Archive for the 'Canadian Real Estate Market' Category

Real estate professionals, the Teranet Market Insights Forum on February 12, 2019 is almost full. Don’t miss your chance to attend and receive exclusive insights into the Canadian housing market.

Details:
Tuesday, February 12, 2019
8:30 a.m. to 11:30 a.m.
MaRS Discovery District
101 College Street, Toronto, Ontario

Speakers

Stéfane Marion
Chief Economist and Strategist at National Bank

Stéfane Marion is Chief Economist and Strategist for National Bank of Canada and National Bank Financial, a position he has held since November 2008. Mr. Marion is a sought-after speaker on economic trends and their financial implications and is ranked among the leading economists in Canada, according to Brendan Wood International.

National Bank Financial’s Economics and Strategy team is regularly ranked among the top Canadian forecasters and has won recognition for the accuracy of its projections.

In 2012, the C.D. Howe Institute appointed Mr. Marion to its Monetary Policy Council and to the newly established Business Cycle Council. He also sits on the National Bank Pension Committee.

Mr. Marion joined NBF’s Economic Group in 1999. Previously Mr. Marion worked for several years in the federal departments of Finance and Industry in Ottawa, where, in addition to economic analysis and forecasting, he also worked on microeconomic policy impact studies. In particular, he participated in the development of forecasting models and the analysis of the FTA and NAFTA free-trade agreements with the United States and Mexico.

Mr. Marion holds a bachelor’s degree and a master’s degree in economics from the Université de Montréal.

Roger Vandomme
Chief Data Scientist at SMC

Roger’s career has been built on the fundamentals of data analysis, predictive modeling and related decision-making. With 20 years in the credit bureau industry, creating credit scores all around the world, Roger has an outstanding unmatched skill-set in the field of predictive modeling. He has completed numerous studies and research on decision heuristics and biases, developing reasoning methods and processes around systemic design and game theory.

Roger created and manages a decision science boutique, SMC, that helps companies and institutions to optimize their strategic decision-making process through the application of mathematical models, machine learning, and artificial intelligence.

Roger teaches business analytics and machine learning at University of Toronto, as well as operational planning at the Canadian Forces College.

Roger holds a master’s degree in applied mathematics from Paris University, an MBA from Queen’s University, and a Master in Defense Studies with the Royal Military College.

Mark Huttram
Director of Business Development and Marketing at Teranet

Mr. Huttram will reveal exclusive market insights and updates from Teranet.

Don’t miss this opportunity. Register for the February 12, 2019 Market Insights Forum here: http://ci23.actonsoftware.com/acton/media/2216/teranets-market-insight-forum

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In the final quarter of 2018, Canadian housing affordability worsened for a 14th consecutive quarter, found economic research from the National Bank Housing Affordability Monitor.

Using data from the Teranet-National Bank House Price Index, National Bank Deputy Chief Economist Matthieu Arseneau and Economist Kyle Dahms released a quarterly report on January 24, 2019 analyzing the final three months of 2018.

And they found that house prices are getting less affordable in many markets.

The Housing Affordability Monitor featured a representative home for each of the 10 metropolitan markets in the House Price Index, including the representative price for the condo market and for the non-condo market, and the average household income needed for each.

Here’s what they found for October, November, December of 2018:

