Media

Record Declines in Canadian Home Sales and Listings in April The pandemic shutdown has put every sector of the economy into a medically induced coma, so, of course, the housing sector is no exception. Data released this morning from the Canadian Real Estate Association (CREA) showed national home sales fell a record 56.8% in April,…

Click here to listen to Dr. Sherry Cooper, along with Ben Rabidoux and Jasmine Cracknell-Young, provide their insights at the 2020 Toronto Real Estate Town Hall meeting.

Pandemic Batters Canadian Jobs Market A Recession Like No Other The Canadian economy has been put in a medically induced coma. Never before in modern history have we seen a forced shutdown in the global economy so, not surprisingly, the incoming data for April is terrible. There is a good chance, however, that April will…

Click here to watch Dr. Sherry Cooper and Barry Cohen discussing COVID-19’s impacts.

Bank of Canada Stands Ready To Do Whatever It Takes On the heels of a devastating decline in the Canadian economy, the Bank of Canada is taking unprecedented actions. With record job losses, plunging confidence and a shutdown of most businesses, this month’s newly released Monetary Policy Report (MPR) is a portrait of extreme financial stress…

Housing Market Another Victim of the Virus   Data released this morning from the Canadian Real Estate Association (CREA) showed national home sales fell 14.3% on a month-over-month (m-o-m) basis in March, the first national indication of the early impact of social isolation. The economic disruption and massive layoffs caused both buyers and sellers to increasingly…

Canada Loses Over a Million Jobs in March Employment in Canada collapsed in March, with over one million jobs lost, wiping away over three years of job creation in a single month and highlighting the economic pain the coronavirus pandemic has swiftly delivered. The decline in jobs in Canada, on a proportional basis, was steeper…

Dr. Sherry Cooper in this year’s CMP Top 75 Brokers edition of the Canadian Mortgage Professional! Read it here now or click the image below.

Why Are Mortgage Rates Rising? Over the past month, the Bank of Canada has lowered its overnight rate by a whopping 1.5 percentage points to a mere 0.25%. Many people expected mortgage rates to fall equivalently. The banks have reduced prime rates by the full 150 basis points (bps). But, since the second Bank of…

  Bank of Canada Moves to Restore “Financial Market Functionality” The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. This unscheduled rate decision brings the policy rate to its effective lower bound and is intended to provide support to the Canadian financial system and the…