Toronto realtor Nasma Ali has noted a marked slowdown in housing demand in the red-hot Greater Toronto Area over the past few weeks, which she sees as a likely precursor to a reckoning in the suburbs and surrounding towns that have seen blistering price growth over the past two years.
"I had listings that, in January, would have had a 100+ showings," Ali, chief executive of broker One Group, said. "All of a sudden, we're only getting five to six in four days. This is a transition period and it's not for all markets or price points. But we're seeing it."
Already, homes listed for sale in supply-constrained Toronto have fallen at a slower pace than sales in February from a year earlier, compared with most of last year when listings lagged sales.
The slowdown in major cities like Toronto and Vancouver and their surrounding areas appears to be gathering steam, driven by a confluence of factors.
Worsening housing affordability, rising fixed and variable mortgage rates, and accelerating inflation following Russia's invasion of Ukraine is shifting sentiment.
Record-low mortgage rates helped propel Canadian home prices 52% higher over the past two years. But as fixed mortgage rates rip higher alongside surging bond yields and variable rates climb following the Bank of Canada's first hike in three years, demand is cooling.
Money markets are betting the central bank will increase its policy rate to 2.25% by year-end, up from a current 0.5%.
"This is the most dramatic increase in five-year fixed rates that I can remember, and I've been in this business for two decades," said David Larock, a mortgage agent at Integrated Mortgage Planners. "I'm starting to see purchase and sale agreements come in with financing conditions, which has been unheard of in the last couple of years," he said.
Marnie Bennett, owner of Bennett Property Shop Realty in Ottawa, said she has seen a shift in the market, particularly at the lower end, as affordability concerns dissuade first-time buyers, and investors cash out near the peak.
"It's only because interest rates are so low that there's any affordability left," said BMO Capital Markets senior economist Sal Guatieri. "But that affordability will erode pretty quickly," he said, adding the central bank's rate hikes "will douse the flames somewhat."
While that is unlikely to cause major damage to household finances, it will put pressure on marginal buyers, he said.
Pedro Antunes, chief economist at the Conference Board of Canada, expects a decline of about 10% in home prices from peak to trough, driven by the end of pandemic income supports, rising interest rates and the return to more normal consumer spending patterns.
"People are going to start taking their vacation trips south and perhaps not be ready to put quite as much into a new mortgage," he said.
Despite the softness, both Toronto and Vancouver have seen price growth of 27% and 20% respectively from a year ago. Prices are up 20.6%, on average, nationwide.
"It's still a seller's market," said Toronto realtor Lisa Bednarski at BSpoke Realty. "But what we're going to stop seeing are the homes that sell for inexplicable amounts above their market values."
Canada will lower the number of permanent immigrants it allows into the country by at least 20 per cent from its previous target of 500,000, 愛污传媒 confirmed Wednesday.
The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
Prime Minister Justin Trudeau says the Liberal party is 'strong and united,' despite efforts from within his caucus to oust him as leader.
A memorial is growing outside a Walmart in Halifax after a 19-year-old employee was found dead inside an oven in the store Saturday night.
A search has started at Prairie Green Landfill for the remains of two victims of a serial killer.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
McDonald鈥檚 worked Wednesday to reassure customers that its U.S. restaurants are safe as federal investigators tried to pinpoint the cause of a deadly E. coli outbreak linked to the fast-food giant's Quarter Pounder hamburgers.
Turkiye鈥檚 air force struck Kurdish militant targets in Iraq and Syria on Wednesday in apparent retaliation for an attack at a key state-run defence company that killed five people and wounded more than a dozen others.
Abousfian Abdelrazik told a court Wednesday about the roller-coaster of emotions he experienced during the tense days of early 2009 when he awaited the green light to return to Canada from Sudan.
Speed was a possible factor in a Tuesday night rollover involving a semi-truck that left 17 cows dead. In a news release Wednesday, Calgary police said officers were called to the area of Stoney Trail S.E. and Macleod Trail S.E. around 8:10 p.m. for a reported rollover involving a semi-truck carrying 95 cattle.
The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
In part two of a four-part investigation into the seedy underbelly of the lucrative clothing donation bin industry, CTV W5 uses trackers tp reveal a for-profit operation masquerading as a charity.
Turkiye鈥檚 air force struck Kurdish militant targets in Iraq and Syria on Wednesday in apparent retaliation for an attack at a key state-run defence company that killed five people and wounded more than a dozen others.
The Justice Department warned Elon Musk鈥檚 America PAC in recent days that his US$1 million sweepstakes to registered voters in swing states may violate federal law, people briefed on the matter told CNN.
Three people were found dead Wednesday and four others were hospitalized after an 'unexplained' incident at a care home in southern England, police said.
The U.S. said Wednesday that 3,000 North Korean troops have deployed to Russia and are training at several locations, calling the move very serious and warning that those forces will be 'fair game' if they go into combat in Ukraine.
A homemade firebomb exploded inside a public high school in Chile on Wednesday, igniting a blaze that injured at least 34 students and one teacher, with several in serious condition, firefighters said.
