Toronto condos drop to 28-month low, Vancouver house prices -4% from peak in 2022 but condos near high. Calgary houses set new highs.
By Wolf Richter for WOLF STREET.
House prices in Canada were unchanged in February compared to January, seasonally adjusted, having fallen by 15.6% from the peak in February 2022, according to the Home Price Benchmark Index for single family houses by the Canadian Real Estate Association (CREA) today. Compared to a year ago, it ticked up 1.6%.
In dollar terms, the Benchmark Index for single-family houses has fallen by $145,500 from the peak in February 2022, to $788,800, just above where it had first been in August 2021 (all amounts in Canadian dollars). But there was a wide divergence between the major markets, and between houses and condos in some markets. And we’ll get to them.
Home sales dipped 3.1% in February from January, seasonally adjusted. Compared to the collapsed levels in February a year ago, they rose by 19.7%, but were still 5% lower than the 10-year average for February.
New listings ticked up 1.6% in February from January, even as sales fell 3.1%. And supply ticked up to 3.8 months of sales.
The Bank of Canada has tightened policy to deal with inflation. In July 2023, it hiked its overnight rate to 5.0% and has been in no rush to cut. For part of last year, it looked like inflation had been sort of vanquished, and rate-cut bets became all the rage. But late last year, inflation served up some nasty surprises – driven by housing costs, including a massive spike in the rent CPI.
The five-year government bond yield, which is crucial for Canadian mortgages, and which had dropped to 3.17% by the end of December, has since then risen to 3.67%.
Under its QT program, the BoC has so far shed 46% of its securities at the peak. This amounts to having shed 59% of the securities it had added during its pandemic QE.
Home Prices by Market.
Greater Toronto Area, single-family houses: The MLS Home Price Benchmark Index for single-family houses rose 1.1% in February from January, to $1,302,000 seasonally adjusted.
Compared to the peak in February 2022, the index is down by 16.4%, or by $255,000, and is just above where it had first been in September 2021. Compared to February 2023, the index is up 2.1%.
Greater Toronto Area, Condos: Prices fell 0.8% in February from January, to $681,700, down by 0.8% from February 2023, and down by 12.7% from the peak in February 2022, and the lowest since October 2021:
Hamilton-Burlington metro (part of the “Greater Toronto and Hamilton Area”): The single-family benchmark price rose by 0.9% in February from January, to $882,700 seasonally adjusted.
- From peak in February 2022: -21.9% or -$247,600
- Year-over-year: +0.9%
Hamilton-Burlington metro condos:
- Month-to-month: -2.1%
- From peak in April 2022: -15.8%
- Year-over-year: +0.7%
Greater Vancouver single-family: The benchmark price for single-family houses dipped 0.1% for the month, to $1,986,700 seasonally adjusted:
- From peak in April 2022: -4.2% or -$76,900
- Year-over-year: +7.5%
Greater Vancouver condos:
- Month-to-month: +1.2%%
- Year-over-year: +5.8%
Victoria: The single-family benchmark price fell by 1.1% for the month to $1,125,100 seasonally adjusted:
- From peak in April 2022: -11.2% or -$142,200
- Year-over-year: +0.7%
Ottawa: The benchmark price of single-family houses fell by 1.2% for the month, to $708,800, below where they’d first been in March 2021:
- From peak in March 2022: -11.5% or -$91,900
- Year-over-year: +3.7%.
Calgary: The single-family benchmark price rose by 0.7% for the month to a new high of $658,900 and was up 12.2% year-over-year:
Montreal: The single-family benchmark price edged up 0.2% for the month to $604,700 seasonally adjusted.
- From peak in May 2022: -5.0% or -$31,900
- Year-over-year: +3.4%.
Halifax-Dartmouth: The single-family benchmark price rose 0.5%, to $538,200; in essence unchanged for the past four months.
- From peak in April 2022: -4.2% or -$19,200
- Year-over-year: +5.3%.
Quebec City Area: The single-family benchmark price jumped 2.9% for the month, to $395,000, after having dropped by 3.9% in the prior month. It was up by 6.9% year-over-year:
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Oh but this time is different right? Perhaps that’s only true for SoCal for the true believers..Canada is exempt from this logic if data and trend has anything to say about this..
