Home sales: Latest News

The Bank of Canada held its benchmark interest rate steady on Wednesday — a decision real estate players and economists say will have major implications for the Canadian housing market.

interest rates over the last year is starting to throttle the pace of homebuilding, the Canada Mortgage and Housing Corp. (CMHC) warned in a new housing supply report Wednesday.As the Bank of Canada’s interest rates rose substantially through 2022 and early 2023, many homebuyers were priced out of the market and home values retrenched from their pandemic-era highs.

Despite a sizeable drop in home prices over the past year and a slew of federal government measures aimed at addressing housing affordability, a new poll suggests Canadians are no more encouraged about breaking into the housing market.

Canada’s housing market showed signs of life in February following a year of cooling off, but experts are watching the typically busy spring season to determine whether the correction has hit its bottom.

This article is part of Global News’s Home School series, which gives Canadians the basics they need to know about the housing market that they never learned in school.Entering the housing market is viewed by many Canadians as an attractive choice, both financially and for the security of having a home to call your own.The goal is common enough, but the how and when are trickier. How do you know when the timing is right to jump to owning from renting or living with family? Read more: Should you rent or buy a home? Why that calculation might be changing What makes the question so difficult is that it’s not just a matter of dollars and cents — personal circumstances, long-term goals and other life changes all factor into what ends up being, for many, the biggest financial decision of their lives.Here’s what you need to know before you look to buy your first home.There’s one thing that can’t be ignored when buying a home — how much money you’re bringing in.Comparator site Ratehub.ca recently took a look at the minimum income needed to afford a home across 10 Canadian cities.

housing market from the COVID-19 pandemic.The Crown corporation says it expects the housing market will have to reckon with significant short-term uncertainty, as well as falling housing demand from weaker household incomes in the medium term. Mortgage deferrals will soon end for many Canadians.

Canadian Real Estate Association says home sales continued to rebound in June after plunging earlier this year due to the novel coronavirus pandemic.The association says sales in June were up 63 per cent on a month-over-month basis, while the number of newly listed properties climbed 49.5 per cent from May to June. Compared with a year ago, sales in June were up 15.2 per cent.The real estate industry came to a near standstill earlier this year as non-essential businesses closed to help slow the spread of the COVID-19 pandemic.

coronavirus pandemic. Home sales were down 55.4 per cent in April 2020 over April 2019 and down 41.6 per cent in May 2020 when compared to May 2019.

TORONTO – The Toronto Regional Real Estate Board says home sales in the region improved in May compared with April, but remained less than half of what they were a year ago due to the pandemic.