Canadian housing starts, led by a blazing construction pace in Ontario, accelerated to the highest level seen in 13 years in August.
The closely monitored Teranet-National Bank Home Price Index logged a 0.3 percent increase in July, the smallest rise seen for the month in 15 years.
August was, by many measures, a stellar month for Toronto?s housing market, with record-breaking sales signalling the continuation of a massive bounce back for the market after a dismal spring.
Data published by the Association for Canadian Studies in August found that just 34,260 permanent residents were admitted to Canada during the second quarter of 2020, a 64 percent drop from the same period a year prior, when 94,275 new residents were welcomed to the country.
The Bank of Canada announced today that it would be keeping its mortgage-market influencing policy rate at the record low 0.25 percent level with no sign that it would increase any time soon.
Restrictions were lifted on the province?s new home construction sites by mid-May, but with groundbreakings pushed back and project timelines stretched, Ontario is still set to see an overall decline in housing starts this year.
The Toronto region recorded another month of over 10,000 home sales as buyers seeking low-rise properties made their move before the end of summer.
Following years of historically low vacancy rates, Toronto?s rental market saw a surge of new listings throughout the second quarter of the year as a result of the COVID-19 pandemic.
The housing market rebound that?s taken shape over the last two months has so thoroughly exceeded expectations that it?s forcing real estate companies to overhaul their 2020 forecasts.
July saw the Canadian housing market break sales records as transactions across the country rose over 30 percent compared to the previous year.
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