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15.05.2023 / 16:33

Housing upturn could delay a shift by Bank of Canada to cut rates. What to know

Signs of recovery in Canada’s housing market after a year-long slump, just as higher borrowing costs are expected to slow much of the rest of the economy, could raise inflation and delay a shift by the central bank to interest rate cuts, analysts said.

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Housing affordability in Canada just saw the biggest improvement in almost 4 years

Stable interest rates and a continued cooling in home prices helped give housing affordability in Canada its biggest jump in almost four years in the first quarter of 2023, according to a new report.

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Canada’s banks brace for possible wave of loan defaults. Why that matters

Canada’s biggest banks saw the country’s major lenders move in lockstep ahead of a projected economic downturn, with each putting more money away for a possible rise in credit losses.Experts say the more expensive cost of borrowing in Canada and the possibility of job losses could catch up to households and push a growing number into default, though some believe the worst of the debt pain is likely at least a year away.Canada’s big six banks — TD Bank, RBC, BMO, Scotiabank, CIBC and National Bank — all reported earnings for their first fiscal quarters this week, with similar-sounding results. All reported a dip in profits as they put more money aside to handle credit losses.

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Kingston’s hot housing market not expected to cool any time soon

COVID-19 pandemic, 2020 marks a noticeably hot housing market in Kingston.Real estate brokers throughout Ontario say they don’t expect this hot housing market to change for the next twelve to eighteen months.“I don’t see anything cooling, no,” says Matt Lee, a broker with Royal LePage.

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Low real estate inventory makes for a home seller’s market in Montreal

‘We haven’t seen anything like this before’: pandemic boosts Canadian real estate That frenzy is almost commonplace in greater Montreal and on the Island especially.Homes for sale are hard to come by and those that are listed often sell fast.“We probably only have about five or six listings on the market right now, and we typically have three times that — in a typical year,” says real estate broker Mark Broady of Team Broady.According to the Quebec Professional Association of Real Estate Brokers, the listed number of detached family homes for sale on the Island of Montreal dropped by 34 per cent in February compared to the same period last year.The value of those same homes listed increased by 21 per cent.“It’s a new phenomenon, it’s

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U.S. Fed holds key rate near zero, says economic recovery has ‘moderated’

Federal Reserve on Wednesday left its key overnight interest rate near zero and made no change to its monthly bond purchases, pledging again to keep those economic pillars in place until there is a full rebound from the pandemic-triggered recession.That hasn’t happened, and the Fed in a policy statement flagged a potential slowing in the pace of the recovery.“The pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic”, the U.S.

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Bank of Canada keeps rates at 0.25%, warns of negative growth in early 2021

Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent.The central bank says it expects the Canadian economy to contract in the first quarter of 2021.

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Bank of Canada widely expected to keep rates on hold at 0.25%

interest-rate decision, offering a glimpse into its outlook for COVID-19 recovery.The Bank of Canada said in October the country had been spared from a worst-case economic scenario, but it still didn’t see a recovery taking hold until at least 2022.Since then, case numbers have grown and severe restrictions put in place in parts of the country to curb the spread of COVID-19.Given the economic conditions, there is widespread expectation that the Bank of Canada will decide today to keep its trendsetting policy rate at 0.25 per cent.

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Markets bet on Bank of Canada ‘micro rate cut’ amid tightening coronavirus restrictions

Bank of Canada cutting interest rates closer to zero, as tightening economic restrictions to contain a second wave of COVID-19 cases offset optimism that activity will rebound later this year.Interest rates were thought to have hit rock bottom in Canada after they were slashed 150 basis points last March to a record low of 0.25 per cent, a level the Bank of Canada considered the effective lower bound. But in November, Governor Tiff Macklem said a lower floor could allow Canada’s central bank to ease further if the economy weakens.Data on Friday showed that Canada shed jobs in December for the first time in eight months.

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COMMENTARY: Why the government’s coronavirus spending may not lead to higher taxes

The Parliamentary Budget Officer recently released an updated analysis of the coronavirus pandemic’s impact on the Canadian economy that forecasts the federal budget deficit will be $252 billion in 2020-21, compared to $25 billion in 2019‑20.

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Bank of Canada stimulus actions should reach average Canadian: Stephen Poloz

Canada’s top central banker says monetary stimulus on the scale that the country is seeing now must ultimately reach the average Canadian to help an economic recovery from the COVID-19 crisis.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0