Cdn here. The pumps are still on: Elevated immigration (with some blow back). With 50% of mtges yet to be renewed, todate 15% of mtges were renewed at interest only and the principal increasing. Govt has budgeted a whooping double down $40B deficit. Govt has announced they’re buying $30B of mtges from lenders. Provinces are running deficits too. Municipalities are spending and taxing too.
‘With 50% of mtges yet to be renewed, todate 15% of mtges were renewed at interest only and the principal increasing.’
The regulator has told banks to cut back on neg and extended Am. The head regulator got so fed up with BMO senior staff he insisted on addressing the Board re lax mortgages.
The whole bubble was created by cheap excess credit.
Unless a buyer has above average rating they are being required to qualify up to 2 % over posted rate.
2024 is going to see forced sales. The one with the whip now is the bank regulator, and they are not happy.
“Govt has announced they’re buying $30B of mtges from lenders” I was hoping to see Wolf’s comment on this. It doesn’t look like they are capable of really denting rates are they? I think the plan is to try and push down mortgage interest rates by buying mbs (not through the central bank?) What are they thinking?!
That won’t have much of an impact on mortgage rates.
The project originated a year ago in the 2023 federal budget.
If you want to read a good discussion and not the simplistic nonsense on BetterDwelling, try this — it’s long and complicated, but so is this program and the bonds involved:
https://thehub.ca/2024-02-13/nicholas-neary-the-governments-costly-plan-to-purchase-canadian-mortgage-bonds-is-deeply-misguided/
The entire charade collapses with continued falling prices. Helocs dry up as sales contract. Do to falling equity. Government realizes this, so to counter, they will extend mortgages to 100 years as well as everything else they can do under the sun to keep houses fully occupied, because if they become vacant; then who pays their fat civil pensions? Little bo peep?
I’m starting to speak to US companies about jobs. It’s really crazy here now.
And this is still the thin end of the wedge.
Holding off getting a better car because of car theft.
Unbelievably the tax on a used car is 15%, so 30k, plus another 4k. It never ends.
Oh you will find WAY less crime in US. Did you know that a number of cities there have installed microphones so the source of gunfire can be estimated?
Come on over, bub. Even if it’s just for a different stripe of crazy.
Heck, in canada they’re gonna do multiple helicopter money drops to create massive inflation in order to keep that realestate market propped up and going . Anything and everything to keep house price annual appreciation. Welcome to ‘klownsian monetary theory’ 101.
All they have to do is lower interest rates so the Chinese can leverage so many more properties. Dubois reporting on the CPI and inflation figures achieve that as we just saw today.
Trudeau and Freeland are really cynical.
The massively excessive immigration, with so many pathways in, is aimed at putting up rents. This puts a floor on property prices as even if high rates stay, causing people to sell, new investors will be able to pay enough to keep banks solvent.
It’s not a real country. There’s no free market, the state decides who wins and who loses. Living standards are bad.
There’s no free press.
No healthcare.
Massive taxation at every turn.
The “economy” is housing driven by immigration and deficit spending.
There’s hardly any reports internationally because nobody cares about Canada.
I’m waiting for the follow up public service announcement by the Toronto police to also leave some cookies and milk next to your car keys for the thieves.
You are so wrong in your cynicism, it is really not worth commenting on. No free press? Really? What was I just reading for the last hour? My wife developed type 1 diabetes at age 13 and she has/had/has excellent health care and continues to do so to this day. 52 years worth without a bill and a tax deduction for any medical appointment travel. Everyone I know has good health care. But sidetracked here….. Immigration is too high, but it was undertaken for demographics and a shortage of trades, health care workers, and a compassionate refugee policy. There is a scale of who can enter as immigrants, and yes they are deported if they don’t meet the criteria.
Anyway, great article and stats….comments.
Major Cdn city prices just starting to fall, and have a long way to go. When this cash cow declines for sellers, the price pressures on places where people relocate and wish to retire might drop as well. Every day we give thanks on this part of Vancouver Island that most of the land is tied up in the Ag land reserve (ALR), or is designated forestry, Crown Land, and cannot be developed.
I live on a beautiful river and have so for the last 20+ years. New transplants bought a property across from us and immediately tried to develop a tourist business. They cannot and were stopped. And then this year the District GIS mapping was updated and showed the best portion of what they wanted to use to attract tourism was actually Crown Land. Their dock sits tied to Crown Land, I’m sure to their disappointment. Hopefully they will move back to Victoria.?
