Tag: interest-rates
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Here’s how much you need to earn to buy a home in Canada right now
Despite a slight decrease in mortgage rates, prospective homebuyers in Canada continue to face worsening affordability conditions. In April, this trend was particularly evident in major cities such as Toronto, as reported by Ratehub.ca’s latest affordability analysis. Affordability Analysis Highlights Increased Challenges Ratehub.ca’s study reveals that qualifying for a mortgage became more difficult in 10…
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Average hourly wage in Canada now $34.95 according to StatsCan
The latest data from Statistics Canada reveals that the average hourly wage in Canada has reached $34.95, as reported on May 10, 2024. This significant figure comes amidst a robust performance in April’s job numbers, prompting economists to reconsider their stance on potential rate cuts. Here’s a closer look at the key highlights: In summary,…
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The Bank of Canada holds interest rates steady at 5.00% on March 6, 2024
On March 6th, the Bank of Canada shared some good news for homeowners and those considering buying a home soon: interest rates will remain unchanged. This decision keeps the overnight rate at a steady 5.00%. This move was anticipated in our latest interest rate forecast, owing to signs of slowing inflation and a softer economy.…
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Income needed to buy a home across Canada, according to RateHub’s February 2024 report
As we step into 2024, Canadians are witnessing a promising shift in the real estate landscape, presenting a potentially brighter horizon for aspiring homeowners. The beginning of the year has brought with it a gentle breeze of change, as both home prices and mortgage rates have seen a welcome softening in January. This shift, albeit…
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Canada CPI inflation falls to 2.9% vs. 3.3% expected
Mortgage interest costs continued to be the #1 driver of inflation Recent data from Statistics Canada reveals a decrease in the inflation rate for January to 2.9% from December’s 3.4%, which was below the expected 3.3%. This change is significant for those interested in the Ontario housing market, suggesting a shift in economic conditions. Highlights…
Canada Housing Market 