An Indiana man has been sentenced to life in prison for the 1975 killing of a 17-year-old girl who was found dead in a river after she failed to return home from her job at a church camp.
Canada will lower the number of permanent immigrants it allows into the country by at least 20 per cent from its previous target of 500,000, 愛污传媒 confirmed Wednesday.
Prime Minister Justin Trudeau says the Liberal party is 'strong and united,' despite efforts from within his caucus to oust him as leader.
A debate has ground work in the House of Commons to a halt for weeks, but a new poll suggests that most Canadians are not even aware it's happening.
McDonald鈥檚 worked Wednesday to reassure customers that its U.S. restaurants are safe as federal investigators tried to pinpoint the cause of a deadly E. coli outbreak linked to the fast-food giant's Quarter Pounder hamburgers.
A quick shake of the head after a hard hit could signal that a person has a concussion, a new study suggests, based on the experiences of young athletes.
A recall has been issued for certain clothing items sold at Giant Tiger stores over high levels of lead, according to a notice published by Health Canada Tuesday.
Officials in Hong Kong said Wednesday they have discovered dinosaur fossils in the city for the first time on a remote, uninhabited island that's part of a geopark.
A meteor lit up our region's sky last night 鈥 with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
The estimated population of North Atlantic right whales increased in 2023, but a group of international marine scientists say human behaviour still poses a significant threat to the critically endangered species.
Cardi B says she has been hospitalized with a medical emergency and will have to miss a Saturday night headlining performance at an Atlanta music festival.
Almost three years after the deadly Astroworld Festival tragedy, Houston rapper and concert headliner Travis Scott just settled hundreds of lawsuits related to the case.
American singer-songwriter Matthew Sweet suffered a stroke while on tour in Toronto earlier this month, and a GoFundMe campaign has been launched to raise money to cover the 'overwhelming' health-care costs.
Starbucks Corp suspended its forecast through the next fiscal year as new CEO Brian Niccol looks to turn around the coffee giant struggling with falling demand for its pricey drinks.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
Air Transat says it is laying off as many as 400 flight attendants, but plans to bring them back to work at some point.
Grab your passport and your sunscreen, Lonely Planet has just revealed its 30 must-visit destinations for 2025 as well as a brand-new rundown of top 10 travel trends.
The Radium Hot Springs in British Columbia's Kootenay National Park has undergone a $29-million makeover.
When curators at the National Toy Hall of Fame learned last fall that the Fisher-Price Corn Popper had been voted in as part of the class of 2023, they knew they had some serious work to do.
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Scottie Barnes and the Toronto Raptors kick off the new NBA season tonight as they host the Cleveland Cavaliers.
Former 'Malcolm in the Middle' star Frankie Muniz is set to continue his NASCAR career with a full-time ride in the Truck Series for 2025.
An increased risk of fire has prompted the recall of thousands of Honda hybrid vehicles in Canada.
A senior executive for Volkswagen in China has been deported for allegedly using cocaine and marijuana while on vacation in Thailand, according to Chinese authorities and German media reports.
The U.S. government's road safety agency is investigating Tesla's 'Full Self-Driving' system after getting reports of crashes in low-visibility conditions, including one that killed a pedestrian.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
A meteor lit up our region's sky last night 鈥 with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.
A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.
A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.
A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.
Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.
Looking for a scare with good intentions this Halloween season? The ghosts and ghouls of Eganville, Ont. invite families to tour the Haunted Walk at Lekbor Manor.
The image of a sleepy Saskatchewan small town with 'not a lot going on' is a well-known anecdote. However, one Saskatchewan company is hoping to change that 鈥 and allow communities both on and off the beaten path to share their stories and advertise what they have to offer.
A coalition of Jewish organizations says it is "deeply alarmed" by a rising tide of antisemitism at the University of British Columbia in recent weeks.
Vancouver Fire Rescue Services received its first shipment of new firefighting gear on Wednesday, advancing the department's plans to reduce cancer risk for its members.
A Real Canadian Superstore in B.C.'s Fraser Valley was evacuated Tuesday night due to a "suspicious" fire in the toilet paper aisle, according to authorities.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
Brampton is looking to the federal and provincial government to address the growing number of its vulnerable international students being exploited and trafficked.
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Speed was a possible factor in a Tuesday night rollover involving a semi-truck that left 17 cows dead. In a news release Wednesday, Calgary police said officers were called to the area of Stoney Trail S.E. and Macleod Trail S.E. around 8:10 p.m. for a reported rollover involving a semi-truck carrying 95 cattle.
A Calgary Jewish organization issued a response Wednesday to anti-Israel graffiti spray painted on a series of road dividers near the Wilder Institute/Calgary Zoo.
A new report suggests that Canadians' exposure to a radioactive gas is increasing, putting millions of people at a higher risk of developing lung cancer.
One person has died and others have been injured after a two-vehicle collision involving a tractor trailer and a car on Highway 7 in eastern Ontario, according to police.
Homeowners with a variable rate mortgage in Ottawa can expect to see some savings thanks to a significant rate cut by the Bank of Canada.
