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6 Months 7.85%
1 Year 5.29%
2 Years 5.14%
3 Years 5.04%
4 Years 4.99%
5 Years 4.64%
7 Years 5.90%
10 Years 5.90%
6 Months Open 9.45%
1 Year Open 8.00%
*Rates subject to change and OAC
AGENT LICENSE ID
M23005752
BROKERAGE LICENSE ID
12963
Tanesh Vaswani Mortgage Agent L1

Tanesh Vaswani

Mortgage Agent L1


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205B 1457 McCowan Road, Toronto, Ontario, M1S 5K7

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BLOG / NEWS Updates

NBC Housing Market Monitor: Home sales back near their pre-pandemic peak in November

Summary Home sales increased 2.8% between October and November, a fourth consecutive monthly gain that follows a 6.8% jump in October. On the supply side, new listings decreased by 0.5% compared to October, the second monthly decline in a row. Active listings remained stable from October to November. With the increase in sales, the number of months of inventory (active listings-to-sales) decreased for a fourth month in a row, moving from 3.8 in October to 3.7 in November. Market conditions tightened during the month and were tighter than their historical average in most provinces, while they remained roughly balanced in B.C. and Ontario. Housing starts increased 8% (+20.2K) in November to 262.4K (seasonally adjusted and annualized), beating the median economist forecast which called for a 245.1K print. Octobers figure was also revised up slightly by 1.4K to 242.2K. The monthly increase was driven by a rise in urban starts (+20.6K to 245K), which was mainly supported by an 11% increase in the multi-unit segment (to 195.3K). Meanwhile, single-detached urban starts increased 1.8K to 49.8K. Starts were down in Toronto (-2.7K to 26.7K) and Calgary (-1.5K to 30.1K), but up in Montreal (+14.9K to 31.3K) and Vancouver (+1.6K to 32.0K) during November. At the provincial level, the most notable increased were registered in Nova Scotia (+1.4K to 5.6K), New Brunswick (+1.4K to 6.1K), Quebec (+10.7K to 53.3K), and British Columbia (+8.1K to 48.6K). On the other hand, declines were seen in P.E.I (-88% on the month, or -1.1K to 158), Manitoba (-1.2K to 7.1K), and Ontario (-5.3K to 59.4K). The TeranetNational Bank Composite National House Price Index by 0.6% from October to November after adjustment for seasonal effects. Ten of the 11 markets in the composite index were up during the month: Quebec City (+2.2%), Halifax (+1.7%), Hamilton (+1.5%), Montreal (+1.3%), Vancouver (+1.2%), Victoria (+0.9%), Winnipeg (+0.9%), Ottawa-Gatineau (+0.4%), Calgary (+0.3%) and Toronto (+0.1%). Conversely, there was a decline in Edmonton (-0.8%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

CMHC Fall 2024 Rental Market Report

Highlights Rental market conditions across Canadas large urban centres remained tight despite lessening market pressures in some centres due to record level growth in supply outpacing strong demand. The average vacancy rate for purpose-built rental apartments1 rose to 2.2% in 2024 from 1.5% in 2023, remaining below the 10-year historical average of 2.7%. Average rent growth slowed, with rents for 2-bedroom units rising by 5.4%2, down from the record 8.0% in 2023. Rents increased by 23.5% when units turned over, which is close to 2023 rates. Rent hikes on turnover units accounted for more than 40% of the overall rent increase. Despite the slowdown in rent growth, renter affordability remained strained. The increase in rental stock was driven by newly completed, higher-priced units, which were unaffordable for many renters and primarily served higher-income households. https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/market-reports/rental-market-reports-major-centres

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