1. Toronto Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $902,916

Household annual income needed to afford the representative home: $165,755

Condo

Price of the representative condo in the metropolitan market: $536,082

Household annual income needed to afford the representative condo: $98,413

2. Montreal Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $369,234

Household annual income needed to afford the representative home: $67,783

Condo

Price of the representative condo in the metropolitan market: $276,889

Household annual income needed to afford the representative condo: $50,831

3. Vancouver Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $1,318,768

Household annual income needed to afford the representative home: $242,096

Condo

Price of the representative condo in the metropolitan market: $638,842

Household annual income needed to afford the representative condo: $117,277

4. Calgary Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $494,689

Household annual income needed to afford the representative home: $90,814

Condo

Price of the representative condo in the metropolitan market: $266,107

Household annual income needed to afford the representative condo: $48,851

5. Edmonton Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $422,508

Household annual income needed to afford the representative home: $77,563

Condo

Price of the representative condo in the metropolitan market: $231,117

Household annual income needed to afford the representative condo: $42,428

6. Ottawa-Gatineau Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $428,595

Household annual income needed to afford the representative home: $78,680

Condo

Price of the representative condo in the metropolitan market: $261,454

Household annual income needed to afford the representative condo: $47,997

7. Quebec City Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $286,491

Household annual income needed to afford the representative home: $52,593

Condo

Price of the representative condo in the metropolitan market: $211,768

Household annual income needed to afford the representative condo: $38,876

8. Winnipeg Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $321,259

Household annual income needed to afford the representative home: 58,976

Condo

Price of the representative condo in the metropolitan market: $223,614

Household annual income needed to afford the representative condo: $41,050

9. Hamilton Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $598,274

Household annual income needed to afford the representative home: $109,829

Condo

Price of the representative condo in the metropolitan market: $445,629

Household annual income needed to afford the representative condo: $81,807

10. Victoria Housing Market

Non-Condo

Price of the representative home in the metropolitan market: $850,469

Household annual income needed to afford the representative home: $156,127

Condo

Price of the representative condo in the metropolitan market: $485,937

Household annual income needed to afford the representative condo: $89,207

In some markets, the quarterly report found that the gap between condo and non-condo affordability is shrinking. The worst deteriorations in affordability in Q4 were in Victoria, Toronto, and Vancouver. The only markets showing an improvement were Calgary and Edmonton. Countrywide, affordability worsened.

View the full 2018 Q4 report from the National Bank here: https://housepriceindex.ca/wp-content/uploads/2019/02/NBFM-Housing-Affordability-Monitor-Q4_2018-Eng.pdf.

No matter what direction Canadian housing affordability heads, GeoWarehouse has tools that make you the property expert. Uncover real estate trends and opportunities before they hit the market.

Become a subscriber today. Call 1-866-237-5937 or visit www.geowarehouse.ca.

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As the saying goes, knowledge is power. And nowhere is that truer than the Canadian real estate market.

With the industry becoming increasingly competitive, sales professionals need resources that keep them in-the-know. In order to stand out, you need information that empowers you to make decisions.

There are two real estate resources every sales professional should use: the Teranet-National Bank House Price Index and the Teranet Market Insights Report.

Here’s what you need to know.

  1. Teranet-National Bank House Price Index

The Teranet-National Bank HPI is an independent representation of the rate of change of Canadian single-family home prices.

The measurements are based on the property record of public land registries, where the sale price is available.

The Index is released every month and looks at 11 market across Canada: Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa, Montréal, Québec, and Halifax.

How it works:

The Index is estimated by tracking the observed or registered home prices over time. Properties with at least two sales are required in the calculations.

All properties that have been sold at least twice are considered in the calculation of the index; this is known as the repeat sales methodology.

Properties that are not considered include those with:

a) non-arms-length sales,
b) change of type of property, for example after renovations,
c) data error, and
d) high turnover frequency (biannual or higher).

In the repeat sales methodology, the averaging of price appreciation from different pairs of sales is done using a complex estimation process in which each pair is a separate observation.

Why you should use it:

The HPI is particularly useful because it can give an accurate portrayal of home price shifts over time. The data is derived from the property records of public land registries — so you know it is accurate and trustworthy.

Often real estate agents look at house price figures from local MLS sales information. This isn’t necessarily a bad gauge, but it’s important to consider the Teranet HPI, too. That’s because the prices Teranet uses have been agreed to up to three months before the index is released and only finished transactions are used. If a sale falls through, the MLS data won’t always be accurate, but with the Teranet HPI you know you are looking at the final numbers.

The Teranet HPI also includes all transfer data, not just sales done through the MLS. This means there’s an estimated 20% more sales included — that could look like one in five sales being excluded from MLS reports.

Again, both should be taken into consideration, but if you are looking for accuracy and trends over time, the Teranet-National Bank House Price Index is a report you won’t want to miss.

See the latest HPI: http://www.geowarehouseblog.ca/home-prices-trended-down-in-the-second-half-of-2018/.

  1. Teranet Market Insights Report

The second report you’ll want on your regular reading list is the Teranet Market Insights Report.

This release takes into account all recent trends in the Canadian real estate market — everything from house prices, to mortgage broker-lender share, to dwelling type popularity, to generational buying habits, and beyond.