City prices are terrible, no doubt. I have never understood why people live in Vancouver, etc, and yes I worked in Calgary and Victoria construction. Left Calgary within 2 months. Not for everyone. My son’s tenants just bought a place here. They are an older couple in their 60s with a son/wife and grandchild. The son was from Ottawa and they were from Toronto. Both just sold out their eastern homes and bought 2 acres here with two homes on it. The new normal….kids have help, parents are involved and not isolated, and together they are building a new life. Apparently relatives will be following along.
“Immigration is too high, but it was undertaken for demographics and a shortage of trades, health care workers, and a compassionate refugee policy. There is a scale of who can enter as immigrants, and yes they are deported if they don’t meet the criteria.”
And there was only a shortage of trades because they were building high-rises on every other block. You know, build the high-rise, sell off the units (often multiple units) to rich Chinese investors (made rich because manufacturing was offshored to their country). Money laundering everywhere, but the government looked the other way. And easy, cheap money, which the government also provided.
Had none of this been done, there wouldn’t have been a shortage of trades, and you’d be sitting on a river that no one would have heard about and that wouldn’t have appreciated one thin dime. These construction firms wanted and needed the trades because they wanted to make money, and they didn’t care if they had to destroy a country and a culture to do it.
You sound smug, happy to be surrounded by protected land (which keeps the price of YOUR place up), your wife is looked after, and everything in hunky dory. It isn’t.
Without the influx of millions of immigrants and refugees, we wouldn’t have needed more health care workers. Demographics were fine in Canada before 1980 and they would have been fine after. It was greed and extensive lobbying that changed it all.
All we’ve done (Canada and the U.S.) is offshored manufacturing to Asian countries, and then brought the Asians into our countries to buy real estate. One big circle jerk. With nothing really accomplished, aside from destruction.
“You sound smug, happy to be surrounded by protected land (which keeps the price of YOUR place up), your wife is looked after, and everything in hunky dory. It isn’t.”
This is it.
We have 2 sets of people.
One who have it and are enjoying the system.
These people don’t care about the left out people and younger generations.
The second ones are the left outs and the one who can see the bigger picture although they may have been personally benefitted from this system
I’m surrounded by younger people making huge amounts of money, paying lots of money for all kinds of stuff, running companies, doing whatever, and they don’t care what anyone else has or needs. And I see older people who were aged out from their good jobs, and some have to now live very frugally. For a lot of people, it’s very tough getting old in America. Careful there with these silly simplistic cliches.
> and have so for the last 20+ years.
I’ve been here ten years and have no doctor
> my son’s tenants
Okay I see
Lol what the fuck are you talking about? I’m from Ontario and I’ll give you a free education about Canada:
– it IS a free market, heavily linked to the US market, but suffers from antitrust issues, just like the US
– immigration has already slowed since last year
– health care is free and universal (except dental)
– we have multiple unbiased news organizations, ie, free press
– federal and provincial taxes when combined with marginal income rates are similar to what you would pay in many us states, so, nothing new here either
I find it hilarious when dumb fuck Americans spout nonsense about other countries without doing a single minute of research.
But you go ahead and keep living in your ‘mur’ka propaganda bubble. The entire world will move forward intellectually while you rot away in a dark corner of your mom’s basement.
“I find it hilarious when dumb fuck Americans spout nonsense about other countries without doing a single minute of research.”
It may be hilarious in general terms. But “georgist” — to whom you addressed this — logged in from Quebec, which I assume, without doing more research, is still in Canada.
It’s possible — I mean, it’s just a theory — that Canadians too are able to spout off BS in the comments here, not just Americans.
Re: federal and provincial taxes when combined with marginal income rates are similar to what you would pay in many us states, so, nothing new here either
What are you talking about? You are wrong on so many levels. Having lived in Ontario and moved to MI the taxes are vastly different. My net take home is greater, I can file jointly with my wife who is stay at home and get great tax breaks for my children dependent which was not possible in Ontario. Canada is the US handicap brother, it produces absolutely nothing, the PM cut oil production, your dollar is collapsing, your gas prices are near double, only country in world to pay carbon tax. Canada gdp is a laughable.
“The entire world will move forward intellectually”…?
Really?
