The Canadian real estate market is slowing down, and it’s hitting mortgages. Bank of Canada (BoC) numbers show mortgage credit grinded to a halt in July. The annual rate of mortgage growth fell to the lowest level in nearly 18 years, and is set up to go lower. Canadians Owe Over $1.52 Trillion In Mortgage […]
The Bank of Canada’s M1+ is seeing growth plummet, as households and businesses adjust to the central bank’s interest rate hikes.
Canadian real estate owners received a windfall of equity over the past decade. Rather than selling for a profit, many are turning to home equity lines of credit (HELOC) to reap the rewards. The popular form of debt allows owners to borrow equity in their home, and pay it back like a second mortgage. They’re […]
Canada saw less new buyers last year. Canada Mortgage and Housing Corporation (CMHC) numbers show mortgages to new owners saw a huge decline last year. Despite the huge decline, the average balance of these new mortgages inflated. New homebuyers are taking out less mortgages, but much larger ones – especially in the suburbs. New Owners […]
Another $2 billion worth of equity was withdrawn from Canadian real estate in June, sending the outstanding balance to a new record.
Montreal and Ottawa real estate markets are heating up, while Toronto and Vancouver’s real estate markets continue to cool.
Canadian real estate price spiked in 2017, and a lot of homeowners have already spent that equity. Canada Housing and Mortgage Corporation (CMHC) numbers show a huge number of people are taking out multiple mortgages on their homes. The trend now represents over 1 in 10 mortgages issued in the country, and nearly half are […]
Canadian real estate sales continue fall to new lows. Canadian Real Estate Association (CREA) numbers show only 3 markets with more than 500 sales had year over year growth. Those that did see growth, only saw mild growth compared to previous years. The exception is Toronto, but that isn’t what it appears to be either. […]
Canadian real estate prices have never been more expensive, but the rapid deceleration of gains to 2009 levels means that might change soon.
Canadian real estate buyers are facing the highest cost of borrowing since 2011, and that’s going to cool credit demand even further.