Each MIR release deep dives into a different part of the housing market. For instance, the October 2018 report examined the surge in private lending, while the March 2018 report looked at the Canadian condo market.

This is a great way to stay on top of trends and patterns and then use that information in your real estate marketing.

How it works:

Analysts at Teranet watch the Canadian housing market, using data derived from provincial land registries. They synthesize that data into analysis that takes a high-level look at the current real estate market.

Why you should use it:

The Teranet MIR is one of the most comprehensive real estate reports available in the Canadian market. The data within is sourced from information you can trust. The unique position of Teranet in the real estate market means that they have a view of the industry that is difficult to parallel.

The data contained in the MIR is applicable in many ways — you can use it in your real estate marketing, business strategy, property searches, and more.

If you have any interest in following industry trends, this is the report for you.

See the latest MIR: http://www.geowarehouseblog.ca/october-2018-teranet-market-insights-report-surge-in-private-lending-in-the-gta/.

These resources can both be gamechangers, especially if your industry is feeling saturated. They can help you find new opportunities and look at the market in ways you may not have considered.

After reading the reports, you may want to put the information to use through your real estate tools — like GeoWarehouse, which uses the same information as the Teranet HPI and MIR.

You can access up-to-date property searches, comparable sales, demographic reports, and more.

Learn all about it today. Call 1-866-237-5937 or visit www.geowarehouse.ca.

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Attention leaders in the financial and real estate industries – this is an event you will not want to miss. On February 12, 2019, Teranet is hosting our first Market Insights Forum of the year and the lineup is excellent!

Being that the housing market and real estate economy is on the top of everyone’s minds, we thought what better topic to cover and have invited amongst others, Stéfane Marion, Chief Economist and Strategist at the National Bank to speak on the subject.

Also on the agenda is Roger Vandomme, Chief Data Scientist at SMC. Predictive analytics, machine learning, and artificial intelligence can all help with strategic decision making – especially in an uncertain market. Mr. Vandomme is an expert on how to put raw data to good use for your real estate business.

You can view full event details here: http://ci23.actonsoftware.com/acton/media/2216/teranets-market-insight-forum

The event is almost full so if you plan to register please do so as soon as possible.

The February 12, 2019 Teranet Market Insights Forum runs from 8:30 a.m. to 11:30 a.m. at the MaRS Discover District, 101 College Street, Toronto, Ontario.

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On February 12, 2019 Teranet is hosting another insightful Market Insights Forum.

While in the past this has been an invite-only event, we have decided to open up the February 2019 Market Insights Forum to senior leadership within all major financial institutions, real estate companies, associations, and partner organizations (as capacity permits).

One of the keynote speakers is Stéfane Marion, Chief Economist and Strategist at the National Bank. He will provide a look back at what happened in 2018 and a discussion on how the changing economic and regulatory conditions could impact Canada’s housing market in 2019.

Joining Mr. Marion on the speakers’ list are Roger Vandomme and Mark Huttram.

Mr. Vandomme is the Chief Data Scientist at SMC and an instructor at the University of Toronto. He is speaking about artificial intelligence and what it has to do with human decision making. In his presentation, Mr. Vandomme will define big data, machine learning, and AI, and demystify buzz words often associated with those concepts. He will discuss algorithms associated with predictive modelling and machine learning, as well as how new technical frontiers such as image and language recognition can be applied to the real estate industry.

Mr. Huttram is the Director of Business Development and Marketing at Teranet. He is revealing exclusive market insights and update from Teranet.

For a full agenda and speaker bios, please click here: http://ci23.actonsoftware.com/acton/media/2216/teranets-market-insight-forum

The February 12, 2019 Teranet Market Insights Forum runs from 8:30 a.m. to 11:30 a.m. at the MaRS Discover District, 101 College Street, Toronto, Ontario.

Don’t miss the opportunity to connect with peers and learn about what’s trending in our industry. Register for the February 12, 2019 Market Insights Forum here: http://ci23.actonsoftware.com/acton/media/2216/teranets-market-insight-forum

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As interest rates increase and mortgage rules shut some would-be buyers out of the housing market, there are less real estate leads available for business.

But there are still the same number of real estate sales professionals — and perhaps even more.

So, with more people going after less business, how can you stay competitive?

One word: agility.

