Preconstruction sale at Bradford

Today, Statistics Canada's Centre for Demography is releasing a new set of detailed demographic projections to 2041 on immigration and ethnocultural diversity for Canada and its regions. These new projections reflect the targets of the 2022–2024 Immigration Levels Plan released by Immigration, Refugees and Citizenship Canada in February 2022, as well as the most recent demographic developments, including those related to the COVID-19 pandemic. Population projections for the various racialized groups are now available for Canada, the provinces, the territories, and each of the country's large metropolitan areas.

https://www150.statcan.gc.ca/n1/daily-quotidien/220908/dq220908a-eng.htm?s=08

Canadian banks are predicting #housing price declines to stretch to the following year.

#realestate #torontorealtor #realestatenews

https://financialpost.com/real-estate/canada-housing-prices-correction-economy

The World’s Hottest Housing Markets Are Facing a Painful Reset
#housingmarket #realestatenews #realestatemarketupdate #torontorealestate https://www.bloomberg.com/news/articles/2022-09-11/world-s-hottest-housing-markets-are-down-all-over-as-interest-rates-hike

The Wall Street Journal: Jerome Powell's Inflation Whisperer: Paul Volcker.

Confidence among U.S. home builders worsened in September for a ninth consecutive month, falling to its lowest level since May 2020, in a further sign the housing market slowdown hasn't bottomed out yet, data from a survey from the National Association of Home Builders.

https://www.wsj.com/articles/jerome-powell-inflation-volcker-fed-11663595217?mod=flipboard

Canada annual inflation rate slowed to 7.0% in August, below analyst forecasts of 7.3% and down from 7.6% in July. The deceleration was largely due to lower gasoline prices and slower gains in the shelter index, Statscan said.

https://www.reuters.com/markets/us/canadian-inflation-rate-slows-70-though-food-prices-hit-41-year-high-2022-09-20/

Trudeau Says New Spending Won’t Fuel Inflation. Scotiabank Disagrees
https://www.bloomberg.com/news/articles/2022-09-13/trudeau-says-new-cost-of-living-spending-won-t-fuel-inflation

Application approvals can stretch for years, and development fees have risen up to 36 per cent in some municipalities.

#realestate #torontorealestate #realestatenews #toronto

https://www.thestar.com/news/gta/2022/09/27/municipalities-keep-developers-waiting-longer-paying-more-to-build-housing-says-study-for-gta-homebuilders.html

US Home Prices Fall for First Time in 10 Years as Market Turns Cold https://www.bloomberg.com/news/articles/2022-09-27/us-home-price-growth-slowed-in-july-as-housing-market-cools

#Canada #Mortgage & Housing Corp. revised its forecast for the expected decline in Canadian housing prices by mid-2023. CMHC now predicts a 10% to 15% decline in house prices next year, compared to its July call for a 5% decline. CMHC Chief Executive Officer Romy Bowers noted “We’ve seen that inflation has been more persistent than we originally anticipated and the Bank of Canada is taking more aggressive action, so we’re in the process of revising our forecasts”.

Toronto real estate market statistics for September 2022

Bank of Canada Gov. Tiff Macklem said Thursday that further interest-rate increases are warranted to tame inflation, arguing there is little evidence that the underlying consumer-price index—which excludes volatile-priced items like food and energy—is weakening.

“Simply put, there is more to be done,” said Mr. Macklem, according to prepared remarks he was set to deliver in Halifax, Nova Scotia. “We will need additional information before we consider moving to a more finely balanced decision-by-decision approach.”

https://www.wsj.com/articles/bank-of-canadas-macklem-says-more-to-be-done-on-taming-inflation-11665072152

CNBC: ‘This is serious’: J.P. Morgan 's Jamie Dimon warns U.S. likely to tip into #recession in 6 to 9 months.

JPMorgan Chase & Co.
https://www.cnbc.com/2022/10/10/jpmorgan-jamie-dimon-warns-us-likely-to-tip-into-recession-soon.html

The 30-year fixed mortgage averaged 6.92% with a weekly average of 0.8 points as of October 13, Freddie Mac noted Thursday in its latest report. This reading is the highest since 2002.

The 15-year fixed mortgage averaged 6.09% with a weekly average of 1.1 points, marking an increase of 1.9% from the previous week, and well above last year's 2.30%. The rise in mortgage rates comes on the heels of a series of interest rate hikes by the Federal Reserve. Mortgage rates usually rise or fall in tandem with the 10-year Treasury yield.

"We continue to see a tale of two economies in the data: strong job and wage growth are keeping consumers' balance sheets positive, while lingering inflation, recession fears, and housing affordability are driving housing demand down precipitously. The next several months will undoubtedly be important for the economy and the housing market," warned the report.

Canada’s annual inflation rate slowed to 6.9 per cent in September, down slightly from 7 per cent in August.

Inflation cooled slightly for the third month in a row, thanks to lower gasoline prices, Statistics Canada said on Wednesday, but the cost of food continued to soar in Canada.

Canada’s annual inflation rate slowed to 6.9 per cent in September, down from 7 per cent in August, marking the third consecutive deceleration in the Consumer Price Index (CPI). The rate was just above economist forecasts of 6.8 per cent, according to Reuters.

The increase puts further pressure on the Bank of Canada as it gears up for an interest rate decision on Oct. 26. Following the release of inflation data, traders shifted bets towards a larger rate hike next week, with markets now pricing in a 60 per cent chance of a 75 basis point increase.

https://ca.finance.yahoo.com/news/inflation-canada-slows-third-month-rising-69-annually-124357288.html

Canada Finance Minister Chrystia Freeland says further fiscal relief for households to offset inflation is not in the cards, arguing it could lead to higher interest rates for an extended period. "The government simply cannot compensate every single Canadian for every single additional cost imposed by elevated global inflation," Freeland told reporters in Windsor, Ontario. "If we were trying to do that, we would be pouring fuel on the inflationary flames, and just make the Bank of Canada's job harder and ensure inflation lasted longer." Canada's CPI report for September showed annual headline inflation decelerated slightly, to 6.9%, while underlying data indicated prices stripping out food and energy accelerated. The BOC is expected to raise its main interest rate by either 0.50 or 0.75 percentage points next week. (paul.vieira@wsj.com; @paulvieira)

The Bank of #Canada Raises its Benchmark Rate by 50 bps to 3.75%, less than the 75 bps move than had been expected by economists.

Average one-bedroom apartment rent in toronto up 20.4% to $2,481 from $2,061 in 2021

https://financialpost.com/real-estate/toronto-rent-prices-surge-third-quarter