As the year winds down, Canadian real estate remains a hot topic, with shifting trends in housing, mortgages, and rental markets taking center stage. This Thirsty Thursday, let’s dive into the latest news shaping the future of Canadian living spaces.
Fed Minutes Cause Market Stir, Canadian Mortgage Rates Set to Rise
The recent release of the U.S. Federal Reserve’s minutes has created ripples across financial markets, with implications reaching Canadian shores. Analysts are predicting an uptick in mortgage rates in Canada, potentially impacting affordability for new and existing homeowners.
Where to Find the Best Mortgage Rates in Canada
Despite looming rate hikes, some financial institutions are still offering competitive mortgage deals. A recent roundup highlights the top options for Canadians looking to secure favorable terms before rates climb further.
Rental Vacancy Rates Reach Highest Levels Since 2013
For the first time in over a decade, Canada’s rental vacancy rates are climbing significantly. This may spell relief for renters struggling with limited housing options, though the effect on rent prices remains to be seen.
B.C.’s Speculation Tax Collects $75M, Primarily From Non-Local Owners
In British Columbia, the speculation and vacancy tax is proving lucrative, with $75 million in revenue generated, primarily from owners living outside the province. This measure continues to aim at discouraging property speculation while increasing housing availability for locals.
Nanaimo and Parksville Approach Desired Rental Vacancy Rates
On Vancouver Island, areas like Nanaimo and Parksville are witnessing a slight uptick in rental vacancies, offering a glimmer of hope for prospective tenants seeking affordable housing.
Canada’s Rising Rental Vacancy Rates: A Mixed Bag for Renters
While vacancy rates are growing nationwide, the benefits for renters vary by region. In some areas, relief is palpable, but in others, high costs and low availability remain a persistent challenge.
November Sees Increased Housing Starts and New Home Sales
Housing starts in November picked up in several Canadian markets, signaling resilience in the construction sector. Simultaneously, sales of new homes, especially condo townhouses, saw a significant boost as buyers adapted to changing market conditions.
Winter Slowdown Preceded by Newmarket Housing Boom
In Newmarket, Ontario, a surge in home sales marked the weeks leading into December, as buyers rushed to close deals before the winter market lull.
East Coast Appeal Wanes as Alberta Attracts More Movers
While Canadians have been flocking to the East Coast in recent years, a new trend shows Alberta regaining its status as a migration hotspot. A strong economy and affordable living costs are drawing families and professionals westward once again.
References:
- Canadian Mortgage Trends: Fed minutes spark market turmoil: Making sense of it and why Canadian mortgage rates are likely to rise
- Financial Post: The best mortgage rates in Canada right now
- Times Colonist: Rental vacancy rate hits highest point since 2013
- Times Colonist: B.C. speculation tax revenue tops $75M, mostly from non-B.C. owners
- Nanaimo News Now: Rental vacancy rates in Nanaimo, Parksville inch closer to desired levels
- Toronto: Canada’s rental vacancy rate is growing. But where’s the relief for renters?
- Vernon Matters: Housing starts picked up locally in November
- Ottawa Business Journal: Sales of new homes jump in November, with condo towns becoming the purchase of choice
- Newmarket Today: Newmarket sees flurry of house sales ahead of winter market slowdown
- Better Dwelling: Canadians Still Moving To Alberta, East Coast Appeal Fizzles Out: BMO