Agility is the key to keeping your real estate business afloat and finding leads even when the numbers appear to be dwindling. Here’s how to put it into practice:

  1. Create relationships.

Relationships have always been important in real estate, but that is especially true in a crowded marketplace. You want to make sure that you have people in your corner to send referrals your way.

This might look like the people you know in your neighbourhood — past clients, friends, family, etc. — but it also applies to other people in the real estate industry.

Think about the people who are your allies. For instance, if you are a real estate agent, who else do you work with regularly — mortgage brokers, private lenders, real estate lawyers, investors, etc.

It could help to expand your industry networks. Chances are that the real estate market is getting tighter for everyone, so creating alliances could be a big help to landing good deals.

It can also help if you are on the same page with the tools you are using. For instance, if you source your property data from GeoWarehouse, your partners can access the same data (either through GeoWarehouse or our tool for mortgage professionals, Purview), which can make working together that much smoother.

  1. Look for motivated sellers and buyers.

When the market is flooded, it can be easy to find motivated clients — they might come right to your door! But as leads are scarcer, you may need to do more legwork to find opportunities.

Think about the demographics of your neighbourhoods. Are there elderly couples who may be looking to downsize? Or younger families who might be looking for more space? If you have a large condo selection you may be able to find renters who are motivated to buy.

Another motivated opportunity — divorce leads. Consider creating relationships with your local courthouses or family attorneys.

  1. Up your digital real estate marketing.

The last two suggestions can be significantly easier using digital marketing.

Social media, SEO targeting, and the like can all help you identify more real estate leads, but it can also help you create partnerships.

For instance, you might search Facebook or LinkedIn for groups with other mortgage professionals in your area.

You may find the local college or university groups and advertise affordable condo opportunities — or break down the true cost of renting vs. buying.

Or you might look for a support group in your area for divorces or consider creating a pay-per-click campaign centred on divorce leads.

A well-rounded approach is critical to remaining competitive.

  1. Search for properties that aren’t on the market yet.

If you are only searching for leads based on properties already on the market, or those seeking you out, it will be harder to stay competitive.

In some cases, you need to take lead generation into your own hands and plant the seed in your clients’ heads.

Demographics can be a great way to do this. You can use a demographic report to search for up-and-coming neighbourhoods, niche markets, areas popular with cultural or generational groups, and the like.

You can then use this information in your real estate marketing.

  1. Consider expanding your listing sources.

If you have traditionally sold one or two dwelling types, it may be time to expand your reach.

Condos, multi-family dwellings, and commercial real estate is rising in popularity even as single-family dwelling sales fall. Assess your portfolio and see whether there is room for you to enter a new market.

  1. Make use of data for up-to-the-minute information.

To truly stay agile, you need to make sure that you are working with data that supports your cause. If you’re using outdated information, inaccurate numbers, or real estate tools that don’t tell the whole story, then you’re already behind the competition.

That’s where a comprehensive property tool is your best ally.

For instance, our tool, GeoWarehouse, allows you to access demographic reports, comparable sales, advanced property searches, and much more. All of this combined can help you find the most qualified leads and stay ahead of your competitors.

The competition may be heating up, but that’s not necessarily a bad thing — it just means that you need to look for ways to stay even more agile.

GeoWarehouse’s tools put in position to focus your marketing and find the most qualified real estate leads. Learn more today. Call 1-866-237-5937 or visit www.geowarehouse.ca.

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Good news for those who have resolved to buy a house in 2019: the Bank of Canada overnight rate is staying the same for now.

On January 9, 2019, the Bank of Canada (BOC) announced that the overnight interest rate would stay at 1.75% (the rate set in October of 2018) for the time being.

Part of the reason for the hold was Canadian housing investment.

“…consumption spending and housing investment have been weaker than expected as housing markets adjust to municipal and provincial measures, changes to mortgage guidelines, and higher interest rates,” the BOC stated in a release.

“Household spending will be dampened further by slow growth in oil-producing provinces. The Bank will continue to monitor these adjustments.”

Between mortgage guidelines introduced in January 2018, interest rates increasing from 0.5% of 1.75% from July of 2017 to now, and other measures, such as the foreign buyers’ tax, the Canadian housing market has been slowing down.

But it’s not just the real estate market. With higher interest rates and less disposable income to spend, consumers are spending less on non-essential goods. While there are other factors that drive the economy, the drop in consumer spending is having an effect.

