Ottawa is asking Canadians what they want to see in the fall budget
Champagne launched consultations for that budget today that will run through the end of August.
The government says the consultations will focus on bringing costs down for Canadians.
Prime Minister Mark Carney has been renewing his campaign message of spending less and investing more in recent weeks.
Last week Champagne sent letters to ministers asking most to cut program spending at their departments by 7.5 per cent in starting next spring, ramping up to 15 per cent in three years.
Monday Mornings
The latest local business news and a lookahead to the coming week.
The federal budget is usually tabled in the spring but is coming later than usual this year, prompting some concerns from fiscal critics about the pace of spending and the size of the deficit.
This report by The Canadian Press was first published July 14, 2025.
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CBC
32 minutes ago
- CBC
Home sales rose in June, though fewer home sales expected for this year, says CREA
Social Sharing For the second time this year, the Canadian Real Estate Association (CREA) has downgraded its forecast for home sales in 2025, even as it reported the number of homes changing hands across the country in June rose 3.5 per cent compared with a year ago. The association said Canadian home sales last month also increased 2.8 per cent compared with May on a seasonally adjusted basis. In its outlook released Tuesday, CREA said it now expects a total of 469,503 residential properties to be sold this year, a three per cent decline from 2024. In April, the association forecast the number of home sales for 2025 to remain essentially unchanged from last year, which itself marked a steep cut from its January forecast of an 8.6 per cent year-over-year increase. The national average home price is forecast to fall 1.7 per cent on an annual basis to $677,368 in 2025, which would be around $10,000 lower than predicted in April. CREA senior economist Shaun Cathcart said that despite a "chaotic start to the year," the latest data suggests the housing market rebound originally forecast for this year — before it was upended by the Canada-U.S. trade war — may have "only been delayed by a few months." "At the national level, June was pretty close to a carbon copy of May," said Cathcart in a news release, cautioning "we're not out of the woods yet" given U.S. President Donald Trump's latest 35 per cent tariff threat. WATCH | Rise in home sales largely due to Greater Toronto Area, CREA says: Home sales rose in June while prices held steady: CREA 1 hour ago The association said the tariff-related uncertainty that drove so many buyers back to the sidelines earlier this year ended up taking a larger bite out of activity in B.C., Alberta and Ontario than was expected three months ago, but "the good news is markets appear to be entering their long-expected recovery phase, fuelled by pent-up demand, lower interest rates, and an economy that is expected to avoid worst-case tariff scenarios." "Most housing markets continued to turn a corner in June, although market conditions still vary considerably depending on where you are in Canada," said CREA chair Valerie Paquin. "If the spring market was mostly held back by economic uncertainty, barring any further big shocks, that delayed activity could very likely surface this summer and into the fall." CREA said it now forecasts national home sales in 2026 to improve by 6.3 per cent to 499,081. That would put activity back on track with what was expected in its April forecast, when it predicted a 2.9 per cent gain in sales next year. The national average home price is expected to increase three per cent from 2025 to $697,929 next year. Meanwhile, the national average sale price fell 1.3 per cent in June compared with a year earlier to $691,643. There were 47,871 home sales recorded last month, up from 46,237 in June 2024. Why the condo market is plummeting during a housing crisis 2 months ago The association said the recovery in sales activity over the past two months was led overwhelmingly by the Greater Toronto Area The number of newly listed properties throughout the country was down 2.9 per cent month-over-month from May. A total of 206,435 properties were listed for sale by the end of the month, up 11.4 per cent from a year earlier and just one per cent below the long-term average for this time of the year. "June's sales performance came in broadly as expected, with Canadian transactions continuing their gradual recovery from their early-year depths," said TD economist Marc Ercolao in a note. "We expect home sales will continue to rise in the second half of the year as pent-up demand continues to trickle into the market. That said, the sales level should remain subdued as economic uncertainty remains elevated, especially with Canada facing new tariff threats."
