Tag: interest-rates
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Bank of Canada’s Rate Cut: Limited Impact on Real Estate Market
On July 24, 2024, the Bank of Canada lowered its key interest rate by a quarter percentage point to 4.5%. While this move is intended to combat inflation and stimulate economic growth, experts suggest that its immediate impact on the real estate market will be limited. Modest Rate Cut and Market Expectations John Lusink, President…
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Bank of Canada Expected to Cut Rates This Week, Experts Say
The Bank of Canada will announce its latest interest rate decision this Wednesday, with many experts predicting a second consecutive reduction in borrowing costs. Economic Signals and Market Predictions Anticipation is high as the central bank prepares to make its decision, especially with new surveys indicating that many Canadians burdened by debt are hoping for…
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Ontario Dominates New Ranking of Best Places to Live in Canada
Ontario continues to be a desirable place to live, as evidenced by a recent ranking where the province had seven locations featured among the top places to live in Canada. Despite some common complaints from residents, Ontario’s charm and livability have been recognized on a national level. Real estate listing site Zolo evaluated various factors…
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How Much Income You Need to Own a Home in Canada: June 2024 Update
A slight dip in interest rates in June improved home buying conditions for some Canadians, with affordability increasing in nearly half of the nation’s major markets. The latest Ratehub.ca affordability report, based on real estate data from May and June 2024, found that the required income to purchase a house lowered in six of the…
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You need to earn $215k/year to afford an average home in Toronto right now
Toronto’s real estate market remains notoriously expensive, with affordability continuing to decline despite a surplus of homes on the market. A recent report by Ratehub.ca highlights the staggering income required to comfortably afford an average home in Toronto. As of May 2024, buyers need to earn an annual salary of $215,920 to cover the costs…
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Toronto Unemployment Surges to 317K, Surpassing Entire Province of Quebec
Toronto’s unemployment crisis is a major concern for Canada’s economy. Data from Statistics Canada reveals that Greater Toronto’s unemployment rate sharply increased in May, contributing significantly to the national trend of rising unemployment. This surge in unemployment, particularly in Southern Ontario, highlights a troubling shift from economic driver to a significant drag on the national…
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BMO: Canadian Real Estate Won’t See Big Boost from Rate Cut
Canadian real estate markets are pausing despite hopes that rate cuts would boost activity. BMO’s new analysis suggests that while the Bank of Canada’s (BoC) rate cut may lift spirits, it won’t significantly improve affordability or drive many new buyers. The market is expected to remain constrained by rising inventory and affordability issues. Small Sentiment…
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Bank of Canada cuts key interest rate for the first time in 4 years
The Bank of Canada has reduced its overnight rate by 25 basis points, marking the first rate cut since the onset of the pandemic. This decision, announced on Wednesday, lowers the policy rate from 5% to 4.75%. Background and Context The Bank of Canada began increasing its key interest rate in March 2022 in response…
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All Eyes on the Bank of Canada: Will They Cut Interest Rates in June?
The Bank of Canada’s upcoming rate-setting announcement on Wednesday is attracting significant attention. While some expect a rate cut, the central bank’s decision could have substantial implications for the economy, especially if they choose to hold rates steady. The Current Economic Landscape The anticipation surrounding this announcement is fueled by the economic context. Since March…
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Canada’s Most Affordable Cities in 2024
As housing affordability continues to be a major concern in Canada, many are looking for cities where they can buy a home without breaking the bank. Based on a Royal LePage report, here are the most affordable cities in Canada for 2024, listed with their key affordability metrics. 1. Thunder Bay, Ontario Aggregate Price Q1…
Canada Housing Market 