Daily Market Update

Another rate cut this year? Maybe not
After the Bank of Canada’s decision yesterday to hold steady on the 0.75 per cent interest rate, many analysts now say that another rate cut this year is unlikely. Stephen Poloz said that the bank is confident that the cut made in January is doing the job they wanted it to do, giving enough stimulus to offset the loss from lower oil prices. With oil prices having stabilized to some extent and other economic conditions in line with expectations, economists don’t expect another rate change anytime soon. The curveball, of course, is that the economic climate both here and globally continues to be uncertain, so what can be forecast now is always subject to change. Read the full story
Detached homes in Toronto average more than $1 million, sales increase
The average cost of a single-family home in Toronto has now risen above $1 million. Figures from the Toronto Real Estate Board show that in February the average cost of a detached house in the city hit $1,040,018, 8.9 per cent higher than a year earlier. Across the Greater Toronto Area the average selling price increased by 7.4 per cent in the year to February, to $596,163. Detached homes were the driving force. Volume of sales rose by 11.3 per cent across the GTA in the 12 months to February 2015 while supply of homes, shown by active listings, was down by 8.7 per cent. Condo prices contrasted with those of houses in the city; down 0.9 per cent from a year earlier to $369,655 although sales were up by 12.4 per cent. In the GTA prices for condos increased by 10.9 per cent with volume of sales up 4.6 per cent. Read the full story
CHMC warned government about debt levels last year
It has been reported that the Canada Housing and Mortgage Corporation privately raised its concern about the level of household debt and house prices last year. Ottawa-based news site Blacklock’s Reporter says that a confidential memorandum was sent to the finance ministry warning that high household debt may have “reduced flexibility” in people’s finances and that rising prices in some urban markets “further compound affordability concerns".
Commercial sales rise in Vancouver’s Lower Mainland
The Lower Mainland saw increased activity last year in commercial real estate, with sales and values hitting five-year highs. Data from the Real Estate Board of Greater Vancouver showed a 7.3 per cent rise in sales to 1,963 in 2014 compared to the 1,829 in 2013. The value of sales rose to $6.086 billion compared to $5.585 billion in the year earlier. Land sales led the increases with a surge of 21.8 per cent in commercial land sales and seven per cent in multi-family land; office sales rose 2.8 per cent; industrial was down 1.7 per cent. Ray Harris, REBGV president, said. “An increase in land transactions is often a signal of confidence in the market because it requires a multi-year investment."

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