INTEREST RATES
March 6, 2024 led to the 5th straight decision from the Bank of Canada to keep its policy rate flat leaving bank prime at 7.20% and leaving lenderslooking for signs that the central bank would “green-light” a rate drop.
INFLATION
The central bank said that inflation is still too high but noted that coreinflation measures — which strip out volatile sectors like food and energy —have trended downward in recent months.
THE REAL ESTATE MARKET
Ontario and British Columbia are expected to drive the decline in nationalhousing starts for 2024. High home prices will make certain hometypes unaffordable, while developers may struggle even with apartment construction because of supply-side challenges, particularly financing costs.
FEDERAL BUDGET 2024
The budget proposes $52.9 billion in new spending over five years, including$8.5 billion in new spending for housing. “We’re building more apartments and affordable housing across the country and unlockingpublic lands and vacant government offices to build homes for Canadians,” commented Deputy Prime Minister Freeland in releasing the Federal Budget on Tuesday April 16, 2024.
