Borrowing rates are sliding before the traditional busy season for Canadian real estate. Bank of Canada (BoC) numbers show the effective borrowing rate peaked in early March. Shortly after printing the highest number since the Great Recession, the rate dropped. The minor drop made headlines, but only really impacts people shopping in that window. The […]
Canadian real estate sales are still falling, and dragging mortgage credit with it. Bank of Canada (BoC) numbers show mortgage debt reached a new high in February. Despite hitting a new high, the annual pace of growth hit the lowest level in almost 36 years. Canadians Owe Over $1.55 Trillion In Mortgage Debt Canadian mortgage […]
Canadian household finances took another hit last year. Statistics Canada (StatCan) numbers show the debt servicing ratio (DSR) is at a multi-year high as of Q4 2018. The amount of income spent maintaining debt is now at a level not seen since 2007. The volume of debt has effectively wiped out the household benefit of […]
House rich, cash poor Boomers across Canada are sending reverse mortgage debt soaring. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of reverse mortgage debt made a slight decline in January. The monthly decline didn’t slow the annual pace of growth all that much. Outstanding reverse mortgage credit is growing at […]
New home prices are dropping across Canada, according to the national statistics agency. The Statistics Canada (Stat Can) New Home Price Index (NHPI) shows a price decline for this past January. The decline is the first negative print for the index since the Great Recession. New Home Price Index (NHPI) The NHPI is a home […]
The Great Canadian real estate binge may be giving a few owners indigestion. Statistics Canada (StatCan) numbers show interest on mortgage debt reached a new high in Q4 2018. The spike is due to interest payments rising almost ten times faster than the pace of principal payments. Canadian Real Estate Owners Paid Over $9.8 Billion […]
Canadian real estate is off to a cool start. The Teranet–National Bank of Canada House Price Index (Teranet HPI) shows a new record was set in February. The record, wasn’t a great one though – it was for price declines. Canada’s biggest markets made the largest monthly decline outside of a recession. Teranet HPI The […]
Canadian real estate owners, including flippers, are taking a break from renovations. Bank of Canada (BoC) numbers show chartered banks are holding onto less outstanding residential renovation debt in Q4 2018. The annual growth of renovation debt has been on the decline for almost two years now. Canadians Have Over $2.97 Billion In Renovation Debt […]
Canadian real estate developers are pushing their debt capacity to new highs. Bank of Canada (BoC) numbers show developers racked up a new record high at for credit at chartered banks in Q4 2018. Debt levels for developers are almost three-quarters higher than previous peaks. Canadian Real Estate Developers Owe Over $16 Billion To Banks […]
Canadian real estate buyers are increasingly using non-Big 5 lenders… sort of. Teranet, the country’s largest land registry operator, crunched the numbers for Ontario. In 2018, Canada’s Big 5 banks lost a considerable share of the market compared to the year before. However, looking at a period of longer than a year, their market share […]
