In an attempt to cool the real-estate market and reduce inflation, the Bank of Canada has increased the overnight interest rate by 0.25%. An increase in the cost of borrowing is certain to have an impact on the number of homeowners and homebuyers. According to economists, Canadians could see as many as four interest rate hikes this year, each comprising an additional 25 basis points. By the second half of 2023, the interest rate is expected to reach 1.75 per cent. Those with fixed-rate... [read more]

The GTA housing market showed some improvement during August as sales and prices increased from July. The 15% monthly gain in sales was unusual for August, which is typically the slowest period of the summer for home buying. Nonetheless, sales were down 34% from a year ago and represented a 20-year low for August. Over the past 12 months, total sales volume of 91,412 transactions fell back to its late-2020 level and below the 10- year trend level of approximately... [read more]