The real estate market wasn’t the only reason for the BOC’s decision. Two other factors were the global economic outlook – particularly the U.S.-China trade conflict — and global oil prices. The BOC has said it will continue to monitor these items.

Interest rate increases have been predicted to slow down in 2019, but the BOC doesn’t think they’ll stop altogether.

“Weighing all of these factors, Governing Council continues to judge that the policy interest rate will need to rise over time into a neutral range to achieve the inflation target,” the BOC stated.

“The appropriate pace of rate increases will depend on how the outlook evolves, with a particular focus on developments in oil markets, the Canadian housing market, and global trade policy.”

The next Bank of Canada interest rate announcement is scheduled for March 6, 2019. View the full text of the BOC’s January 9 decision here: https://www.bankofcanada.ca/2019/01/fad-press-release-2019-01-09/.

No matter what changes with interest rates, or the Canadian real estate market, GeoWarehouse has tools that can help. Our property information enables you to stay on top of a changing market.

Contact us today to learn more about becoming a subscriber. Call 1-866-237-5937 or visit www.geowarehouse.ca.

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November 26, 2018

There is one real estate opportunity that seems to only be growing in popularity: selling condos.

The Canadian condo market continues to boom. From 2016 to 2018, more than 14% of private mortgages came from condominiums.

In June 2018, residential construction starts across Canada surged to 248,000 units, driven by condos.

“While there has been some moderation in price growth and less speculative demand in the single-family home segment, prices for condominiums have continued to increase rapidly in some markets,” the Bank of Canada noted in its July 2018 Monetary Policy Report.

Condos have also benefitted from tougher mortgage rules and increased interest rates. As house prices have gone up, condos have remained the more affordable option. This means that not only are younger buyers opting for condos over traditional homes, but so are older buyers. For instance, some members of Generation X are choosing to move into condos for a smaller mortgage.

In 2017, three out of every four homes built were multi-family units, compared to 65% the decade before.

If you sell real estate in Canada, the signs are there that this is the time to consider selling condos, too.

Should you decide to join the condo market, or ramp up your efforts, here are some best practices to keep in mind:

  • Look at property details. Just like you would request a property report for a single-family dwelling, you should do the same for a condo. For instance, with a GeoWarehouse report you can see all condo units in a building, search by level, look up related PINs, access the full legal description, and more.
  • Don’t only consider constructed condos. Look also at pre-construction condos. New condo buildings are being constructed quickly, especially in larger urban areas like Toronto and Vancouver. Sell clients on making a decision early to beat the rush.
  • Condos aren’t just for younger buyers. As we mentioned above, condos used to be the millennials’ residence, but that’s not always the case these days. More and more older generations are choosing condos amid new mortgage rules, increased interest rates, or wanting to stay in an urban area. While millennials are certainly still a big market, they’re not the only market.
  • Look at what else the building offers. There may be additional assets included with a condo sale, like a parking space or storage lockers. Unlike a traditional dwelling type, a condo can come with other perks, too — security guards, an on-site gym, a luxury view, etc. Play up these features in your sales pitch.
  • Focus on unique features. Condos are a space sacrifice, especially if a potential buyer is used to a larger home. But because they are rising in popularity, there are many more options for comfortable condo living today, like urban agriculture, unique storage ideas, and two-in-one furniture items. Don’t be afraid to get creative with your staging.Access condo status certificates online. There is no need to request your condo status certificates by fax anymore. Instead, use a tool like GeoWarehouse to do it all online.

While the condo boom is continuing to thrive, it makes sense to take advantage if it’s in your area. GeoWarehouse can help you stay on top of the latest condo trends and access property information.

Learn more by calling 1-866-237-5937 or visit www.geowarehouse.ca.

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November 23, 2018

The Canadian real estate market is in a state of fluctuation, which can make determining a listing price difficult to say the least.

Between rising interest rates, mortgage stress testing regulations, uncertain house prices, increased competition, and the like, there are many factors that might be affecting your usual process for determining property value.

That said, there are several practices that you can use to set a listing price no matter what is happening in the Canadian housing market. Here are our top picks.

  1. Assess the Property Details

This is step number one because it should be on your list regardless of market conditions. You need to understand the property details. For instance, what year was the home built? What data is included in the Land Registry?

