Canada went from the immigration darling to supervillain over a span of just a few months. Government of Canada (GoC) IRCC data for December shows a drop in permanent resident applications. It follows a weak end to the year that saw much weaker growth than many had anticipated. The drop wasn’t exclusive to countries Canada […]
Greater Toronto’s soaring prices got a lift from mortgage fraud at a major bank. Earlier this month investigative journalist Sam Cooper and The Bureau, revealed whistleblower allegations of a massive mortgage fraud scheme at HSBC Canada’s Greater Toronto operations. RBC acquired the bank shortly after the alleged incidents occurred, with the government approving the sale […]
It’s a Canadian story as old as time. High risk person meets a grocery bag filled with tens of thousands in cash. Person trades said bag of cash for casino chips and leaves without playing. Casino staff asks no questions, despite previously identifying the person as a high risk patron. Well, maybe not as old […]
Canada is scrambling to grow its tax base via immigration but it has encountered a tiny problem—a lot of immigrants stopped paying. Statistics Canada (Stat Can) data shows a large share of immigrants that arrived in 2019 stopped filing taxes shortly after. Looking at the historical data, it’s not a new trend—but the drop off […]
Canadian policymakers have done a 180 when it comes to its open door policy for international students. The Government of Canada (GoC) announced a two year cap on study permits will be implemented soon. In addition, work permits will also become more difficult to obtain. The move comes after increased international scrutiny of the country’s […]
New data from the world’s largest central bank serves a reminder of just how batsh*t crazy Canada’s real estate bubble is. Housing bubble experts from the US Federal Reserve Bank of Dallas (Dallas Fed) released its latest update of global home prices in Q3 2023. Most G7 countries moved in a similar fashion, rising with […]
Canada’s economy has been making headlines for leading the G7, but many aren’t feeling the effects. That’s because gross domestic product (GDP) per capita has barely moved. Rather than growing the economy through economic improvements, Canada has only added more consumers through immigration. Adjusting for population, US households have seen their economic picture grow 10x […]
Canadian real estate sales are slow but the industry is still swallowing the country’s economy. Statistics Canada (Stat Can) data shows residential investment gained in Q3 2023. The country’s economy is now significantly more reliant on housing than the US during the 2006 housing bubble, and it’s getting worse. Especially as policymakers attempt to slant […]
Canadian households are bracing for a mortgage rate renewal crisis, but how bad will it be? The Bank of Canada (BoC) estimates the majority of households will see payments rise over the next few years. Is it really a crisis though? If following the guideline for affordability used by policymakers, an increase is likely well […]
Canada printed yet another massive, immigration-driven quarter of population growth. What housing crisis, the country just needs to build homes faster, right? BMO Capital Markets crunched the numbers to show just how comically distorted and unviable growth has become. It’s starting to become clear the plan isn’t to diversify the country, but stimulate home prices […]
