AGENT LICENSE ID
M23006422
BROKERAGE LICENSE ID
11995
Dennis Manahan
Mortgage Agent Level 1
Office:
Phone:
Email:
Address:
201 - 10815 Yonge St, Richmond Hill, Ontario, L4C3E3
As an experienced mortgage professional, it is my job to get you the mortgage you need at the price that you deserve. I work on your behalf and have access to over 25 different lenders. Let’s work together to get you the right mortgage!
Call me for today’s unpublished rate specials!!!
BLOG / NEWS Updates
Statistic Canada: New Housing Price Index, January 2025
New home prices continued slowdown in January
The national index edged down 0.1% on a month-over-month basis in January, following the same decline in the previous month. Prices were unchanged in 15 out of the 27 surveyed census metropolitan areas (CMAs). Meanwhile, nine CMAs saw an increase, while three CMAs were down. Even though more CMAs recorded price increases in January, a decline was seen at the national level. This decrease was driven by Toronto (-0.4%), the largest new housing market in Canada, accounting for nearly one-quarter (23.6%) of the national weight.
The largest month-over-month decrease of new home prices in January was recorded in Ottawa (-0.5%), followed by Toronto (-0.4%) and Edmonton (-0.2%). The weight of these three CMAs accounts for 38.8% of the national index. The latest new housing sales figures show a slowdown in the Ottawa and Toronto markets. Data collected from the Greater Ottawa Home Builders Association shows a 21.2% monthly decline in sales of new detached houses and townhouses in December 2024. In the case of Toronto, Altus Group reported a decline in new single-family home sales (-68.6%) in December 2024.
The largest monthly increases in January 2025 were registered in Saskatoon (+0.6%) and St. CatharinesNiagara region (+0.6%), followed by Qubec (+0.5%) and Winnipeg (+0.4%). Reduced borrowing costs fuelled the demand for housing in the CMAs where prices were relatively more affordable. The Canada Mortgage and Housing Corporation reported declines in inventory of completed and unsold single-family homes in Qubec (-10.8%) and Winnipeg (-3.3%) in December 2024 compared to the previous month.
https://www150.statcan.gc.ca/n1/daily-quotidien/250220/dq250220c-eng.htm
TD: How likely is another Bank of Canada rate cut in March?
With the second Bank of Canada (BoC) rate announcement this year around the corner on March 12, many Canadians are eager to see if the central bank will cut its lending rate again.
In January, the BoC cut its lending rate by 25 basis points, bringing it down from 3.25% to 3%.
So, is more rate relief on the way? According to TD Economist Derek Burleton, the BoC is likely to cut its lending rate at the upcoming announcement by 25 basis points.
We are anticipating a follow-up cut in March, and TD Economics predicts the central bank will bring its lending rate down to 2.75%, Burleton said.
Since the inflation data came out a few weeks ago, market odds of a cut fell as low as 30%, but have since jumped to 90% following the imposition of U.S. tariffs on Canadian exports. So, while theres still a chance that the central bank will announce a rate hold, there is a growing consensus that a cut is in store.
Burleton explained that the Bank of Canada needs to help prepare for the economic risks on the horizon especially around tariffs.
Even with recent reports showing a resilient job market and robust GDP growth in Canada, the central bank needs to ensure the economy is prepared for U.S. tariffs to hit Canadian exports, he said.
https://stories.td.com/ca/en/article/will-bank-of-canada-cut-interest-rates-march-2025
Statistic Canada: Investment in building construction, December 2024
Overall, investment in building construction rose 1.9% (+$408.1 million) to $21.8 billion in December, with gains recorded across all components. The residential sector grew 2.2% to $15.1 billion while the non-residential sector was up 1.3% to $6.7 billion. Year over year, investment in building construction grew 4.7% in December.
On a constant dollar basis (2017=100), investment in building construction increased 1.5% from the previous month to $13.0 billion in December and was up 1.6% year over year.
Multi-unit component drives residential sector gains in December
Investment in residential building construction was up 2.2% (+$323.9 million) to $15.1 billion in December.
Single family home investment edged up 0.8% (+$60.7 million) to $7.3 billion in December, marking its fifth consecutive monthly increase.
Investment in multi-unit construction rose 3.5% (+$263.2 million) to $7.7 billion in December, rebounding from two significant and consecutive monthly declines.
https://www150.statcan.gc.ca/n1/daily-quotidien/250213/dq250213a-eng.htm
