Business

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...

The Bank of Canada cut its benchmark interest rate by 25 basis points on Wednesday, the first reduction in more than four years, bringing its policy rate to 4.75 per cent. The decision was widely expected by economists. The central bank cited progress on lowering inflation, weaker than expected economic growth in the first quarter, and employment growing at a slower pace than the working-age...