National housing market in 'holding pattern' as buyers patient for lower rates: CREA

A real estate sign is shown in Vaughan, Ont. on Thursday Sept. 12, 2024. The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely "stuck in a holding pattern" despite borrowing costs beginning to come down.

The central bank reduced its key lending rate by a quarter-percentage point to 4.25 per cent. Economic forecasts say the central bank will likely continue cutting its key lending rate by a quarter-percentage point until July 2025, bringing it down to around 2.5 per cent by that time. On Monday, the federal government announced changes to mortgage rules with the aim of helping more Canadians purchase their first home.

Heddle said showings in the region have been on the rise over the past couple weeks after a slowdown in that metric through August. Finance Minister Chrystia Freeland on Monday announced changes to some mortgage rules as part of an effort to make housing more affordable, a critical political issue that has hurt Prime Minister Justin Trudeau and his Liberal government.

Ottawa taxpayers facing at least a 2.9 per cent tax hike in 2025, but transit funding questions remain Ontario’s Financial Accountability Office is investigating a decision by the Ford government to accelerate the expansion of alcohol sales in the province to corner stores— a move that involves a payment of up to $225 million to The Beer Store.Finance Minister Chrystia Freeland on Monday announced changes to some mortgage rules as part of an effort to make housing more affordable, a critical political issue that has hurt Prime Minister Justin Trudeau and his Liberal government.

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