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How Canadians are coping with a correcting housing market – CTV News



Less than a year after purchasing their four-bedroom townhouse in Surrey, B.C. for $870,000, Aneesh Bhandari and his wife decided to sell their home in early May.

They were both were looking forward to their first open house, Bhandari said, making bets on how many showings the home would get. They later discovered only one person came to view the property.

“It was an eye-opener,” Bhandari told in a telephone interview on Thursday. “My realtor didn’t expect that, nobody expected that.”


Bhandari and his wife are planning to move from British Columbia to Ontario to be closer to his employer’s office in Mississauga. But the process of selling their current home and purchasing a new one has been a struggle, the 36-year-old said.

After 30 days on the market, the 167-square-metre home listed for $1.15 million still had not sold, despite being listed for $50,000 below similar homes in the area, said Bhandari. In mid-June, he took the home off the market.

“At that point in time, the sellers were expecting yesterday’s price and buyers were wanting tomorrow’s price,” said Bhandari.

After getting an extension from his employer to work from home until December, Bhandari now plans to re-list his home in October in an effort to sell before the end of the year.

Bhandari is one of several Canadians who wrote to about the impact Canada’s housing correction is having on their decisions to buy or sell a home. After a series of interest rate hikes implemented by the Bank of Canada, housing markets are now facing a correction that “runs far and wide” across the country, according to a new report by the Royal Bank of Canada (RBC).

A drop in house prices, combined with less resale activity, shows that housing markets Canada-wide are now cooling down. According to RBC’s forecast, average home prices in Canada are expected to fall throughout the rest of 2022, eventually dropping 12 per cent by the middle of 2023 compared to their peak in February.

“[This] would rank as a very significant correction,” Robert Hogue, assistant chief economist at RBC, told in a telephone interview on Wednesday. “We rarely see this type of double-digit price decline on a national basis.”

Rising interest rates have played a key role in correcting some of the extraordinary gains in house prices Canadians saw during the pandemic, said James Laird, co-CEO of

“The last few years were irrational and some rationality in correcting that exuberance is happening at the moment,” Laird told in a telephone interview on Wednesday. “Given the red-hot pace of the last two and a half years, it feels logical now that we should be taking a breather.”

After hitting a record high of $816,720 in February, national average home prices have been on a steady decline, data from the Canadian Real Estate Association (CREA) shows. The average price of a home in Canada for the month of June was $665,849, not seasonally adjusted.

The lack of certainty in terms of what to expect from the Bank of Canada regarding further interest hikes may also be encouraging some Canadians to sit on the market sidelines, Laird said.

“With the central bank still in a transition period from the pandemic rate policy … to the post-pandemic inflation rate policy, we don’t know exactly where the bank wants to get to,” Laird said.

In the face of a changing market driven by shrinking house prices, Hogue said current sellers must be pragmatic and recognize the market is much different than it was just a few months ago.

“Prices are likely to continue to decline in the coming months, so the market is unlikely to become friendlier to sellers in the short term,” Hogue said. “Buyers are coming into the market with less of a budget … They have stricter limitations as far as [how much they can afford].”


According to the RBC report, large housing markets across Ontario and British Columbia are expected to see some of the heaviest corrections compared to other regions in Canada. The reason for this lies in the sky-high house prices that have characterized these areas during most of the COVID-19 pandemic. Hogue said these areas are therefore more sensitive to interest rate hikes.

According to data compiled by the CREA, average home prices in Ontario and British Columbia peaked in February at $1,086,493 and $1,104,098, respectively. Both figures are not seasonally adjusted.

Since then, activity has plunged to its slowest pace in more than 13 years — excluding pandemic lockdowns. This leaves room for more negotiations between buyers and sellers as the market balances out, said Frank Clayton, an economist and senior research fellow at Toronto Metropolitan University.

“[Buyers] should keep their eye open because … there’s always people that have to sell,” he told in a telephone interview on Wednesday. “Some people aren’t going to want to wait six or eight weeks and hope their house is going to sell, they may want the cash right away.”

While it may not be a buyer’s market in parts of Southern Ontario just yet, Clayton said, markets are appearing more balanced. This is also the case in the Greater Vancouver area, according to RBC’s report. Housing activity in the region has decreased 40 per cent over the last four months, and home prices for all home types have also dropped 4.5 per cent since April.

It’s also important to understand some areas of these regions will feel the effects of a correction differently than others, Laird said.

