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Real Estate News

Torontonians making median income need to save for about 25 years to buy a house in the city:

Average home price will not revert to pre-pandemic levels this year: CMHC

What the interest rate hike means for mortgage holders, home hunters:

It will take Torontonians making a median annual income of $91,858 about 25 years to save for a down payment on a house, according to a new housing affordability report. But, the report also notes the real estate market is seeing improvement in affordability

TORONTO – The Canada Mortgage and Housing Corp. says the average home price will not revert to pre-pandemic levels in 2023 because the recent declines in prices are tapering off in many markets and are expected to bottom out this quarter before starting to rise again.

TORONTO – The Bank of Canada hiked its key interest rate Wednesday by a quarter percentage point, bringing the rate to 4.75 per cent – the highest it’s been since April 2001. The hike is aimed at quelling inflation, which has proved stubborn, not moving down quickly enough toward the central bank’s target of two per cent.