Happy Family Day!!!
Wishing you a joyful Family Day weekend! Whether with immediate family or the family you chose, I hope it's filled with love and happiness.
GTA REALTORS® Release January 2024 Stats
Home sales were up in January 2024 in comparison to January 2023. This annual increase came as some homebuyers started to benefit from lower borrowing costs associated with fixed rate mortgage products. New listings were also up year-over-year but by a lesser annual rate compared to sales. The resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed price growth as we move into the spring market.
Strong Population Growth Drives Rental Demand in Q4 2023
Condominium apartment leasing activity continued to be strong in the fourth quarter of 2023 according to the latest data released by TRREB. The number of lease transactions reported through TRREB’s MLS® experienced a strong year-over-year increase. However, the number of units listed for rent was up by an even greater annual rate. This resulted in more choice for renters and a slower pace of rent growth compared to the first half of 2023.
Federal government extends foreign buyer ban until 2027
The federal government announced a two-year extension to its foreign buyer ban in what it says is an effort to make housing more affordable for Canadians.
In its statement, the government said the two-year extension to the ban is “just one part of the federal government’s economic plan to make housing more affordable for Canadians.”
Fixed mortgage rates in Canada resume their decline amid economic volatility
After a short-lived upswing in bond yields last month that nudged some fixed mortgage rates higher, lenders are once again bringing them back down.
Market participants still expect the first Bank of Canada rate cut in April
Despite push-back from the Bank of Canada against aggressive rate-cut predictions, a majority of influential economists and analysts still expect rates to start falling by April.