Completely rewrite the following article in a fresh and original style. Ensure the new content conveys the same sentiment and message as the original. The rewritten article should:
- Start with a compelling introduction that hooks the reader (do not label this section).
- Maintain any lists and points as they are, using numbering and bullet points where necessary. Rewrite the explanations and discussions around these points to make them fresh and original. Ensure the lists are formatted correctly with proper numbering or bullet points.
- Organize the content into clear, logical sections. Subheadings are not mandatory. Each section should have a subheading only if it enhances readability and comprehension.
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End with a strong conclusion that summarizes the key points and provides a closing thought or call to action (do not label this section).
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Ensure it is formatted properly with adequate line spacing
Make sure the article flows coherently, is engaging, and keeps the reader interested until the end. Reorganize and structure the content efficiently to enhance readability and comprehension. Use varied sentence structures and vocabulary to avoid monotony. Avoid directly copying any sentences or phrases from the original content. Here is the original content:
Time for your cheat sheet on this week’s top stories.
Canadian Real Estate
Canadian Real Estate Inventory Grew More Than 2x The Rate of Sales
Canadian home sellers expected rate cuts to stimulate the market, but apparently no one told buyers. July saw annual growth of new listings grow at double the rate of sales. This helped lower pressure on home buyers, especially in cities like Toronto—which represented 1 in 5 new listings across the country. Experts, who previously expected rate cuts to attract buyers, now believe that rates will have to fall significantly more before buyers return.
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Canadian Condo Prices See First Double Dip Decline On Record
Is Canada’s condo boom turning into a condo bust? Condo prices have seen annual growth turn negative for the second time in less than a year. Condo apartments saw prices pull back just slightly after rates climbed, leaving most to believe the market was relatively bulletproof. The recent “double dip” decline for annual growth is the first on record for the benchmark price, and it may have been overly optimistic to assume condos were immune to a correction.
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Most Canadian Home Builders Plan To Cut New Supply In Half: CHBA
Canadian new home sales are unusually weak, and it has home builders changing their plans. Most builders expect to build significantly less homes in 2024. On average, they expect to cut building in half this year. The move is generally attributed to higher interest rates, which have reduced the amount of leverage that buyers can obtain. This discounts the core issue though—the cost of building is now so expensive that buyers need more leverage just to be able to afford shelter.
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Canadian Inflation Further Tapers, 3 More Rate Cuts Expected In 2024
Canada finally has some good news when it comes to inflation—it’s tapering much faster than expected. Headline CPI saw annual growth fall to 2.5% in July, the lowest rate in over two years. As a result, monetary policy is expected to become a lot less restrictive. Experts now see 3 more rate cuts by the end of 2024.
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Canadian Mortgage Borrowing Pulls Back After Rate Cut
Bank of Canada rate cuts were supposed to stimulate borrowing, but mortgage borrowing is slowing even further. The outstanding balance of household mortgage credit climbed to $2.19 trillion in June, up 3.45% from last year. This represents the slowest annual growth since 2001—the lowest rate in over a generation. Experts don’t see much improvement in the near term, believing that rates need to be much lower to bring investors back into the market.
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