The federal government tabled its annual budget on Tuesday with a promise to open the door to homeownership for millennial and Gen Z renters. You’ll have to read the fine print to find measures for young renters who can’t buy a home — or just don’t want to. In her budget document, Finance Minister Chrystia … Read more
A surge in new apartment construction drove housing start increases in some major Canadian cities last year, but demand continues to outweigh supply, according to a report released Wednesday by the federal housing agency. The report from Canada Mortgage and Housing Corporation focuses on six major cities: Toronto, Montreal, Vancouver, Calgary, Edmonton and Ottawa. Their combined housing … Read more
The Bank of Canada is trying to thread a needle. It’s keeping rates higher for longer at least in part because it’s worried a rate cut now could undermine the last two years of pain and progress. “We don’t want to keep monetary policy this restrictive for longer than we have to. But nor do … Read more
The average asking price for rent in Canada reached $2,196 in January, a 10 per cent increase from this time last year — marking another record high amid a deepening rental crisis. According to data released Wednesday by Rentals.ca and market research firm Urbanation, the average asking price of rent went up by 20 per cent (or $373 per month) compared to rental … Read more
Bank of Canada governor Tiff Macklem says the central bank can’t solve the housing crisis with interest rates because the root cause is a supply shortage. Macklem faced multiple questions on housing affordability during an appearance before the finance committee on Thursday — one week after the bank yet again kept its key overnight interest rate at … Read more
The Bank of Canada says record levels of immigration are driving up the cost of housing and recent government efforts to cut the number of non-permanent residents and encourage home building will help lower housing costs, but “only gradually.” “In the short term any increase in population, particularly in an environment of constrained supply, is going … Read more
The recent surge in newcomers is adding to inflation through housing demand, a senior Bank of Canada official said Thursday, warning rental and home prices could continue to rise without a boost to housing supply. In a speech in Windsor, Ont., deputy governor Toni Gravelle acknowledged many of the benefits coming from this rise in immigration, … Read more