“[Prices in] the suburbs and more rural properties went up the most during the two years of pandemic exuberance … and those are the places [where] the prices are correcting the most,” said Laird. “[But] the urban cores did not go up nearly as much as the surrounding suburbs [so] they’re also not correcting as much.”


A real estate outlook from Desjardins also points to New Brunswick, Nova Scotia and Prince Edward Island as facing significant corrections, after home prices ballooned during the pandemic.

Parts of Alberta, however, are expected to be more resilient. Despite seeing price declines, the correction in this part of Canada is expected to be milder in comparison to others, Hogue said.

While average home prices may have been dropping on a national basis, this doesn’t mean houses have become more affordable for Canadians, Laird said.

Lower house prices have been driven by higher interest rates, which force homeowners to pay more interest on their mortgages. With a higher borrowing cost, those looking to buy a home are likely to qualify for less of a mortgage as a result, Hogue said. This makes it especially tough for homebuyers looking to get into the housing market for the first time.

Taylor Wright and her fiancé are currently renting a one-bedroom apartment as they search for a new home. Looking to purchase in either Ajax, Ont. or Whitby, Ont., with a budget of $800,000, Wright said she and her fiancé remain priced out of the market.

“Every house we go look at is still going for close to $100,000 over the asking price, and we are not willing to get into a bidding war and overpaying for a home,” Wright wrote in an email to on Thursday.

Having kept an eye on the province’s housing market since the beginning of the pandemic, Wright said she saw home prices “climb further and further out of reach.” Still, she said rising interest rates and cooling prices are giving her hope that in six months’ time, she may be able to buy a home.

Diordan Svelander and his wife are looking to purchase a home in the Greater Vancouver area. With sky-high house prices, he said they could not afford a down payment on a home despite working two full-time jobs.

Svelander said he and his family tried looking north of the city, in the municipality of Chetwynd, B.C. The couple had their eyes on one house, but as interest rates climbed throughout the year, they could no longer afford it.

“The money we had saved was not enough to withstand the stress tests, and we had exhausted all of our options trying to buy,” Svelander wrote in an email to on Wednesday.

As a result, the couple is now renting a two-bedroom unit with their two young children and pets, Svelander said.

A recent report by assessed the income required to purchase an average home in different Canadian cities. So far, financial losses from higher interest rates have not been offset by gains from lower home prices, Laird said. In all Canadian cities included in the report, residents required more income, on average, to afford a typical home.

“You had a better chance of buying a home a year ago with those elevated prices but with lower mortgage rates … than you do with the more modest home prices but higher mortgage rates,” Laird said. “It actually means that everything is less affordable than it’s ever been.”

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How To Choose The Perfect Type Of Fundraiser For Your Cause




Raising funds for a cause is an important and rewarding task, though it can be a daunting one as well. With so many different types of fundraisers to consider, it can feel overwhelming to decide which will work best for your organization or cause. It’s essential to understand the impact that each type of fundraiser should have on your mission statement and financial goals to make an informed decision. Whether you are selecting more common fundraising activities such as carwashes and bake sales, or opting for virtual fundraisers like crowdfunding campaigns or silent auctions, our guide covers the basics of choosing the perfect type of fundraiser with tips from fellow fundraisers to maximize success. Keep reading if you want advice on deciding upon —and then executing—the most effective way to raise money for your organization!

Understand Your Resources and Goals

Before committing to a fundraiser, it’s essential to assess your organization’s goals and resources. Understanding and leveraging your available resources and matching them to your fundraising goals is key. Successful fundraising requires planning– look at what type of money you need to raise, and ask if some volunteers or sponsors might provide their time or services. It’s important to be realistic about the time, money, and effort needed for each fundraiser. Doing a little research about each event ahead of time can help lay out expectations and make your final decision easier. There’s no one-size-fits-all approach when it comes to fundraising, so it’s important to choose a style that works with your situation. And the first step is understanding what your resources and goals are.

Analyze the Target Audience for Your Fundraiser

Taking the time to analyze the target audience for your fundraiser is a vital step when planning your event. It’s important to consider the age group and interests of the people who will be attending, as well as any demographic factors that might be relevant. For example, if your cause is particularly local-based, it helps to know the population of the community to have an accurate sense of who your attendees will be. Having this information allows you to craft an event that’s geared specifically towards that audience, catering to their individual needs and interests. Doing so increases the likelihood of engagement and fundraising success. Furthermore, understanding who your target audience is can help with other decisions for your event, such as what types of food or activities would best suit them. All in all, knowledge about who will be attending gives you the ability to create a truly memorable fundraiser experience.