Are these your true feelings? If so, then even despite venting your spleen all over us dumb Americans, (partly deserved, to be sure), you are one hell of an optimist.
“Federal and provincial taxes when combined with marginal income rates are similar to what you would pay in many us states, so, nothing new here either”
No. This is wildly inaccurate.
Top rates for combined Federal and Provincial taxes in Canada are far higher than in most US states and top brackets start at much lower income.
The top Federal rate of 33% kicks in at US$ 182K, and there is no adjustment for married couples. The 32% rate for singles in the US starts at similar income, but for married couples, starts at 362K.
Provincial taxes top out at similar income, the lowest is 13 and highest 25%, so for a typical middle to upper income person, taxes are far higher in Canada. To have a similar rate in the US, you would need to live in CA, NYC, or Portland OR and be earning a million plus, and you would still be paying substantially lower taxes than in BC or Quebec.
Liberal propaganda
– it IS a free market, heavily linked to the US market, but suffers from antitrust issues, just like the US
WRONG: It’s a set of oligopolies. I’ve run my own business for 16 years, and consulted with all of them. Don’t tell me how it is.
– immigration has already slowed since last year
WRONG/IRRELEVANT: Canada is accepting vastly more than our system can support. We will have 41 million people 9 months after we broke 40 million.
– health care is free and universal (except dental)
WRONG: health care is horrible. Wait times for specialists and MRI are in years. Average emergency wait time is 23 hours, ffs. Free? One must pay for dental, opticla, and drugs, and get taxed 60% in total. How is that free?
– we have multiple unbiased news organizations, ie, free press
WRONG: Our press is bought for a billion dollars by Turdoe. All nepotist and cronies.
– federal and provincial taxes when combined with marginal income rates are similar to what you would pay in many us states, so, nothing new here either
WRONG: They are vastly higher than. the US, not to mention HST on everything, carbon tax everywhere, and imagine HST on carbon tax, tax on tax.
Let me guess.
You are a Boomer. You voted for Blackface. And you purchased a home the price of a can of soup in 1985.
Am I close?
Most of these weird and aggressive faux-patriotic (really just hatred and selfishness and “I got mine”) comments come from people who fit that description.
Oh and how can Canada be considered a free market when their government rushes in the rescue Boomer assets every time it looks like they might correct?
Sorry, the title for my comment above should have been “Canada only good for Boomers”.
No health care? Gee I saw a doc twice last year within in one hour of walking in. No charge except for the meds.
So how much more of yr post is BS?
I had an ingrown cyst last year…walked into a clinic within an hour and got meds. Returned 2 days later and scheduled for a specialist in 2 weeks.
Luckily have USA med plan as well, crossed the border, saw a doctor and was “rushed” into a specialist same day to remove the cyst to prevent the possibility of my upper leg being badly affected as the grown was dangerously close to nerves, etc.
LONG wait times for most…You get what you pay for in Canada.
It’s not a real country? Respectfully when did you realize that? 30 years ago i came to canada. This a mine, factory, whatever you call it but it’s not a country like other western countries. If someone like me talks answer is go back to where u came from. A native talks, well the natives have nothing to say. Multi cultural!? Better call it non cultural. There is no unity in anything. People have no voice. Well, no one sent you an invitation!
Google “better dwelling mbs” to see how the govt is trying to suppress mortgage rates using deficit spending.
And remember Canada has zero gold reserves.
re:zero gold reserves…. no worries there -half the gold mines on this planet are in Canada
That article is confused nonsense. I read it yesterday.
‘And remember Canada has zero gold reserves.’
True. We sold all 35 yrs ago for 400 per oz. Now do some math on almost any investment compounded over that period.
It’s funny, the more dubious a country’s currency the more it yaps about its gold. Posterchild: Russia. Russia is far too poor to have a gold backed ruble. In fact the German public, private citizens. own more gold than the Russian Central Bank.
The favorite piece of paper under the Russian mattress? You know.
We sold our gold at $1500 in 2015/16, which was eight years ago, not 35.
For the government, Gold is not an investment, but the backing for the currency without third party risk being introduced.
Canadian gold mines are private properties, and it costs money to mine and process gold. Bank of Canada cannot just walk into a boreal forrest and grab a fistful of 9999 gold.
What’s with this Russia story? Tourette syndrome from media poisoning?
Few things Ive noticed about massive unabated immigration.
