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 Canada Revenue Agency (CRA) is hitting pause on a new “bare trust” reporting requirement with just a few days remaining before the deadline. New reporting requirements for such trust arrangements were introduced for the 2024 tax season. Anyone with a bare trust was required to file a T3 tax return form naming the trustees, … Read more
The traditional mortgage lending industry has witnessed a seismic shift as non-traditional lenders, including fintech startups and peer-to-peer platforms, gain traction in the market. This surge in alternative lending options reflects a growing demand for more accessible and flexible financing solutions, especially among borrowers who may not meet the stringent criteria set by conventional lenders. … Read more
In an unexpected turn of events, existing home sales in the United States surged in February to the highest level in a year, defying expectations of a slight decline. According to data from the National Association of Realtors (NAR), sales of existing homes, including single-family homes, townhomes, condominiums, and co-ops, rose by a notable 9.5% … Read more
Canada’s annual inflation rate cooled to 2.8 per cent in February, helped by slower growth in the cost of cellular services, groceries and internet access services, Statistics Canada said Tuesday. Economists had largely expected the rate to rise to 3.1 per cent and undo some of the year’s early progress. Rent and mortgage interest costs continued to be primary … Read more
Michelle Jeraline says she’s so stressed out by the pressure to sell customers products at TD Bank, it’s affected her health. The TD employee says she’s usually not acting in the best interest of her clients — she’s trying to sell them products that will help her meet sales targets and keep her from being … Read more
The Bank of Canada has held its key interest rate at five per cent again, saying that it’s still too soon to consider rate cuts while underlying inflation persists. Economists were widely expecting the central bank to hold the rate. The bank said in a note on its website that it was still concerned about underlying inflation, which strips … 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
Consumers in Ontario and British Columbia increasingly missed payments on mortgages and credit cards in the fourth quarter of 2023, Equifax Canada said. The fourth quarter saw a continuation of what’s been happening for a while now as the impacts of higher interest rates and inflation continue to weigh on consumers, said Rebecca Oakes, vice-president … Read more
The first-time homebuyer incentive has been discontinued by the Canada Mortgage and Housing Corporation (CMHC), the federal agency announced on Thursday. The deadline for new or resubmitted applications to the program is midnight ET on March 21, 2024, according to the CMHC’s website. Launched in 2019, the plan was meant to help reduce monthly mortgage payments … Read more