Research Different Fundraising Ideas

If you’re looking to raise money for your cause, there’s no shortage of possibilities. Before you decide on a fundraising method, it is important to do your research and consider all the options. Take some time to review popular options and explore which fundraising type is most applicable to what impact you’re hoping to have. You can use read a thon to raise money to support schools, extra-curricular programs, or new equipment; organize a virtual run to contribute towards medical research or a fund for people in need. It is important to understand the selling points, potential pitfalls, and details involved with running each kind of fundraiser before selecting one—without this additional information, you might select a type of fundraiser that won’t suit your needs. Doing your research will ensure that when it comes time to choose a fundraiser type, you’ll be making an informed decision that fits with your organization’s abilities and goals.


Consider Both Online and Offline Fundraisers

When it comes to picking the right type of fundraiser for your cause, there are a lot of factors to consider. What will be easy to set up and organize, which demographics you’re hoping to reach, how to get adequate participation — the list goes on. Yet one important element not all organizers consider is how taking advantage of the internet can drive huge results while minimizing additional costs. Combining online and offline fundraisers presents a unique opportunity to gain traction from many different sources and keep your volunteers engaged — all with only minimal extra effort or time investment. Whether launching an electronic donation page, tracking sales data through social media platforms, or leveraging crowdfunding networks — getting measurable public engagement has never been easier or more powerful than today. So as you plan your fundraiser projects, don’t shy away from the event-boosting power of technology when trying to hit that final goal.

Consider the Cost of Your Fundraiser

While you may be primarily focused on raising the funds needed to support your cause, it is important to also pay close attention to the cost associated with your fundraiser. Not only should you consider the cost of purchasing supplies or materials for the event itself, but also look out for other costs that could arise such as renting a space and advertising fees. Doing thorough research ahead of time will ensure you select an appropriate fundraiser for your cause – one that fits within your budget. You may also want to consider utilizing a pro bono volunteer base or getting sponsorships from local businesses to help keep costs low. With the right combination of research and resourcefulness, you can find an effective way to raise money for your cause without breaking the bank.

Check out Other Fundraisers

Many fundraisers flop because organizers didn’t take the time to look at what other organizations have tried and succeeded with. Researching the successes and failures of other groups that have held similar fundraising activities can be a great starting point in determining which methods are likely to work for your cause. Internet searches, networking with other organizations, and reaching out to traditional media outlets are all great strategies to learn more about which strategies yield success for other charities. Taking the array of available activities into consideration and understanding the pros and cons of different methods will help you make the best decision for your cause.

Talk to Colleagues

One of the best ways to decide which type of fundraiser is the perfect fit for your cause is to collaborate with colleagues who have experience in the field. Talking to other fundraisers and asking for advice on how to reach your fundraising goals can be an excellent source of ideas, as well as invaluable insights that will help you make the right decision. Make sure to reach out beyond your group and networks so that you can gauge opinions from individuals with a wide array of different perspectives and experiences. With this broad base of information, you can make an educated, informed decision that will lead to a successful fundraiser and successful campaign!

When it comes to selecting the right fundraiser for your cause, there are several strategies and resources available that can help you make the best decision. From researching other successful fundraisers and their cost-effectiveness to leveraging technology to boost public engagement, there is no shortage of methods that can be used to maximize the results of your efforts. Taking the time to talk to colleagues and consider the cost of your fundraiser will ensure that you choose the perfect event for your cause. With a bit of preparation and resourcefulness, you can create an effective fundraising campaign that will have a significant impact on your organization!

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Pierre Poilievre is neither for nor against the Liberals' industrial strategy. Quite the opposite – The Globe and Mail



Conservative leader Pierre Poilievre reads from last year’s budget as he rises during Question Period on March 29 in Ottawa.Adrian Wyld/The Canadian Press

You would think that a politician as hard-hitting as Conservative Leader Pierre Poilievre would have something clear to say about the big initiatives that the federal government outlined in its budget.

But somehow the Leader of the Opposition can’t tell us whether he opposes the biggest thing in the Liberal budget.

He can’t say whether he is in favour of a massive, government-subsidized industrial strategy.


We’re not talking here about some baroque measure no one saw coming. We are talking about the largest feature in the government’s new fiscal blueprint.

In Tuesday’s budget, Finance Minister Chrystia Freeland outlined an enormous set of industrial subsidies for green technology that reduces emissions that will total $80-billion over the next decade.

