GTA new home sales dipped in 2022, affected by interest rates, monetary policy
Posted: Jan 27th, 2023In: ConstructionNewsAccording to the Building Industry and Land Development Association (BILD), 2022 saw the Greater Toronto Area (GTA) experience the lowest level of new home sales since 2018. Altus Group, BILD’s official source for new home[...]
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Bank of Canada hikes key interest rate by quarter point, says it plans to hold
Posted: Jan 26th, 2023In: ConstructionNewsOTTAWA – The Bank of Canada delivered what it expects to be its last interest rate hike of the cycle as it pauses to assess the effects of higher rates on the economy. The central bank raised its key interest rate by a quarter of a percentage[...]
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B.C. plans to streamline housing permit approval process to get more homes built
Posted: Jan 17th, 2023In: ConstructionNewsVANCOUVER — The British Columbia government is creating a single hub for developers to get provincial approval to build homes, in a bid to accelerate a housing permit process that has forced them to wait[...]
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Vancouver market takes ‘wait and see’ approach as Dec. sales fall 52% from year ago
Posted: Jan 7th, 2023In: ConstructionNewsGreater Vancouver ended 2022 with another month of prospective homebuyers taking a “wait and see” approach, which the region’s real estate board said pushed down sales by 52 per cent and prices three per cent[...]
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Mortgage stress tests unchanged despite housing market slowdown
Posted: Dec 19th, 2022In: ConstructionNewsMortgage stress test levels were left unchanged Thursday as the federal banking regulator and Department of Finance favoured a cautious approach over calls to relax tests to help a slowing housing market. The Office of the Superintendent[...]
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Bank of Canada governor says rate hikes are working but it needs to stay the course
Posted: Dec 13th, 2022In: ConstructionNewsThe Bank of Canada expects to see a clear pullback in inflation by the spring, but it isn’t taking any chances in its efforts to get the inflation rate back to two per cent, said governor Tiff Macklem on[...]
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Bank of Canada hikes key rate by half percentage point, signals possible pause
Posted: Dec 7th, 2022In: ConstructionNewsOttawa: Bank of Canada (Photo: Wladyslaw via Wikimedia Commons) OTTAWA – The Bank of Canada hiked its key interest rate by half a percentage point Wednesday to 4.25 per cent – the highest it’s been since January 2008 –[...]
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Smith Financial to buy Home Capital Group as mortgage industry under strain
Posted: Nov 28th, 2022In: ConstructionNewsTORONTO – Mortgage lender Home Capital Group Inc. has agreed to be bought by Smith Financial Corp. in a deal that values the company at $1.7 billion as the sector feels the strain from rising[...]
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B.C. government to bring in rental changes, supply laws to boost housing
Posted: Nov 27th, 2022In: ConstructionNewsVICTORIA – The British Columbia government has introduced sweeping changes to boost the housing supply, and while local governments say they want to do their part, they’re concerned about effects the laws will have on[...]
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Long term rate hikes effects will be ‘more powerful’ than people think: Poloz
Posted: Nov 26th, 2022In: ConstructionNewsOTTAWA – The full effects of interest rate hikes have yet to be felt – and will be “even more powerful” than many anticipate, said former Bank of Canada governor Stephen Poloz Thursday in a speech about ways Canada can chart a path[...]
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