The sixth annual Price Per Square Foot survey released today by CENTURY 21 Canada found that more condo owners flocked to homes outside of the Greater Toronto Area and Vancouver.

Economists forecast a 15 per cent to 20 per cent drop in housing prices by the end of the year, with most believing new housing supply won’t bring prices down more than higher rate increases.

According to the latest MNP Consumer Debt Index, rising interest rates and soaring cost of living is putting more Canadians in financial stress.

Inflation, in combination with tight labour markets, is compounding the rising wages in the frontline service workforce.

The Ontario government has set the 2023 rent increase guideline at 2.5 per cent, a rate much lower than inflation.

The federal government is providing a one-time payment of $500 to nearly one million low-income Canadians as part of the new Affordability Plan.

The phenomenon of price increases and shortage of items is affecting every aspect of daily life, including common element fees, which are paid each and every month to both new and old condominium corporations.

Inflationary pressure is expected to subside over the coming months with the easing of COVID-related triggers, but residential rent could still be peaking.

The Bank of Canada has announced it is keeping its target overnight lending rate at 0.5 per cent, but lower interest rates are expected for the near future.

The Toronto and Vancouver residential real estate markets led the country in strong gains during the fourth quarter of 2015, according to the recent Royal

A new report from Fortress Real Developments (Fortress) revealed that two-thirds of market experts agree that a major housing correction is not in the cards for Canadians over the next five years. In fact, the report, which sourced data from a variety of professional resources, said that analysts could not agree when it came to defining a “housing bubble.”

The Government of British Columbia is keeping the allowable rent increase for residential tenancies at 2.5 per cent for 2015. This means no change from the rate established in 2014. By law, the rate of rent increase is calculated by a formula of two per cent plus the rate of inflation.