The Canadian Real Estate Association says it is scaling back its housing market forecast for the remainder of the year amid increased levels of supply and a quiet spring spurred by fewer interest rate cuts expected in 2024.
A new report says the average asking rent for a home in Canada reached $2,185 in June, up seven per cent compared with a year ago despite representing the slowest annual rate of growth in 13 months.
The Toronto Regional Real Estate Board says home sales in June declined 16.4 per cent from last year, with many potential buyers staying on the sidelines despite the highly anticipated Bank of Canada interest rate cut.
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Ontario is considering revising its tallies of how many homes are built in cities and towns across the province, after some complained that undercounting has cost them millions in provincial funding.
Canada Mortgage and Housing Corp. says the annual pace of housing starts in May climbed 10 per cent compared with April, helped by gains in Montreal and Toronto.
A new report says the average asking rent for a home in Canada hit a record $2,202 in May, up 9.3 per cent compared with a year ago and 0.6 per cent from the previous month.
Real estate market analysts say the Bank of Canada's much anticipated decision to lower its key interest rate could be the sign that many would-be homebuyers have been waiting for to make their move.
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