Canadian unemployment is rising, and the country’s largest province is leading the trend. Ontario’s unemployment rate climbed to 7.9% in May—nearly a full point above the national average. A new report from BMO warns the province’s unemployment rate is now at a level not seen outside of the worst recessions. The problem is set to […]
Canadian rental prices have shown modest affordability gains, but the relief is already ending. A new report from rentals.ca shows the average asking rent fell in May compared to last year, with the largest and most expensive cities seeing the steepest declines. However, recent months show rent growth is re-accelerating—signaling the window for relief could […]
Canadian real estate markets aren’t a buying opportunity—yet, according to BMO. In a research note to investors, the bank warned major cities are reporting home sales cooled further in May. These markets are also seeing inventory accumulate, leading to a demand balance that typically sees prices fall. Sellers resisting price cuts in hopes rate cut […]
Greater Toronto real estate just had the worst May on record—but you wouldn’t know it from prices. TRREB’s composite benchmark price (i.e. a typical home) climbed in May. Yes, climbed. The increase was unexpected, given that record-high inventory and weak sales made it the worst-performing May market in history. Toronto Real Estate Prices Climb Despite […]
The Greater Toronto Area (GTA) real estate downturn continued with new homes last month. Altus Group data shows April was the worst month for new home sales on record. Lofty inventory and weak demand continue to apply downward pressure on prices, though they remain sticky at current levels. With demand at a record bottom, that […]
The Canadian economy may be outperforming, but households are getting slaughtered. The latest data from the Office of the Superintendent of Bankruptcy (OSB) shows consumer insolvencies surged in March. The 12-month volume has reached levels only seen during the 2010 and 2020 peaks—both periods known for sharp declines in economic activity. While annual growth had […]
Despite soaring equity markets and resilient household spending, Canadian consumer confidence continues to erode. A new report from BMO Capital Markets explores the growing disconnect, suggesting consumer anxieties may not be rooted in actual economic weakness. However, if sentiment doesn’t improve it can slow the economy—triggering the concerns they fear. Canadian Households Feel Gloomy, But […]
Canadian inflation slowed last month, though most people are unlikely to have noticed much savings (if any). Statistics Canada (Stat Can) data shows the headline Consumer Price Index (CPI) slowed in April. It was a result of last month’s removal of the consumer carbon tax, leading to an abrupt but temporary decline. However, a look […]
Canada’s central bank has been slashing rates to get households to borrow, and mission accomplished. Statistics Canada (Stat Can) data shows household debt climbed aggressively in February. Growth may seem slow relative to the recent low rate frenzy, but debt is being racked up at twice the rate seen in 2019. Despite weak home sales, […]
Weak demand for Canadian real estate continues to push prices lower. Canadian Real Estate Association (CREA) data shows the price of a composite benchmark (typical) home made a sharp downtick in April. The medium-term trend also reveals this is a more complicated issue than just trade war jitters. Over the past few years, buyers have […]
