Real Estate
BusinessYahoo Finance Canada'Mortgage war': Canadians may emerge winners as banks fight for business
RBC notes anecdotal evidence of "significant discounting" at Canadian banks already.
BusinessReutersBank of Canada says changes to mortgage structure will not resolve housing affordability
Canada's housing affordability cannot be resolved by changing the country's unique mortgage structure, the Bank of Canada's Senior Deputy Governor said on Wednesday, as a wave of mortgage renewals over the next two years threaten to hurt the economy. "Improved housing affordability requires a better balance between supply and demand, and achieving this balance will take time," Carolyn Rogers said in Toronto in an address on the country's mortgage market. The country's mortgage structure has largely helped in maintaining financial stability and access to affordable credit, keeping its mortgage default at amongst the lowest in advanced economies, she said.
BusinessReutersToronto home sales in October rise at fastest pace this year, new listings fall
Home sales in the Greater Toronto Area, the biggest urban region in Canada, rose sharply in October on a month-to-month basis, data showed on Wednesday, posting the biggest increase since December last year. Seasonally adjusted sales increased 14% in October following a modest rise of 3.3% in September, according to Toronto Regional Real Estate Board data. The August rise was the highest home sales increase in the area this year.