Construction on new housing will be slashed by at least half this year as prices and sales on existing homes plunge due to the economic shock from the coronavirus pandemic, the Canada Mortgage and Housing Corporation predicted in its housing market outlook released Wednesday.
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With Canadian institutions’ mortgage deferrals in full swing, Quebec and Alberta accounted for more than half of postponed payments nationwide, according to Canada Mortgage and Housing Corporation.
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When Canada’s biggest banks last reported financial results in February, executives said it was too early to tell what kind of effect COVID-19 would have on their business. That there will be some effects is no longer in doubt.
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Consumer confidence continues to show signs of improving in Canada, inching higher for a fourth straight week.
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Mortgage rates are expected to remain near historic lows until the economy shows signs of recovery, says James Laird, co-founder of Ratehub.ca and president of CanWise Financial Mortgage Brokerage.
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April can be one of the better months of spring, but April 2020 will be most remembered as the month of the fall.
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Canadian retail sales fell for the first time in five months, plunging 10 per cent to $47.1 billion in March and the drop is the largest on record in the wake of COVID-19, says Statistics Canada.
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Rents in Canada’s big cities appear to falling fast and that poses a risk to home prices, says a new report by Capital Economics.
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The CEO of Canadian e-commerce firm Shopify Inc declared on Thursday the end of “office centricity” and decided to keep company offices closed till 2021, allowing most employees to work remotely on a permanent basis after that.
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As the economy gradually begins to reopen, housing construction delays and lower sales activity of new homes are forecasted in the short term, says a new report released Thursday by Statistics Canada.
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