Luxury homebuyers move to the sidelines amid higher rates and tight supply in Canada
Cheaper to rent than pay monthly mortgage payments in most Canadian cities
To rent or to buy? That is the question! A report by Zoocasa found that despite surging demand for rental properties pushing up the cost to lease condominiums in Canada, renting is still cheaper than the average monthly mortgage payment in 11-out-of-15 major markets. There are only four cities where mortgage payments actually cost less than the average rent for a one-bedroom apartment; they’re all located in Western Canada.
Food inflation hits fastest year-over-year pace since August 1981
Statistics Canada reported that food prices climbed 11.4 per cent in September from a year ago, topping the 10.8 per cent reported in August. Cereal products increased the most (17.9 per cent), followed by coffee and tea (16.4 per cent) and bakery products (14.8 per cent). BNN Bloomberg’s Hilary Punchard broke down the full report.
Canadian investors retreat from foreign equity buying binge
Many investors flocked to foreign stocks in 2021, but this year they’re taking most of it back. According to Statistics Canada, Canadians cashed out $2.3 billion from foreign equities in August, marking a seventh month of divestment this year. BNN Bloomberg’s Payback Time Personal Financial Columnist Dale Jackson took a closer look at what this trend says about Canadians’ investment strategies.
Snowbirds will face a 'perfect storm' of rising costs this winter
Individuals who are planning to head south for the winter might have to budget more this year, in order to afford rising expenses and higher real estate prices. BNN Bloomberg’s Daniel Johnson explained the different areas that might cost Canadians more cash compared to last year.
3.1 per cent
- That’s how much home prices fell by in September, compared to a month ago. The Teranet–National Bank National Composite House Price Index declined for a fifth consecutive month, breaking a previous record set in August. The report found the largest price declines were in Victoria (down 5.9 per cent), followed by Vancouver (3.5 per cent) and Hamilton (2.1 per cent).