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Nigel Berkley and CRARR plan to file complaints with the police ethics commissioner and the human rights commission after Berkley was repeatedly stopped while driving his mother's car over four months.
Montreal Mayor Valerie Plante will not be seeking re-election.
Canada will lower the number of permanent immigrants it allows into the country by at least 20 per cent from its previous target of 500,000, 愛污传媒 confirmed Wednesday.
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An Edmonton tow truck operator has been charged after police say he refused to release a vehicle to its owner.
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The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
A volunteer treasurer is facing charges after funds went missing from Nova Scotia Premier Tim Houston鈥檚 riding.
A search has started at Prairie Green Landfill for the remains of two victims of a serial killer.
A 59-year-old man has died following a crash involving three vehicles that started after a tire fell off a car on the Trans-Canada Highway Wednesday morning in the RM of Tache.
A Manitoba inmate who was released from custody by mistake has been arrested, according to Winnipeg police.
Regina police says officers will provide an update Thursday in its search for the suspect of a homicide that took place in the city during the summer of 2023.
The Saskatchewan Roughriders along with other Canadian Football League [CFL] clubs have announced their player nominations for the 2024 league awards.
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Detective Robert Hofstetter examined Erb鈥檚 home after her death and came to several conclusions based on the blood stains he found there.
A psychologist who recently assessed Geovanny Villalba-Aleman believes he may have experienced a psychotic break before stabbing three people in a gender studies class at a University of Waterloo.
Things could be looking up for Waterloo, Ont.-based company and former tech darling Sandvine, after being removed from the U.S. Department of Commerce Entity List earlier this week.
Canada's discount airline is suspending operations to and from Saskatoon.
The Saskatoon civic election is drawing closer, with mayoral candidates outlining their visions to keep the city competitive and attract businesses.
With the war in Ukraine still going on and Saskatchewan now home to hundreds of newcomers fleeing the attacks, there鈥檚 been a resurgence of a youth group here in Saskatoon.
A Sudbury jury has found Felicity Altiman guilty of second-degree murder in the December 2020 stabbing death of a Sudbury man.
It only took minutes for North Bay pharmacist Brian Chute to be out $1,500 after fraudsters deceptively swapped his bank card with another.
The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
Under tough cross-examination at the London courthouse on Wednesday, Rachel Johnson, 21, was asked a number of times why there was a delay in calling 911
A 27-year-old man is miraculously alive after his pickup went over Hawk Cliff near Port Stanley. Fire fighters estimate that from the top to bottom of the embankment is around 270 feet.
OPP have confirmed that a transport truck driver crashed into a historic home just southeast of London this morning.
A haunted house in the Town of Innisfil is causing a real scare for some people a week before Halloween.
Barrie police conducted a search on Wednesday of the last place Autumn Shaganash was seen in hopes of giving her family some answers to her mysterious disappearance.
A 34-year-old motorcyclist has died following a collision in Barrie鈥檚 south end on Tuesday.
Windsor Fire and Rescue Services has been working to prepare for heightened HAZMAT risk ahead of relaxed restrictions around the transportation of some hazardous materials across the Ambassador Bridge.
As hospitals elsewhere in Ontario reintroduce mask mandates due to rising respiratory illnesses, Windsor hospitals are taking a more measured approach.
Now that production is set to begin at Windsor鈥檚 battery plant, NextStar is looking for some employees to make that production happen.
A man who fired at least 19 gunshots at an RCMP detachment in northern British Columbia, narrowly missing officers inside, has won a reduced prison sentence from the province's highest court, which ruled the sentencing judge failed to fully weigh the man's mental illness at the time.
An oil salvage operation is underway on the fragile wreckage of a U.S. army transport ship that sank almost 80 years ago off coastal British Columbia in a race to head off an eruption of thousands of litres of oil that a coast guard official says is "near imminent."
The leaders of British Columbia's New Democrats and B.C. Conservatives have received the cold shoulder after looking to start minority government talks with the Greens following last weekend's inconclusive election result, party leader Sonia Furstenau said Wednesday.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
A dazzling light display is making its return to Lethbridge this holiday season.
As part of anniversary celebrations, the City of Lethbridge is inviting the community to see VisitLethbridge.com Arena like they never have before.
A design plan is now underway to increase the capacity of Lethbridge's Water Treatment Plant.
The lack of 24-hour public washrooms has been a long-standing issue in the Sault, especially considering the rise in homelessness.
The union representing the fire rangers with the Ministry of Natural Resources says money won鈥檛 fix the systemic problems in the workplace.
Rallies by a group called Voices Against Violence took place across the country on Monday, including Sault Ste. Marie.
Investigators found the remains of a 77-year-old American man on Wednesday at the scene of a fire that destroyed a hotel in western Newfoundland earlier on the weekend.
Police in western Newfoundland say a 77-year-old man visiting the province from Kansas is missing after a fire at a hotel in Deer Lake, N.L.
At 2 p.m. on Thursday, the scene at the Lions Club in Clarenville, N.L., rivalled any rowdy St. John's bar that thumps with music late on a weekend night.
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