This is an expenditure for industrial subsidies on a scale never before attempted in Canada. And we knew it was coming: The Liberal government signalled it was planning to respond to the huge subsidies in the U.S. Inflation Reduction Act. Ms. Freeland budgeted more new money for those subsidies over the next decade than for health care.

Most of that money is supposed to be spent five to 10 years from now, when there could well be another party in power, possibly under Mr. Poilievre. Companies making investment decisions this year will want to know if a potential prime minister is dead set against the whole idea. Canadians should want to know too.

But on Wednesday, Mr. Poilievre was neither for nor against. Quite the opposite.

Asked whether he is in favour of the hefty investment tax credits for things such as carbon capture and hydrogen, Mr. Poilievre said his Conservatives have been in favour of carbon capture for a long time.

So that’s a yes? Well, no, not exactly.

He said his Conservatives would “study what’s in the budget and we’re going to come up with our own election platform.” Apparently it will be a year or two before we know if Mr. Poilievre thinks that a massive program launched in the 2023 budget is a good step or a colossal waste of money.

Mr. Poilievre responded to those questions by talking about the long delays for approving projects like mines – which is a legitimate point but not an answer to the question of subsidies.

And then for a moment, he made it sound like he thinks the subsidies are an outrage. “I have no doubt that Justin Trudeau will stuff the pockets of foreign multinationals,” he said. That’s pretty biting, except for the fact that we’re not sure whether Mr. Poilievre is in favour of all that pocket-stuffing.

Certainly, no one should expect that the Conservatives would release all their policies in the platform now.

And of course there’s plenty of waffling in politics. On Wednesday, Mr. Trudeau dodged questions of whether his government will ever balance the budget, to avoid admitting it never will. Mr. Poilievre refused to say whether the Conservative government would cancel a proposed dental plan.

But in this case the government of the day is launching a major subsidy program that will cost billions of dollars a year and is supposed to be the cornerstone of a decade-long industrial strategy, and key to climate-change policy, too.

The Official Opposition can’t take a pass on that for two years and claim that its mission is holding the government to account.

It can endorse the idea, but quibble over the details. Or it can oppose the very notion of pouring megabucks into subsidies.

It is evidently an uncomfortable issue for Mr. Poilievre. He has spent a lot of his time in politics railing against corporate handouts. He couldn’t help using that language on Wednesday.

But those subsidies also include a lot of money for carbon capture and storage in the oil patch that Alberta’s United Conservative Premier Danielle Smith wants. Ontario’s Progressive Conservative Premier Doug Ford will be keen on the incentives for electricity and battery plants.

Yet there’s no way around it. This is the time when the issue is being decided, if only because the Liberals have tabled the budget with hulking piles of cash devoted to it. That will set Canada’s industrial policy on a course that is supposed to endure for a decade. An opposition leader should be able to tell us if he’s against it.

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As Canadians miss out on benefits, Ottawa promises automatic tax filing is on the way – BNN Bloomberg



The Canada Revenue Agency will pilot a new automatic system next year to help vulnerable Canadians who don’t file their taxes get their benefits.

This week’s federal budget says the Canada Revenue Agency will also present a plan in 2024 to expand the service, following consultations with stakeholders and community organizations. 

The move toward automatic tax filing, first promised in the 2020 speech from the throne, is one of several budget measures the Liberals say are meant to help Canadians with the cost of living.


Experts and advocates have called for automatic filing, noting many vulnerable Canadians miss out on benefits to which they are entitled.

Canadians are generally not required to file tax returns every year unless they owe money, but the federal government is increasingly relying on the Canada Revenue Agency to deliver income-tested benefits to individuals.

That includes Canada Child Benefit, as well as the recent top-up to the Canada Housing Benefit and the temporary doubling of the GST tax credit.

A 2020 report co-authored by Jennifer Robson, an associate professor in political management at Carleton University, estimates 10 to 12 per cent of Canadians don’t file their taxes.

Although there were non-filers across all income groups, they were most heavily concentrated in lower income brackets.

The report estimated the value of benefits lost to working-age non-filers was $1.7 billion in 2015.

The federal budget also said the Canada Revenue Agency will expand access to a service set up in 2018 that allows some Canadians with lower or fixed incomes to auto-file simple returns over the telephone.

The budget says that two million Canadians will be eligible for that service, called “File My Return,” by 2025, which is nearly three times the number of people who can use it now.

This report by The Canadian Press was first published March 30, 2023.

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