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Market Monitor

We keep our finger on the pulse of the mortgage investment market to provide you with the latest news and trends from our team of experts. Read our blog to get the latest on mortgage investing so you can invest with CMI.

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17 May 2024

No Immediate Relief in Sight for Soaring Rents

In April, average asking rents for all residential property types in Canada remained near record highs, reaching $2,188 per month, marking a 9.3% increase compared to the previous year. However, there were indications of easing in certain markets within the Greater Toronto and Hamilton Area (GTHA) and surrounding areas, particularly in 1-bedroom and, in some…

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14 May 2024
Where are the Current Risks to the Mortgage Market?

Mortgage holders have been anxiously waiting for the Bank of Canada to cut interest rates. The increase of 90,400 jobs in April – five times what analysts expected – has heightened concerns that the Bank will continue to wait before lowering rates.  While the economy has not slowed as much as expected, there’s growing economic…

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8 May 2024
Who Will Build the New Homes We Need?

The government aims to build 3.87 million new homes by 2031 through its housing strategy, which focuses on increasing construction of both owner-occupied and rental housing construction. However, a major constraint to achieving this ambitious target is finding enough skilled workers. RBC estimates that Canada could need more than 500,000 additional construction workers to meet…

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6 May 2024
Hope Remains for US Rate Cuts Later in the Year

On May 1, the US Federal Reserve held its two-day FOMC (Federal Open Market Committee) meeting where it kept policy rates unchanged. The fed funds target range remained at 5.25% to 5.50%, where it has been since last July.  Fed Chairman Jerome Powell emphasized in policy statements that rates will persist at current levels “as…

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1 May 2024
Further Thoughts on the Budget and Housing

Last week, we examined the new housing road map laid out in the 2024 federal budget. This week, we’re offering a few additional thoughts on two related issues: the importance of private sector investment in rental housing and the impact of investors in the real estate market. Encouraging Private Sector Investment in Rental Housing Although…

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30 April 2024
Expect the Bank of Canada Not to Wait for the Fed to Start Cutting Rates

With the likelihood of a summer rate cut by the US Federal Reserve fading, there are growing concerns the Bank of Canada will be unable to diverge significantly from the Fed in its timing of any rate cuts. Despite this, the actual timing and extent of interest rate cuts by the Bank of Canada will…

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24 April 2024
Budget 2024 – A New Housing Road Map

Budget 2024 focused heavily on housing. Budgets are as much about communication as they are about action. This one is a broad-based program that attempts to cover a range of housing initiatives. Notably, the budget drew attention to the supply challenges stemming from rapid immigration growth. While highlighting all federal measures that are planned, it…

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