The federal government is delaying its multibillion-dollar plan to hike taxes on capital gains, a move that clears up uncertainty heading into tax season but could worsen the fiscal bottom line for both Ottawa and the provinces. The major policy was first announced in the federal budget in April, 2024, which set an implementation date of June 25 of that year. However, Parliament had yet to approve...
The federal government hopes to make home ownership more accessible to first-time buyers with new mortgage rules that took effect Dec. 15. Originally announced in September, the new rules enacted by the federal finance ministry aim to boost affordability for first-time millennial and generation Z buyers. Here are some key points. New price cap aims to boost affordability As of Dec. 15, the federal...
Good Morning! The Bank of Canada has steadily lowered interest rates since June, with three quarter-point cuts in a row. Today, they announced a half-point cut, lowering the key rate to 3.75%. This move aims to get borrowing costs back to a more typical level after the sharp rate hikes we’ve seen over the past year. Inflation has cooled off, hitting the bank’s 2% target in August and dropping...
The Bank of Canada has lowered its target for the overnight rate to 4¼%. The Bank is maintaining its balance sheet normalization policy, gradually reducing its holdings of Government of Canada bonds. The global economy grew 2.5% in Q2. Global financial conditions have eased, and the Canadian dollar has strengthened. Canada's Q2 growth was led by government spending and investment, but recent data...
New home sales in the GTA hit a record low in July, with only 654 units sold—a 48% drop from last year and 70% below the 10-year average. The market's downturn is driven by rising inventory levels, now at 15 months, due to sluggish sales and a lack of new project launches. The ongoing high-interest rates have kept buyers on the sidelines, leading to stalled construction and a growing imbalance between...
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