To reach affordability, 3.5M more homes need to be built by 2030: CMHC

To reach affordability, 3.5M more homes need to be built by 2030: CMHC

The Canada Mortgage and Housing Corp. (CMHC) says 3.5 million more homes need to be built by 2030 to reach affordability. 

The agency released a report Thursday explaining the need for a different approach to the housing supply shortage at a time of rising demand and affordability concerns.

“Increasing supply will be difficult. Critically, increasing supply takes time because the time to construct is significant, but so is the time to progress through government approval processes,” the report reads. “This delay means that we must act today to achieve affordability by 2030.”

If current rates of new construction continue, CMHC said the country’s […] Read more

This Ontario city has the most overvalued real estate market in Canada

Good luck buying a home anywhere in Ontario right now, as meteoric price gains and a historic inflation spike push housing markets in the province further out of reach.

And as bad as things are in the Greater Toronto Area in 2022, rampant speculation is not limited to urban centres. According to one housing market assessment, Peterborough is now the single most overvalued housing market in the entire country.

Moody’s Analytics has ranked Peterborough, Ontario, at the top of the list for most overvalued housing markets in the company’s fourth-quarter assessment of housing price valuations in Canada.

Peterborough’s 107.8 per cent valuation comes after years […] Read more

Bank of Canada Makes 0.5% Rate Hike For 2nd Announcement in a row

Bank of Canada Makes 0.5% Rate Hike For 2nd Announcement in a row

As widely expected by economists, the Bank of Canada implemented another half-point interest rate increase in today’s rate policy announcement, embarking on the tightest hiking cycle seen in decades and reinforcing its commitment to tame runaway inflation growth.

The 50-basis-point hike — the second consecutive, following the April 13 announcement — brings the bank’s trend-setting Overnight Lending Rate to 1.5%, which will in turn filter down to the big consumer banks’ variable-rate pricing; the Prime rate is expected to rise to 3.7% following today’s news, from the current 3.2%. The BOC also stated it will continue to allow holdings to drop off its […] Read more