The Canadian economy has been leaning more and more on real estate these days. Statistics Canada (Stat Can) data shows gross domestic product (GDP) was flat in February. Despite the flat growth, real estate advanced and significantly outperformed the general economy. Who Cares About February? We know, February was like, totally forever ago – and […]
Canada’s national statistics agency surveyed businesses to gauge the impact of the pandemic, and it’s not pretty. Statistics Canada (Stat Can) surveyed 12,000 business operators between April 3 and 24, on how COVID-19 impacted them. Some businesses are minimally impacted, much to our surprise. However, the majority have seen significant revenue declines, and have had […]
Canadians using their home as an ATM was drying up before the pandemic. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of credit secured by homes showing minimal growth in February. The slowdown is almost entirely due to a drop in personal loans in this segment, such as HELOCs. Loans Secured […]
Greater Vancouver is seeing insolvencies climb, not unlike the rest of Canada. Office of the Superintendent of Bankruptcy (OSB) filings show insolvencies increased in February. While the increase was in the double digits, the city managed a slower increase than the province as a whole. Greater Vancouver Insolvencies Rise Over 10% Greater Vancouver insolvencies are […]
Greater Toronto insolvencies are following the rest of the country towards multi-year highs. Office of the Superintendent of Bankruptcy (OSB) filings show the number of insolvencies increased in February. This is a general trend that has been occurring across the country. Greater Toronto insolvencies are growing at a faster rate than Ontario as a whole, […]
Canada’s largest land registry operator saw Canadian real estate prices moving higher. The Teranet–National Bank of Canada House Price Index (HPI) shows prices increased in March. Analysts from the creator of the index warned the pandemic is likely to have an abrupt shift soon. As the lockdown carries on, they expect the index to cool […]
Brick and mortar small businesses have been forced shut, or face almost no traffic. Wage relief is being delivered, with the government covering up to 75% of payroll costs at impacted businesses. Subsidized wages help, but another very large expensive still needs to be considered – rent. Commercial rents have been soaring, and tenants, even […]
Canada is trying to exit a tough situation with the only trick it knows – cheap money. Bank of Canada (BoC) data shows the effective interest rate paid by households plummeted for the week of April 10, 2020. The rate paid by households is now the lowest it’s been in years, accompanied by one of […]
Canadian insolvency filings have been pushing to new highs recently. Office of the Superintendent of Bankruptcy Canada (OSB) data shows insolvencies rising quickly in February. Filings over the past year are now at the highest level since 2010, with growth accelerating… and this is before the pandemic was declared Canada Insolvency Filings Reach Highest Level […]
Canadian households didn’t need incentive to borrow, as credit growth was already accelerating. Bank of Canada (BoC) data shows the outstanding balance of household debt reached a new high in February. The rise of debt was due entirely to inflating mortgage balances. Consumer credit, the other major segment, continued to nosedive – printing a second […]
