Toronto Regional Real Estate Board, has just released market outlook on the real estate

https://market-outlook.trrebwire.ca/?utm_source=eblast&utm_medium=email&utm_campaign=2024-MYIR-080224&utm_id=TRREB%20MYIR%202022&utm_term=2%2F8%2F2024

Highlights from the 2024 Rental Market Report

1. National Rental Landscape: Despite an increase in overall rental unit supply, demand outpaces supply for the second consecutive year. Canada is experiencing record-low vacancy rates (1.5%) and record-high average rent growth (8.0%) in 2023, creating competitive rental conditions across major markets.
2. City-Specific Market Trends: Toronto, Montréal, Calgary and Edmonton witness significant declines in vacancy rates, while Vancouver and Ottawa maintain stability. Rent growth accelerates in major markets, with Calgary and Edmonton...

By Fergal McAlinden, 25 January 2024.

While the Bank of Canada left interest rates unchanged as expected in its opening decision of 2024, the most noteworthy part of its announcement was the conspicuous lack of reference to possible future rate hikes, according to a top economist.

Benjamin Tal (pictured), deputy chief economist at CIBC World Markets, told Canadian Mortgage Professional that the central bank’s decision, which saw its benchmark rate remain at 5.0%, marked a clear sign that rate increases appear to be in the rearview mirror – even if the Bank is anxious to pour cold...

Source: TRREB

The Greater Toronto Area (GTA) housing market experienced a marked adjustment in 2022 compared to record levels in 2021. Existing affordability issues brought about by a lack of housing supply were exacerbated by sustained interest rate hikes by the Bank of Canada. 

(Source: City of Toronto)

The City of Toronto's Vacant Home Tax (VHT): Residential properties in the City of Toronto that is unoccupied for more than six months (cumulative) in a calendar year may be subject to the new tax starting from 1st January 2023.

What’s behind your mortgage rate

(Source: Bank of Canada)

Buying a home is probably the biggest purchase you’ll ever make. If you’re like most people, you won’t pay cash—you’ll borrow most of the money by taking out a mortgage. And over the life of the mortgage, you’ll pay a lot in interest.

Small changes in interest rates can make a big difference in how much you’ll pay. So it’s important that you understand what determines the interest rate on your mortgage, even if you already own a home.

What’s behind your mortgage rate

(Source: Bank of Canada)

Buying a home is probably the biggest purchase you’ll ever make. If you’re like most people, you won’t pay cash—you’ll borrow most of the money by taking out a mortgage. And over the life of the mortgage, you’ll pay a lot in interest.

Small changes in interest rates can make a big difference in how much you’ll pay. So it’s important that you understand what determines the interest rate on your mortgage, even if you already own a home.

What’s behind your mortgage rate

(Source: Bank of Canada)

Buying a home is probably the biggest purchase you’ll ever make. If you’re like most people, you won’t pay cash—you’ll borrow most of the money by taking out a mortgage. And over the life of the mortgage, you’ll pay a lot in interest.

Small changes in interest rates can make a big difference in how much you’ll pay. So it’s important that you understand what determines the interest rate on your mortgage, even if you already own a home.

OTTAWA ─ December 15, 2022 ─ Office of the Superintendent of Financial Institutions

Today, the Office of the Superintendent of Financial Institutions (OSFI) announced that the minimum qualifying rate (MQR) for uninsured mortgages will remain the greater of the mortgage contract rate plus 2 per cent or 5.25 per cent.