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Monday’s CPI Could Decide Your Next Mortgage Payment

  Canada lost 68,000 jobs in September. Inflation is sitting at 3%. The Bank of Canada has to decide on October 28 which of those facts matters more, and on Monday morning one more number lands to help it choose. If you carry a variable-rate mortgage, a HELOC or a renewal this winter, that number has a price tag. Two reports pulling in opposite directions The jobs data came first. Statistics Canada reported on October 9 that employment fell by 68,000 in September, pushing the unemployment rate to 6.5% from 6.4%. It followed a drop of about 42,000 in August, which means more than half of the 181,000 jobs gained between April and July have now been wiped out. Ontario shed 20,000 positions on its own. Markets reacted within hours: the odds of a quarter-point Bank of Canada hike on October 28 dropped to roughly 25% from about 40%, according to LSEG data reported by Reuters. Inflation is telling the opposite story. The consumer price index rose 3.0% year over year in August, matching Ju...
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Toronto Real Estate: A January Surge in Home Sales

 

In a remarkable turn of events, the Greater Toronto housing market witnessed a 37% surge in home sales during the month of January. This impressive growth comes as a beacon of hope for both buyers and sellers, signaling a dynamic shift in the real estate landscape.

Key Highlights:

  1. Sales Momentum: A staggering 4,223 homes changed hands last month, marking a substantial 22.9% month-over-month increase from December. The allure of lower borrowing costs, particularly associated with fixed-rate mortgages, enticed buyers back into the market.

  2. Tightening Market: While new listings saw a 6.1% increase compared to January 2023, they failed to keep pace with the surging demand. As a result, the market has become tighter than it was a year ago.

  3. Across Housing Categories: The sales surge was not limited to specific housing typesTownhouses led the charge with a remarkable 54.5% annual increase, closely followed by semi-detached homes at 42.9%.

  4. Average Home Price: Despite the robust sales activity, the average home price experienced a slight dip. It dropped one percent from the same time last year, settling at $1,026,703. This figure also represents a 5.4% decrease from the final month of 2023.

  5. Looking Ahead: TRREB President Jennifer Pearce remains optimistic. If inflation cools off as predicted by the Bank of Canada, resulting in lower interest rates, more buyers are likely to re-enter the market. This includes those currently grappling with high rents, eagerly seeking their first home.

The Greater Toronto housing market’s resilience and adaptability continue to shape the city’s real estate narrative. As we move forward, all eyes remain on the evolving dynamics, ready to seize opportunities in this dynamic landscape. 

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