1) immigrants have no problem modifying and stacking 7-10 people in a standard 3-2 house to combat affordability in non deed restricted communities here in tampa.
2) when going to the emergency room recently, it was stacked with immigrants, because they get ‘free’ emergency room healthcare. Citizens do not. We get billed to the nines, and hounded until we pay up, or file chapter 7, or expire.
3) sure looks to me like a bunch of EBT purchases at the grcery store lately by non english speaking people.
Now i understand this is a nation of immigrants, but come on man. Really, someones paying for that ‘free’ food.
Then when trying to find out why this is so prevalent, every faux noise watching person spouts out, because of their vote, but last i checked; non citizens cant vote.
We’re not a nation of immigrants, and never have been. That’s a lie the open borders crowd spews to justify their treasonous position.
America was formed by colonists, not immigrants. There was not any large scale immigration until the 1840s, many years after America’s founding.
Einhal – with respect, Native American/First Nations folks might debate those definitions with you…
may we all find a better day.
Again, colonists are not immigrants. Immigrants are people who move into an existing society, not move into it to replace it and take it over.
I’m not making a value judgment, just saying that the English colonists were NOT immigrants by any reasonable definition of the word.
Einhal – just so I’m clear with the semantics, here, ‘colonists’ = ‘invaders’, but ‘illegal immigrants’ don’t? (different discussion for what constituted extant pre-Columbian societal definitions of ‘national borders’…). Best-
may we all find a better day.
And rents stay high because landlords are leaving the business because of ridiculous laws that allow, and often encourage, tenants to not pay the rent for 12 to 18 months.
The socialist rot from the federal government has filtered down to the provincial and municipal governments.
I’d like to leave but my Canadian dollars aren’t worth anything internationally.
Did they destroy the house when they sold?
If not housing stock is unaffected by the loss of one parasite.
Which one do you define as the “parasite”? The landlord (as an individual / mom ‘n’ pop) who spent his personal money to buy a property to rent to someone who couldn’t/wouldn’t/chose not to buy or the person who contracted to pay someone in exchange for something of value (housing)?
I might add to the above “and failed to do so”.
To add on to that,
I’m so tired of hearing about how people “took great risks” by buying assets in the 1980s that have gone up by a factor of 10, simply because of money printing.
What my peers want is reasonable entry points to assets.
Is the dumber than usual comment week? Internationally the C$ is a top tier currency. Which other currencies are you talking about? The peso, the ruble? Do you even know what ‘fully convertible’ means?
Apart from lead dirty shirt USD, the next is the euro. The C$ has appreciated slightly over 5 years from 1.50 C$ to 1.47 C$.
Yea. Canadian expat here. I have about as much Canadian assets as I do American. The Canadian economy and CAD Dollar are remarkably stable and even a good hedge against the USD.
In Kappadokia, Turkiye I had no problems to exchange Canadian Dollars for Turkush Lira at 23 when the mid- Market rate was 23.80.
Only problem was finding the place without speaking the langruage.
Not true. Rents are high because of mass immigration.
Yes the taxes are high and the property values are high and the price of whiskey is high but cannabis is cheap so there is that. Lived in both the states and Canada. Still choose Canada at least for now – for all of its short comings it is still the one of the most beautiful places on earth. At least Nova Scotia is.
You think auto theft is bad here try my birth town of Chicago if all you lose is your car your counting your blessings and lets not even start on the red states talk about oppressive government oversite. shesh
The grass is always greener until you go to mow it.
top g – …the more I read this thread, I’m having trouble distinguishing the CDN-bashers from the CA-ones…
may we all find a better day.
All increased immigration is not just to support markets, but to keep wages down by increasing competition for a job. This is nothing new for Canada.
Canadian per capita income was close to American 20 years ago. Now Canadian makes 40% less. Canadian GDP hasn’t increased to the level of population increase. Absolute Canadian GDP has increased. But per capita GDP today is less than in 2016.
alert(“nuts”)
Ultimately, housing prices reflect supply and demand. For too long Canada has been pushing higher demand via immigration on the one hand, and restricting supply on the other through a vast array of red tape, most importantly zoning restrictions.
The backlash against the recent surge in immigration likely means that the rate of immigration will fall some in the next few years. Plus, boomers are getting closer to the age when they will start dying and freeing up housing (this is mostly still in the future, but there is some already, and it is growing every year).
