Canadian Real Estate Market Report Summary April 2022  The growth in house prices during March 2022 remained robust, although the rate of change has declined substantially from February. Month-over-month price gains slowed from 5.3% last month to 2.2% this month.  The apartment category is still pretty strong. Second-highest ever m-o-m change. Daniel believes this is driven by two factors - the reopening of dense urban centers and the pivot to entry-level condos that may... [read more]

The volume metrics I was optimistic about have regressed pretty substantially. Even more surprising is that price seems to show some surprising resilience against the volume challenges in the market right now. I think this is a good thing, but I'm reluctant to give it too much credit right now as it seems to be evolving as a selection bias. Selection Bias in York Region House Price Growth The easiest way to visualize this is by evaluating the price rebound we've seen is to try to... [read more]

TORONTO - The Globe and Mail is reporting that Ottawa is preparing to close a tax loophole that's been used by foreign buyers in overheated housing markets such as Vancouver and Toronto. The Globe says the Trudeau government plans to tackle apparent abuse of a long-standing exemption that allows non-residents to buy homes and later claim a tax exemption on the sales of those properties. That exemption will reportedly now only be available to those who reside in Canada in the year... [read more]

Content via BNN The Canadian economy grew by just 0.1 per cent in April from March, but it received a big boost from the country’s hot housing market, according to data released by Statistics Canada on Thursday. Real estate activity was the biggest year-over-year contributor to growth, adding $218.8 billion to Canada’s gross domestic product in April, up from $211.6 billion in the same period last year. That means the $7.2 billion year-on-year growth in real estate... [read more]

The B.C. government took steps Monday to reduce some of the pressure in Metro Vancouver's overheated real estate market, introducing legislation that would add a 15 per cent property transfer tax for foreign nationals buying real estate there. The new rules take effect Aug. 2 and only apply to home purchases in Metro Vancouver, excluding the treaty lands of the Tsawwassen First Nation. Provincial Finance Minister Mike de Jong unveiled the tax as part... [read more]