long-term goals is a more prudent approach. Read more.
Stay tuned for more updates as we continue to track these important developments in the Canadian real estate and mortgage sectors.