On the supply side, we are finally seeing some improvements. The province of BC has passed a range of legislative changes to make it easier to build housing. Ontario is trending in a similar direction and various cities (eg. Edmonton) are also taking steps such as relaxing zoning and parking requirements in order to support more building.
There are still opposing forces, in particular, the inertia of bureaucratic movement towards ever stricter and more complex building codes and energy efficiency requirements and so on continues to push up costs in a subtle way.
Climate change is also starting to take a toll as insurance costs rise to cover increased damage due to wildfires, as people now need to pay for AC in areas that didn’t get hot enough to require it before, more frequent high tide damage, more intense rainfall events, and so on.
Still, I do see some hope, for the first time in a long time, that politicians understand that high housing prices are strangling the economy and need to be addressed and that we may see a medium term trend towards better affordability as we go forward.
Agree that zoning usually constricts housing in all of North America, but it is a municipal issue.
Endless people keep barking at the federal gov’t to “solve housing” when the feds do not actually have the tools to materialize new dwellings (short of literally socializing housing)
Sure, stopping all immigration would (eventually) reduce demand, but one should expect that cities would correspondingly bend to NIMBY’s who insist no immigration = no new zoning required.
Remember: the silent majority love high housing prices because they were lucky enough to buy housing at lower prices, and that silent majority will work levers at all levels of gov’t to try to grow that advantage
As always in Canada, it is the provinces that hold the real power. BC has taken action, we will see if the others follow.
The only thing that would save Canada is if the Chinese and Hong Kong housing markets don’t revive. All ponzi’s need more money coming into the base. In Canada eventually the money coming in from both China and Hong Kong will dry up as most will have lost most of their net worth in their local real estate and won’t have money to buy up all of Canada. Only time will tell if real estate values in China and Hong Kong aren’t resurrected.
The top immigrant group to Canada are Indians. …many quite wealthy.
Yep….US starts and permits jump big time for the spring……they have solid control over this boom…….rates are controlling demand. Inflation totally transitory.
Written by the same crew that saw the light at the end of the tunnel in nam. Does Westmoreland work in the eccles building…….could be the next generation…..General Betrayus and crew.
Another comment on real estate. We saw March 1st deadline for vacant property tax declaration come and go and it only got 63% of the applications back declaring the property is not vacant. Surprised by the low response rate, they extended the deadline to March 15th. I haven’t seen updated stats. Looks like ~20% of residential property holders will get the 23$ fine for not reporting occupancy.
The Canadian housing cost issue undeservedly getting the least attention is the Canadian and provincial building code(s). Aside from builders’ massive profit taking, the increases in complexity and systems requirements has driven per square foot prices up over 400% in 20 years. The simple houses built for returning WWII vets are mostly still viable, cost next to nothing and could be erected in a couple of weeks. I recently drove from Oroville Washington State to Osoyoos in BC. People are essentially the same but housing appears as different as Haiti is from Monaco. It’s wonderful to imagine a house standing for 300 years and protecting it’s occupants from every imaginable disaster, but if that means the new underclass is essentially living a renter’s servitude or on the street, is that still a good thing?
Yeah, we all know Canada is bad. Suck it up or leave. If you don’t own a house or have a well paying job your done . The best plan is to save and leave for a cheap country or comeback and work camp jobs in Alberta. The country has been destroyed for the last 8 years . Its a hunger game society, rent,food, tax and everything else. The people are divided and demoralized by high immigration,refugees and illegal immigrants. Canadians are just tax,wage and debt slaves.
High deficits,devalued currency,horrible health care,high crimes rates, very high housing costs, high gas prices, high food prices, high taxes. Woke heaven and left wing, socialized commie society.
Wolf,
I’ve read that the canadian government is massively buying mortgage bonds. Curious to know what’s the effet (and also why would they do that)?
I imagine it increases liquidity, and lowers rates, and it’s to keep prices up.
Why does this BS keep cropping up here???? if you want to read something intelligent about this project which came out of the 2023 budget a year ago and is now in the process of being implemented, read this:
The article is long and complicated, as is this program and the bonds involved, so this may not be right for you, and you prefer short BS clickbait headlines:
https://thehub.ca/2024-02-13/nicholas-neary-the-governments-costly-plan-to-purchase-canadian-mortgage-bonds-is-deeply-misguided/