OTTAWA – Canada’s housing market softened slightly in July from a month earlier as sales of existing homes dipped and new listings inched up, the Canadian Real Estate Association said.

Sales were down 0.7 per cent from June when seasonally adjusted, though up 4.8 per cent from a year earlier, while new listings were up 0.9 per cent on a month-over-month basis.

Police have deployed canine units, marine support and rescue teams in a massive effort to find an Ontario realtor who disappeared in “suspicious” circumstances.

York Regional Police said homicide detectives are leading the investigation into the disappearance of 56-year-old Yuk-Ying (Anita) Mui, who was last seen on Friday.

She was seen at her home around 9:30 a.m. Friday, police previously said, when she left her home near Baycliffe Road and Warden Avenue.

Canadian mortgage borrowers are finding out fast that Toronto real estate isn’t always a path to riches. Equifax data shows Toronto mortgage delinquencies climbed in Q1 2024, and now sit at the highest rate in 8 years. Except back then the rate was falling as the market improved, and it’s heading in the wrong direction now. As investors try to unload into the weakest demand balance on record, the rate is likely to continue rising in the near term. 

It’s a common tale across Canada.

People see rates coming down; they want to buy a home — perhaps because they don’t think prices will stay down for long — but they can’t prove enough income to get a mortgage.

What to do? Well, unless you’re a new professional like a doctor or dentist, or you qualify for rigid niche lending programs, or you can get approved based on a significant net worth, major banks will likely show you the door.

Fortunately, big banks don’t completely monopolize Canada’s mortgage market. Alternative lenders will often lend you more based on your overall ability to pay. And that ability doesn’t just rest on your income today.

After a somewhat promising June, data from Canadian Real Estate Association’s (CREA) July 2024 statistics report reveals housing market activity effectively stalled in July, despite the July 24 interest rate cut.

In June, the “fledgling” market saw slight increases in month-over month sales, tighter year-over-year market conditions, and the national average home price increase for the first time in 11 months. But in July, progress halted, with home sales ticking down 0.7% from June’s 3.7% month-over-month increase. According to the report, decreases were minimal in larger centres, and drops in the GTA and Calgary markets were largely offset by increased sales activity in Edmonton and Hamilton-Burlington.

TORONTO, Aug. 15, 2024 /CNW/ — With first-time buyers locked out of the country’s most expensive housing markets, the move-up/down segments, as well as investors, have been fuelling detached home-buying activity in the first six months of 2024 in the Greater Toronto Area (GTA), Greater Vancouver Area (GVA) and Fraser Valley, according to a report released today by RE/MAX Canada.

The RE/MAX Hot Pocket Communities Report surveyed 83 markets in the GTA, the GVA and the Fraser Valley, and found that close to 40 per cent of markets (33/83) reported an increase in detached housing values in the first half of the year, while 30 per cent reported an upswing in the number of sales (25/83). The Greater Toronto Area’s 416 area code led the other regions in rebounding sales momentum, with just over 34 per cent of neighbourhoods stable or experiencing growth in detached home-buying activity—ahead of the 905, Greater Vancouver and Fraser Valley. Limited inventory levels in Greater Vancouver and the Fraser Valley are supporting price appreciation in the detached home category, with Fraser Valley leading with 83.3 per cent (5/6) of local areas noting an upswing in average price, followed by Greater Vancouver with 70.6 per cent of neighbourhoods marking an increase in median values.

In the first half of 2024, seasoned buyers and investors drove detached home purchases in Canada’s priciest markets, including the Greater Toronto Area (GTA), Greater Vancouver Area (GVA), and Fraser Valley, while first-time buyers were sidelined by affordability issues, according to a Re/Max Canada report.

“While affordability remains the top obstacle for first-time homebuyers, more experienced buyers and investors are taking advantage of softer housing values,” Re/Max president Christopher Alexander said in the Aug. 15 report. He noted that these buyers are making their moves ahead of the Bank of Canada’s end to quantitative tightening, positioning themselves for potential gains when the market fully rebounds.

The Re/Max Hot Pocket Communities Report, which surveyed 83 markets across the GTA, GVA, and Fraser Valley, revealed that detached housing values increased in close to 40 per cent of these markets during the first half of 2024. Additionally, 30 per cent of markets reported a rise in the number of sales. This activity was particularly strong in the GTA’s 416 area code, where more than 34 per cent of neighbourhoods had stable or growing detached homebuying activity, outperforming the 905 region, Greater Vancouver, and Fraser Valley.