Tag: Bank of Canada
Realtors see reasons for optimism as London-area home sales rise
Homes sales in the London region picked up for a second straight month in October, signalling more buyers are willing to pull the trigger on purchases amid lower interest rates, the latest housing market snapshot shows. A total of 661 homes exchanged hands in October, 135 more than in the same month last year, the […]
New home prices in London drop, buyers gain clout: ‘Tight market’
Higher interest rates that created lacklustre demand and slowed home sales in London also appear to be forcing prices on new homes to drop, the latest market snapshot from Statistics Canada shows. According to the federal agencyâs latest new housing price index â representing changes over time in the selling price of new residential houses […]
No, Canada’s half-point interest rate cut won’t ignite London-area home sales
Wednesday’s supersized interest rate cut by the Bank of Canada may finally pull some buyers and sellers back into London’s housing market, but don’t expect the latest drop to heat it up much just yet, industry watchers say.
London-area housing market bouncing back from slow summer, new figures show
Londonâs housing market showed signs of recovery in September, with both home sales and average prices trending slightly higher, just-released statistics show.
Rotary Club examines redevelopment of aging Godfrey Apartments in Meaford
Providing affordable apartment rentals is becoming increasingly unaffordable for the Rotary Club of Meaford, which is faced with an aging apartment complex and increasing expenses. The Rotary Club owns the Godfrey Apartments in Meaford — a 32-unit, four-building apartment complex on Nelson Street West with an average monthly rent of $751. Phil Cant, chair of […]
London area housing starts triple in August, third best in province
The number of housing starts in the London area more than tripled in August compared to the same month last year, an indication economic conditions are on the upswing, both the mayor and an organization representing builders say. Construction began last month on 470 units in the London census metropolitan area (CMA), which includes St. […]
Snaith: Will new mortgage rules help more young Canadians buy homes?
Stuart Snaith, University of Victoria In a bid to address Canadaâs housing crisis, Deputy Prime Minister and Finance Minister Chrystia Freeland announced new changes to mortgage rules on Sept. 16, set to take effect in December, aimed at making housing more affordable. The first major change is an increase in the price cap for insured […]
30-year mortgage option may spark London’s sluggish housing market: Brokers
A decision by Ottawa to allow first-time homebuyers to access 30-year mortgages for resale properties may give London’s sluggish housing market a much-needed jolt, with local industry watchers saying the move already is sparking interest among would-be buyers. Earlier this week, Finance Minister Chrystia Freeland announced changes to mortgage rules, moving the cap for insured […]
London mortgage delinquencies double, more headwinds loom
The number of Londoners behind on their mortgage payments has doubled in the the past two years, as the burden of higher interest rates overwhelms some homeowners.
So how is London doing on its goal to build 47,000 new homes?
More than 25 per cent of the way through London’s 10-year commitment to a provincial housing target, the city has seen 11 per cent of the expected homes built or started.