![An LL Flooring store in Beltsville, Maryland, US, on Monday, Aug. 21, 2023., Photographer: Nathan Howard/Bloomberg An LL Flooring store in Beltsville, Maryland, US, on Monday, Aug. 21, 2023.](/polopoly_fs/1.2092664.1720029746!/fileimage/httpImage/image.jpg_gen/derivatives/landscape_140/an-ll-flooring-store-in-beltsville-maryland-us-on-monday-aug-21-2023.jpg)
LL Flooring Mulls Bankruptcy Filing as Home Renovations Slow
LL Flooring Holdings Inc. is considering filing for Chapter 11 bankruptcy, according to people with knowledge of the matter, who asked not to be named discussing private deliberations.
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LL Flooring Holdings Inc. is considering filing for Chapter 11 bankruptcy, according to people with knowledge of the matter, who asked not to be named discussing private deliberations.
Mortgage rates in the US climbed for the first time since late May.
French stocks outperformed the broader European benchmark on Wednesday, as the country’s political parties maneuvered to block the far-right from obtaining an absolute majority in Sunday’s vote.
Greater Vancouver's real estate board says the number of homes sold in June tumbled 19.1 per cent from the previous year as inventory continued accumulating to levels not seen since the spring of 2019.
Even though rental housing construction in Canada has picked up significantly, more is needed to fill the demand backlog, according to a new RBC report.
May 15, 2024
Bloomberg News
,Canada’s housing market posted a surge in the number of properties available for sale, one of the biggest monthly gains in listed inventory on record, as homebuyer demand waned amid persistently high interest rates.
The total number of properties on the market rose 6.5 per cent in April from March, the second-fastest monthly gain ever, according to data released Wednesday from the Canadian Real Estate Association. That pushed the total stock of homes for sale to its highest level since before the pandemic, the data show.
The market loosened up with home sales falling 1.7 per cent in April from a month earlier, even as the number of properties newly listed for sale rose 2.8 per cent, the real estate board data show. Prices were mostly flat, with a measure of the benchmark cost for a home staying unchanged from the previous month at $719,400 (US$528,100).
The return of warmer weather typically heralds the busiest season for housing markets across Canada, but with borrowing costs still around their highest in 20 years and prices just slightly down from last year’s spring market, many buyers are staying on the sidelines. And many buyers and sellers are grappling with the prospect that any rate cuts by the Bank of Canada might occur later in the year than expected.
“Mortgage rates are still high, and it remains difficult for a lot of people to break into the market,” James Mabey, chair of the real estate association’s board, said in a statement. “For those who can, it’s the first spring market in some time where they can shop around, take their time and exercise some bargaining power.”
This shift has matched a change in expectations for interest-rate cuts. At the start of the year, traders were expecting the Bank of Canada to lower its policy rate to about 3.75 per cent by the end of 2024. Now, they’re betting it will drop only to roughly 4.5 per cent.