Toronto Sun
38 minutes ago
- Toronto Sun
CREA cuts 2025 forecast again but says home sales are rebounding from 'chaotic start'
Published Jul 15, 2025 • 3 minute read A real estate sign is displayed in front of a house in the Riverdale area of Toronto on Wednesday, September 29, 2021. Photo by Evan Buhler / The Canadian Press For the second time this year, the Canadian Real Estate Association has downgraded its forecast for home sales in 2025, even as it reported the number of homes changing hands across the country in June rose 3.5 per cent compared with a year ago. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The association said Canadian home sales last month also increased 2.8 per cent compared with May on a seasonally adjusted basis. In its outlook released Tuesday, CREA said it now expects a total of 469,503 residential properties to be sold this year, a three per cent decline from 2024. In April, the association forecast the number of home sales for 2025 to remain essentially unchanged from last year, which itself marked a steep cut from its January forecast of an 8.6 per cent year-over-year increase. The national average home price is forecast to fall 1.7 per cent on an annual basis to $677,368 in 2025, which would be around $10,000 lower than predicted in April. CREA senior economist Shaun Cathcart said that despite a 'chaotic start to the year,' the latest data suggests the housing market rebound originally forecast for this year — before it was upended by the Canada-U.S. trade war — may have 'only been delayed by a few months.' Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 'At the national level, June was pretty close to a carbon copy of May,' said Cathcart in a press release, cautioning 'we're not out of the woods yet' given U.S. President Donald Trump's latest 35 per cent tariff threat. The association said the tariff-related uncertainty that drove so many buyers back to the sidelines earlier this year ended up taking a larger bite out of activity in B.C., Alberta and Ontario than was expected three months ago, but 'the good news is markets appear to be entering their long-expected recovery phase, fuelled by pent-up demand, lower interest rates, and an economy that is expected to avoid worst-case tariff scenarios.' 'Most housing markets continued to turn a corner in June, although market conditions still vary considerably depending on where you are in Canada,' said CREA chair Valerie Paquin. This advertisement has not loaded yet, but your article continues below. 'If the spring market was mostly held back by economic uncertainty, barring any further big shocks, that delayed activity could very likely surface this summer and into the fall.' CREA said it now forecasts national home sales in 2026 to improve by 6.3 per cent to 499,081. That would put activity back on track with what was expected in its April forecast, when it predicted a 2.9 per cent gain in sales next year. RECOMMENDED VIDEO The national average home price is expected to increase three per cent from 2025 to $697,929 next year. Meanwhile, the national average sale price fell 1.3 per cent in June compared with a year earlier to $691,643. There were 47,871 home sales recorded last month, up from 46,237 in June 2024. This advertisement has not loaded yet, but your article continues below. The association said the recovery in sales activity over the past two months was led overwhelmingly by the Greater Toronto Area The number of newly listed properties throughout the country was down 2.9 per cent month-over-month from May. A total of 206,435 properties were listed for sale by the end of the month, up 11.4 per cent from a year earlier and just one per cent below the long-term average for this time of the year. 'June's sales performance came in broadly as expected, with Canadian transactions continuing their gradual recovery from their early-year depths,' said TD economist Marc Ercolao in a note. 'We expect home sales will continue to rise in the second half of the year as pent-up demand continues to trickle into the market. That said, the sales level should remain subdued as economic uncertainty remains elevated, especially with Canada facing new tariff threats.' Toronto & GTA Editorial Cartoons Columnists NHL NFL
Global News
41 minutes ago
- Global News
Canadian home prices hold steady. How Trump's tariffs could affect recovery
Home prices in Canada held steady for the month of June, while national home sales rose 2.8 per cent, building on a 3.5 per cent rise in May, the Canadian Real Estate Association (CREA) said in newly released data on Tuesday. However, experts say the long-anticipated recovery of Canada's real estate market may be marred by U.S. President Donald Trump's threat of new tariffs. The signs of recovery in the housing market may only be 'psychological,' Clay Jarvis, mortgage expert at NerdWallet Canada, said. 'Since home prices, the cost of living and mortgage rates all remain elevated, the change we've seen in the market has to be psychological. Canadians are exhausted with tariffs, with Trump and with the turmoil they've been subjected to since January,' he said. 'The risks involved with buying a home in the current climate are still there, but buyers seem more willing to move forward rather than spend their days looking over their shoulder,' Jarvis added. Story continues below advertisement While home sales in the Greater Toronto Area rebounded 17.3 per cent since April, nationally the picture is virtually a 'carbon copy' of the sales figures from May, CREA's senior economist Shaun Cathcart said. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'It's another month of data suggesting the anticipated rebound in Canadian housing markets may have only been delayed by a few months, following a chaotic start to the year,' Cathcart said. CREA expects the delayed housing activity to start back up later in the summer or even in the fall as homebuyers who have been waiting on the sidelines look to jump back in. 'If the spring market was mostly held back by economic uncertainty, barring any further big shocks, that delayed activity could very likely surface this summer and into the fall,' CREA chair Valérie Paquin said. In a letter to Prime Minister Mark Carney posted to Truth Social on Friday, Trump threatened a 35 per cent tariff on 'Canadian products sent into the United States, separate from all Sectoral Tariffs.' The new tariff would take effect on Aug. 1. Jarvis said the newest threat could further spook homebuyers. 'The cloud hanging over the economy has gotten a little darker. Sales could maintain their momentum through July, but if there's no progress on a trade deal with the U.S. in the coming weeks, the heightened uncertainty might have home buyers second-guessing themselves in August,' he said. Story continues below advertisement The price of the average home in Canada was $691,643 in June. While this was down 1.3 per cent compared to June last year, it was up compared to May of this year. There were 4.7 months of housing stock on the market, which means that all conditions remaining equal, it would take that long for all homes on the market to sell.
