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Latest from the brief
The Numbers
The five-year conventional mortgage rate rose to 6.19% this week, up from 6.09% a week earlier, Bank of Canada data show. That's a steep weekly jump, and it came even as bond yields eased, a reminder that lender pricing doesn't move in lockstep with the bond market. Agents with buyers mid-approval should flag the gap before anything closes.
Rates & Money
The five-year Government of Canada benchmark yield fell to 3.59%, down from 3.63% the day before. Lower yields usually loosen fixed mortgage pricing within a few weeks, though lenders haven't caught up yet this time.
Rates & Money
Finance Minister François-Philippe Champagne says the federal government is reviewing its options as the foreign homebuyer ban nears its scheduled end. Agents with international clients or referral networks should expect some clarity before the window closes, not after.
The Market
Statistics Canada's New Housing Price Index for Toronto sat at 120.7 in August, unchanged from both July and June. New-build pricing in the region has effectively stalled, a contrast with the swings in resale.
The Market
Asking rents have declined for a second straight year, Canadian Mortgage Trends reports, with condo units under the heaviest pressure. The report points to easing supply growth as a sign Toronto and Vancouver rental markets may be settling. Agents handling rental referrals should reset landlord expectations before relisting.
The Market
Canadian Mortgage Professional reports that the slump seen in September resale activity has spread beyond the markets that led it, touching smaller centres that had been holding up until now. Worth raising with sellers who assume their local market is somehow exempt.