LONDON (Reuters) - The Bank of Canada's January interest rate cut has bought it time to examine the effects of cheap oil on the economy, Governor Stephen Poloz said on Thursday in remarks that could signal the bank will hold rates steady next month.
How high does your income need to be to buy a home in Canada? The salary range is wide: In Trois-Rivières, your salary would need to be $39,379 to buy a home, while in West Vancouver your income would need to be $320,932.
Sales of existing homes in Canada rose in February from January as gains in the biggest markets of Toronto and Vancouver offset a faltering market everywhere else, the Canadian Real Estate Association said on Friday.
The further decline in oil prices since CREA’s last forecast has shaken consumer confidence in the Prairies, pushing potential homebuyers to the sidelines and prompting more homeowners to put their home on the market. This has led to a rapid shift in market balance in Alberta, and to a lesser extent, Saskatchewan. Annual sales in these provinces are expected to come in well below elevated levels posted last year, with small declines in average residential prices in 2015.
Ottawa, ON, March 13, 2015- According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity edged up slightly on month-over-month basis in February 2015.
Royal Bank of Canada's chief executive officer delivered an upbeat view of the Canadian housing market to a New York audience, just a day after the International Monetary Fund expressed concerns about it.
TORONTO (Reuters) - Canadian housing starts plunged to their weakest level since 2009 in February, a drop blamed partly on severe winter weather that nonetheless added to fears Canada's post-recession housing boom will stall this year.
OTTAWA (Reuters) - The Bank of Canada held interest rates steady on Wednesday, in line with indications it sent out over the past two weeks, signaling it was satisfied with how markets and the economy have reacted to its surprise rate cut in January.
Home ownership is becoming less affordable on average across Canada thanks to price increases in Ontario, especially Toronto, and more jaw-dropping values in Vancouver, a new report from RBC Economics shows.
"Affordability is a big reason," for rising rental demand, said Sam Crignano, president of Cityzen Development Group in Toronto. "A lot of young people starting out don't have the down payment and so their only option is to rent."
The Bank of Canada will likely hold interest rates steady next week as it waits to see how last month's surprise cut is absorbed by the economy, though analysts expect the central bank to lower rates once more by mid-year, a Reuters poll found.
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