“Markets’ reaction so far has been largely muted,” Royal Bank of Canada Assistant Chief Economist Robert Hogue wrote in a“Early reports on August home sales showed only small increases from July in most markets, including Vancouver, Calgary, Edmonton, Toronto and Montreal. These came on the heels of mixed results in June and July. It will clearly take deeper rate cuts to stimulate demand in a material way, as buyers continue to contend with high ownership costs and poor affordability.
The number of home sales in Toronto has essentially been “standing still,” Hogue wrote, noting that the GTA market saw 62,000-63,000 home resales in July and August – very similar numbers to 2022 and 2023. “Affording what remain very high price points is the main challenge for buyers. Even the relatively cheaper categories like condo apartments are out of reach for many,” he wrote. “This leaves the market in a standstill. Sellers are holding firm on their asking price and buyers feel no urgency to bid.”
Mounties in B.C.'s Lower Mainland are searching for two people allegedly responsible for a road rage incident that sent a couple to hospital with serious injuries, saying the suspects could be in another province.Residents in the small Quebec village of Danford Lake may soon be priced out of their homes, as property valuations and taxes are set to skyrocket.Calgary’s police chief has issued a grave warning about the potential impact of further restrictions on photo radar use in Alberta.
Calls to strengthen new 'renovictions' by-law fail to sway councillors who argue it's better than nothing Manitoba RCMP has charged a man with human smuggling after he was allegedly caught picking up a group of migrants crossing into Canada last month.Winnipeg's Centre Village social housing complex will face the wrecking ball less than 15 years after it was built.The IWK Foundation has received a $25-million donation from Myron and Berna Garron. It’s the largest donation the foundation has ever received and the single largest individual donation to health care in Atlantic Canada.