Bank of Canada Interest Rate Announcement -October 26, 2022
Posted on Oct 26, 2022 in Mortgage News
The Bank of Canada raised its overnight policy rate by 50 basis points, bringing it to 3.75 per cent, its highest level since 2008. In the statement accompanying the decision, the Bank noted that the Canadian economy continues to operate in excess demand and tight labour markets and as a result inflation remains elevated. Sharply higher interest ra...Canadian Inflation (September 2022)
Posted on Oct 22, 2022 in Economics
Canadian prices, as measured by the Consumer Price Index (CPI), rose 6.9 per cent on a year-over-year basis in September, down from 7 per cent last month. This was the third consecutive month of decelerating price growth driven primarily by declining gasoline prices. Excluding energy, the CPI rose 6.3 per cent year over year in September, up from 6...Vancouver Real Estate Statistics - September 2022
Posted on Oct 04, 2022 in Economics
Metro Vancouver saw more home sellers and fewer buyers in September
Home sellers were more active in Metro Vancouver’s housing market in September while home buyer demand remained below the region’s long-term averages.The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,687 in September 2022...
BC Real Estate Association - Mortgage Rate Forecast
Posted on Sep 23, 2022 in Mortgage News
Mortgage Rate Outlook
Volatility continued in the Canadian mortgage market over the third quarter. Financial markets are currently digesting a complex economic environment as still high, though perhaps peaking, inflation collides with anxiety over a potential recession. That anxiety has expressed itself as volatility across Canadian bond markets wit...Inflation Cooled Again in August, But Higher Rates Still Coming
Posted on Sep 20, 2022 in Economics
Canada's headline inflation rate cooled again in August, even a bit more than expected. The consumer price index rose 7.0% from a year ago, down from 7.6% in July and a forty-year high of 8.1% in June, mainly on the back of lower gasoline prices. The CPI fell 0.3% in August, the most significant monthly decline since the early months of the COVID-1...
Housing Softens Again in August
Posted on Sep 16, 2022 in Market Update
The full effects of the most recent rate hikes have not yet manifested. Statistics released today by the Canadian Real Estate Association (CREA) show that the slowdown that began in March in response to higher interest rates continued in August, albeit at a slower pace. Home sales recorded over Canadian MLS® Systems fell by 1.0% between July and Au...