In order to start thinking about your listing price, you need to know the answers to these questions and more.

  1. Get an AVM

You may have considered getting an appraisal done — this can be a great idea. But have you thought about an automated valuation model (AVM) report as well?

An AVM report can confirm home value, ownership, and other details quickly and efficiently. It can estimate property value by comparing and analyzing property characteristics against public record data.  It doesn’t replace an appraisal, but it is a good companion to one.

While an AVM can’t review interior and exterior property conditions, some include street view imagery that can help identify issues with exterior conditions, such as property boundary discrepancies. It’s great to leverage automation and historical data analysis to generate the latest information on pricing and ownership and create a big picture report.

  1. Consider the MPAC Assessment

MPAC is the largest assessment jurisdiction in North America. It determines revenue requirements, municipal tax rates, and property tax collection for the Government of Ontario.

An MPAC assessment isn’t always the same as a property appraisal, and often listing prices are different from MPAC’s valuation. That said, it is still valuable information that can be used in your determination.

  1. View the Sales History

Along with the property details, you will also want to consider the sales history. While today’s market may be very different from the last time this house sold (particularly if it is an older home), that data is still important to review.

  1. Look Up Comparable Sales

One of the best ways to determine home value is to see how comparable properties are selling. You can get a real-time view of what similar houses have sold for and use that to set your listing price.

You can also narrow your search by neighbourhood to specifically understand the area where you are selling. Certain regions will be more desirable based on factors like school proximity, parks, shopping areas, and the like. This will stay in style even with a market shift.

  1. Use a House Price Index

The Teranet-National Bank House Price Index is released every month with up-to-date information on house prices across Canada. This digs into 11 different markets and the house price trends those regions are experiencing.

This is important for you to know when making your assessment.

  1. Examine Market Insights

In a shifting real estate market, you want to stay on top of the latest real estate trends. For instance, if you know that condos are some of the most popular dwelling types for millennials, and you are trying to set a listing price for a condo in an area that appeals to millennials, that will help make your decision.

The Teranet Market Insights Report is released regularly and contains data that you can use for your property valuation needs.

While it may be simpler to set listing prices during non-turbulent housing market conditions, it’s still possible to do so in more uncertain times. Be sure to do your due diligence and assess information from multiple sources. Trends can change so fast that you need to stay on top of the data.

Luckily, GeoWarehouse makes it easy to stay informed up-to-the-minute. Our property reports take data from the Province of Ontario Land Registration Information System (POLARIS), so you can trust the reports you receive are accurate and timely. They are also available almost instantly, so you can make a decision with the latest figures.

Learn all about our GeoWarehouse reports today. Call 1-866-237-5937 or visit www.geowarehouse.ca.

Want more information on determining a listing price? Download our free eBook, Digital Property Evaluation in 1-2-3! Get your copy here: http://www2.geowarehouse.ca/property-evaluation-general/.

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October 24, 2018

The Bank of Canada overnight rate has gone up to 1.75% after an October 24, 2018 announcement.

This is the fifth interest rate increase since July of 2017, and the third in 2018.

The Bank of Canada (BOC) cited robust U.S. and Canadian economies and the new US-Mexico-Canada Agreement (USMCA) as some of its reasons for the increase.

Other justifications included business investment and export projections, a stable inflation rate, and steady household spending.

There was only one mention of the Canadian housing market in the announcement.

“Households are adjusting their spending as expected in response to higher interest rates and housing market policies,” the BOC stated.

“In this context, household credit growth continues to moderate and housing activity across Canada is stabilizing. As a result, household vulnerabilities are edging lower in a number of respects, although they remain elevated.”

The October 24 rate increase was expected by many, especially once the USMCA deal was approved.

The BOC indicated there will be more increases on the horizon, though perhaps not as many as originally thought.

“In determining the appropriate pace of rate increases, Governing Council will continue to take into account how the economy is adjusting to higher interest rates, given the elevated level of household debt,” the BOC said.

There is one more interest rate announcement scheduled for 2018, on December 5.

The effects of the hike on real estate interest rates remain to be seen.

GeoWarehouse has tools for real estate professionals that can help navigate interest rate changes. Research the latest property data, comparable sales, and more.

Call 1-866-237-5937 or visit www.geowarehouse.ca to learn more.

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