Big mortgages, few listings and fierce competition: Welcome to the spring housing market of 2023 Competition is heating up across the country, in cities such as Chilliwack, B.C., and London, Ont., and in major urban centres such as Calgary and Toronto, as Canada’s housing market comes back to life with the approach of spring RAHELLE YOUNGLAIREAL ESTATE REPORTER/THE GLOBE AND MAIL PUBLISHED MARCH 17, 2023 Jasmine Lorimer bought a condo in Whistler, B.C., in December,... [read more]

THE MARKET MARCHES ON ... It was about this time last year that we saw the first subtle fissures in the dramatically overheated real estate market occur; in fact, we can pinpoint it to right around Family Day of February 2022. Nothing was the same after that long weekend, with the tiny cracks widening week over week into obvious gaps in activity across the board. The unfettered upward trajectory of the maniacally strong Canadian housing market had finally reached its zenith, ending a 22... [read more]

Media Release Durham Region Association of REALTORS® DURHAM REGION, February 3, 2023 – Durham Region Association of REALTORS® (DRAR) President Meredith Kennedy reported 394 residential transactions in January. The number of new listings in Durham Region increased from December by 88 per cent, with 863 new listings reported last month. The average price in Durham Region was $886,849 in January representing a slight increase compared to December. The average... [read more]

The Bank of Canada raised its key overnight lending rate for the eighth straight time Wednesday morning, but signalled its rate-hiking campaign could finally be over. The move was widely expected by economists as the bank tries to wrestle record-high inflation into submission. It's the eighth time in less than a year that the bank has hiked its trendsetting rate — a move that will make borrowing money more expensive. But at one quarter of a percentage point,... [read more]

A LOOK BACK IN 2022 AND AHEAD IN 2023:  Provided by Richard Robins International Interest rate hikes have undeniably eased a few scorching hot Canadian seller’s markets (which was needed). Unfortunately, though, we’ve also seen record declines in total sales month-over-month and, in some cases, close to the lowest posted sales numbers in 6 years.  Since January 2022, the Bank of Canada policy rate experienced 7 different rate hikes, taking us from 0.25 in... [read more]