Canada

Almost No One Believes A Soft Landing For The Economy Is Still Possible: BMO

Policymakers have been telling the public that a soft landing is still possible. However, virtually no one believes it, according to BMO Capital Markets. BMO chief economist Douglas Porter recently explained that market expectations are eroding. Yields and commodity prices are cratering against a backdrop of higher inflation. This isn’t typical unless serious doubts have […]

Canada

Canada’s Bank Regulator Is Preparing Mortgage Lenders For Real Estate Price Declines

Canadian real estate is probably fine, but the bank regulator just wants your lender to be extra safe. Earlier today, the Office of the Superintendent of Financial Institutions (OSFI) sent an advisory on real estate secured lending (RESL). OSFI, who oversees federally-regulated financial institutions (FRFIs), clarified expectations for risky mortgages. Lenders have been asked to […]

US

US Pending Home Sales Down 13% From Last Year, Industry Forecasts Slower Sales

American agreements to buy existing-home sales improved better-than-expected, but still trended lower. The National Association of Realtors (NAR) Pending Home Sales Index (PHSI) made a small improvement in May. However, pending home sales, a leading indicator of future home sales, is way below last year. NAR expects this trend to continue, forecasting existing-home sales will […]

Top Stories

This Week’s Top Stories: Canadian Real Estate Slowdown Is Just Getting Started & “This Time Is Different”

Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate Cooldown Is Just Getting Started: BMO Slowing Canadian real estate sales are dragging renovation spending lower. An analysis from BMO Capital Markets shows renovation retail spending has begun to fall. Both segments are still elevated but rate hikes are […]

Global

This Time Is Different, Central Banks Are Tightening Into A Bear Market: Oxford Econ

Advanced economies replicating the same monetary policy mistakes are facing monster inflation. Now with additional external pressures driving inflation even higher, policy is tightening as the economy deteriorates. That’s the opposite of what usually happens, warns global forecasting firm Oxford Economics. Typically as the economy slows, rate cuts help to craft a soft landing. This […]