Finance

Bank of Canada rate cut
Economy

Canada In Store For 1.25% Interest Rate Cut In 2024: CIBC

In its latest provincial forecast, CIBC Capital Markets predicts that the country could be in store for a 125-basis-point rate cut this year.

Taxes

Toronto Passes 2024 Budget, 9.5% Tax Hike For Residential Properties

City Council voted in favour of the 9.5% increase to the residential property tax rate when they met on Wednesday to finalize the 2024 budget.

Taxes

Toronto Vacant Home Tax Declarations Due At The End Of February

It's that time of year again... here’s what you need to know about declaring the occupancy status of your property ahead of the February 29th deadline.

Economy

Interest Rates Won't Fix Housing Affordability: Macklem

The BoC head instead pointed to other aggravating factors, like the lack of housing supply, exacerbated by "zoning restrictions, delays and uncertainties in the approval processes, and shortages of skilled workers."

Taxes

Chow Brings Proposed Property Tax Hike Down To 9.5% In ‘Mayor’s Budget’

Chow made the case for a much more palatable 8% raise — which would be combined with a 1.5% increase for the city building levy — when she tabled her version of the 2024 budget on Thursday.

Taxes

Toronto Gets Closer To New 10% ‘Speculation Tax’ On Foreign Home Buyers

Toronto's Executive Committee voted in favour of the proposed tax on Tuesday, and the item is set to go to City Council next week.

Taxes

Chow Pushing To Lower Multi-Residential Tax Hike To Get Ahead Of AGIs

The multi-residential property tax increase is currently proposed at 4.5%, but Chow hopes to lower that figure in an effort to prevent above-guideline rent increases, as well as evictions linked to AGIs.

Taxes

Toronto Eyes New Tax To Clamp Down On Foreign Home Buyers

The proposed tax stands to bring in as much as $15M in revenue in 2025, and will be considered by the Executive Committee on Tuesday.

Economy

Bank Of Canada Holds Key Interest Rate At 5% For Fourth Straight Time

The hold was largely expected, with many economists predicting in the weeks leading up to Wednesday's announcement that a rate cut was not yet on the table.

Economy

Wednesday Expected To Bring Rate Hold, ‘Key Forward Guidance’ From BoC

Far too many indicators, inflation included, are still too erratic for the BoC to approach the topic of interest rate cuts, economists warn.

Economy

Inflation Accelerated In December. What Does That Mean For Interest Rate Cuts?

"The Bank of Canada’s job is getting inflation under control. When there’s a setback like this, that should realistically postpone any possibility of a rate cut."​

Economy

It's Happening Again: Promise Of Rate Relief To Spark Spring Housing Market

Though the presumed timing of rate cuts should help to boost home sales, TD’s Rishi Sondhi tells STOREYS that prices may not follow suit and are expected to slip though the first quarter and flatten in the second.