Canadian Real Estate Doesn’t Have A Supply Problem. It’s A Demand Issue: BMO

Canadian real estate demand has never been this elevated before. That demand is the primary issue driving home prices higher, according to BMO senior economist Robert Kavcic. Rejecting the supply shortage narrative, he argues inventory levels are robust. Excessively low interest rates are just incentivizing too much demand. It will eventually end, as soon as…

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OSFI says stress test, other lending rule changes will start Jan 1

OSFI has published its update for the tightening of mortgage lending regulations known as Guideline B-20 and set the date that it will apply. The revised Residential Mortgage Underwriting Practices and Procedures will take effect from January 1, 2018 and include several key changes that the regulator says is part of its expectation that federally-regulated…

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The year in review

As December real estate performance markets start to trickle in, we’re getting a sense of how some major markets performed in 2016. Edmonton, Toronto and Vancouver each had their own compelling real estate stories in 2016. But how did they each perform last year? Vancouver Once the darling for real estate in Canada, Vancouver had…

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Kitchener-Waterloo housing market has unprecedented year

Sales of homes in the Kitchener-Waterloo region in 2016 were up by 1,000 compared to the previous year. The 18.1 per cent increase meant that 6,655 homes were sold through the MLS system of the Kitchener-Waterloo Association of Realtors while the total dollar volume was up 30.9 per cent to $2,578,176,468. “2016 was marked by…

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First-time buyers delaying due to mortgage rules

The tightened mortgage rules introduced by the federal government last year are having a negative effect on the homebuying plans of first-time buyers. That’s the finding of a survey for the Ontario Real Estate Association by Ipsos Reid which says that 79 per cent of first-time buyers will delay buying due to the mortgage stress…

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CMHC reports annual pace of housing starts in Canada picks up in December

Canada Mortgage and Housing Corp. says the seasonally adjusted annual pace of housing starts in December came in at 207,041 units, up from 187,273 in November. The increase came as the rate of urban starts climbed 11.8 per cent to 187,621 for the final month of 2016. Multiple urban starts increased by 13.9 per cent…

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