industry changes

Ontario Housing Market Update

March 4, 2024 in Get Educated housing costs, housing starts, industry changes, insurer guidelines, market update, moving, purchase

Sagen has released it’s latest market update for Canada. Here are the highlights:

January 2024 sales were up 16.6% on a year-over-year basis. However, last years sales were the lowest since 2009.
New listings were down 3% from last year.
New listings were 8% below the 10 year average.
Active listings came in 14% higher than the previous year and inventory levels dropped.
The GTA saw a slight price drop. Sales to listings were balanced for the second month in a row.

What’s Happening With House Prices

November 27, 2023 in Get Educated housing costs, housing starts, industry changes, market update, moving, purchase, switch, transfer

Whether you’re looking to get into the market, or you’re already a home owner, house prices is a topic on everybody’s mind. For years we’ve heard that house prices are inflated and that the “bubble” will pop. Well, new figures released by the Canadian Real Estate Association (CREA) shows that although the number of homes sold in October has decreased, the national average of the house prices has actually increased since the same time last year. In fact they’re reporting a 1.8% increase.

Here are the key take aways:

Payment Shock is Coming – You Can Prepare

November 15, 2023 in Get Educated housing costs, industry changes, insurer guidelines, market update, refinance

According to a recent report by RBC analyst Darko Mihelic, about 60% of outstanding mortgages at Canadian chartered banks are facing a payment shock in the next 3 years. Mihelic has sited that this “payment shock” could be significant and a tail risk for Canadian banks.

The Future of Mortgage Interest Rates

November 6, 2023 in Blog, Get Educated housing costs, industry changes, interest rates, market update, moving, purchase, refinance, switch, transfer

BMO Economics released its updated rate forecast and here’s the take away you need to know:

The new forecast is for a total of 50 basis points (.50%) in rate cuts for 2024. This is a decrease from the previous forecast of 75 basis points (.75%).
The first expected reduction is projected for the third quarter of 2024 (a reduction of .25%).
The second expected reduction is projected for the fourth quarter of 2024 (another rate reduction of .25%)