Canada’s housing market is not only facing the challenges of rising prices and supply shortages, but there is also a “growing mismatch” between the housing types being built and those preferred by many Canadians, according to a new report. The report, published by the Fraser Institute on April 13, found that real estate markets Canada-wide…
Report Finds ‘Growing Mismatch’ Between Demand and Supply in Type of Housing in Canada
Canada’s Housing Market Is Starting to Stabilize, Say Economists
After the great ups and downs in Canada’s housing market these past couple of years, the ramp-up of the 2023 buying and selling season promises greater stability, say economists. Home prices have stopped falling in a lot of the major markets, BMO senior economist Robert Kavcic told The Epoch Times. Mortgage rates have stabilized and are…
Ontario Announces New Legislation to Build More Homes, Support Renters
The Ontario government introduced new housing legislation on April 6 that it says aims to support renters, strengthen homebuyer protections, reduce the cost of building new homes, and streamline rules around land use planning. “Our goal remains the one that I committed to last summer, which is to get 1.5 million homes built by 2031,”…
Federal Agency Tells Lenders to Give Struggling Homeowners Mortgage Relief
Amid the rapid rise in interest rates and the increased cost of living, the Financial Consumer Agency of Canada (FCAC) has issued guidelines to banks saying they should offer “relief measures” to consumers in “mortgage hardship.” FCAC said it expects federally regulated financial institutions to identify such consumers and proactively offer measures. Those measures include…
‘Narrowly Focused and Fiscally Responsible’: Finance Minister Freeland Outlines Priorities for 2023 Budget
March 20, 2023
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Finance Minister Chrystia Freeland said the federal government plans to make “two significant and necessary investments” in the next budget, namely in health care and in building a green economy, while promising to be “narrowly focused and fiscally responsible” to fight inflation. “The truth is, we can’t fully compensate every single Canadian for all of the effects…
Tory Government Would Freeze Infrastructure Money to Cities That Don’t Get Housing Built: Poilievre
As a strategy to get more homes built in Canada, a Conservative government would link the number of infrastructure dollars cities get to the number of houses completed, Conservative Leader Pierre Poilievre said on Friday. “City governments that block construction will be fined with clawbacks to their federal infrastructure money, while those that get out of the way, speed up building permits, and free…
US Pending Home Sales Post Largest Gain in 2–1/2 Years in January
WASHINGTON—Contracts to buy U.S. previously owned homes rose by the most in more than 2–1/2 years in January, but a resurgence in mortgage rates could delay a much-awaited housing market turnaround. The National Association of Realtors (NAR) said on Monday its Pending Home Sales Index, based on signed contracts, jumped 8.1 percent last month, the…
US Home Sales Post 12th Straight Monthly Decline; House Price Inflation Cools
WASHINGTON—U.S. existing home sales dropped to the lowest level in more than 12 years in January, but the pace of decline slowed, raising cautious optimism that the housing market slump could be close to reaching a bottom. The report from the National Association of Realtors on Tuesday also showed the smallest increase in annual house…
Increase in Newcomers to Canada Will Push Home Prices Higher and Erode Affordability: Report
February 19, 2023
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Canada will need an estimated 100,000 more houses constructed per year to accommodate the federal government’s most recent immigration targets, according to a new report analyzing the impact of increased immigration on provincial housing markets. Housing starts would have to increase immediately by almost 50 percent and remain at that level through 2024 to offset…
Canadian Home Prices Could Drop 30%: Report
Housing prices in Canada will fall 30 percent this year from their peak in February last year, predicts Oxford Economics. Prices are already down 14 percent, and in a worst case scenario—which is unlikely, Oxford Economics says—they could drop 48 percent. “The seasonal pick-up in resale activity this spring will be a key litmus test…
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