Court authorizes investigation into real estate firm run by former child actor: Canadian real estate news for February 24

Here are The Globe and Mail’s top housing and real estate stories this week and one home worth a look.

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Should homebuyers wait for bigger rate drops or jump back into the market now?

Home sales in December and January bounced back from the lows of the latter part of 2023, but with the volume of sales still well below the 10-year average, prices continue to decline in many markets, writes Erica Alini. Would-be buyers are largely waiting for borrowing costs to drop lower, as several financial analysts forecast the Bank of Canada’s interest rate won’t be cut until later this summer. But some economists believe prices and competition will quickly heat up by then as borrowing becomes less expensive. For those who could afford to purchase a home at current rates, the dilemma is whether to prioritize prices or rates.

Decoder: It looks like renters are ditching Ontario

Starting in 2020, Ontario began to see an exodus of people moving to other parts of Canada. That trend picked up speed in 2023, but a look below the surface shows one demographic in particular is heading for the exits: twentysomethings, a group overwhelmingly made up of renters, writes Jason Kirby. For young people who changed provinces last year, the most popular destination was Alberta, with net-interprovincial migration of 15,500, dwarfing every other province. Even as young people leave Ontario, immigration is filling the gap and then some. Last year, more than 40,000 immigrants in their 20s moved to the province.

Court boosts monitor’s powers to investigate insolvent rental firm run by former child actor

A Superior Court judge has authorized an investigation into the use of