Posthaste: New and old Canadians are flooding into these 10 towns as Toronto and Vancouver get pricey
Deloitte expects consumption, not investment, to drive Canada’s economy in 2020. The management consultancy notes that lower interest rates will benefit consumers from coast to coast, reducing financing costs for buying cars, mortgages and other big ticket items.
“Canadian real estate is getting a lift from lower interest rates and fading impact from tighter mortgage regulation,” Deloitte said in its latest outlook published this morning. “Lower rates late last year have accelerated this process, with the Southern Ontario market back in sellers’ territory. This has in fact been one of the reasons the Bank of Canada was reluctant to reduce rates,” Deloitte noted.
The search for affordable housing is giving rise to new growth centres. A new report by U-Haul, a moving equipment and storage rental company, said the city of North Vancouver was the most popular internal migrant destination among its Canadian clients.
“Every community in Metro Vancouver feels the pressures associated with regional growth,” Michelle Benson, U-Haul company of Vancouver & Vancouver Island president said in a statement. “Vancouver is booming, but many people are priced out of the city. That gives North Vancouver the opportunity to attract new residents.”
The top ten list was dominated by Ontario cities, with Trenton, Saint Thomas, Brockville and North Bay rounding out the top five Canadian growth cities for 2019. Sherbrook, Que., was sixth, followed by Stratford, On., Collingwood, On., Levis, Que. and Chatham, Ont. Ontario has 19 markets among the top 25.
Here’s what you need to know this morning:
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Home sales dropped in Toronto in December, but prices continued to rise as demand outstripped a dwindling supply of units available for purchase, Bloomberg reports.
The number of homes sold in Canada’s largest city fell 3 per cent from November, the biggest decline since February, the Toronto Real Estate Board said Tuesday. Still, benchmark prices kept climbing, rising 0.5 per cent last month to record highs and bringing gains to 7.3 per cent from the previous year, the fastest pace of year-over-year growth since 2017.