For people with stable jobs, who are renting now, they now may have the ability to jump into the market.
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Canadian banks move to help customers, allow deferral of mortgage payments
The Bank of Canada slashed interest rates Friday for the second time this month, a move that came as sentiment had begun to darken in the country’s real estate market with the spread of the COVID-19 crisis.
Home sales in the Greater Toronto Area reached 7,256 last month, according to the Toronto Regional Real Estate Board, a 46-per-cent increase over February last year, when activity hit a decade low because of stricter mortgage rules and the foreign buyers tax.
Home sales in the Greater Toronto Area reached 4,581 last month, according to the Toronto Regional Real Estate Board, a 15-per-cent increase over January last year, when activity slowed because of tougher borrowing rules, higher interest rates and a 15-per-cent tax on foreign buyers of real estate.
In August, sales of detached homes in the 905 region outside Toronto climbed by 25 per cent over last year, accounting for almost 40 per cent of all homes of any type sold in the Greater Toronto Area.