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 […]
Canada may have record population growth but what happens if immigrants see the mass exodus of citizens? Statistics Canada (Stat Can) data shows Q3 2023 emigration, or reverse immigration, surged to an unusually high level. Canadians fled the country for a new home in such a large number, a 3 month outflow has only been […]
Canada’s problems with a little-known risky mortgage product are more significant than expected. OSFI, the country’s bank regulator, has targeted combined loan plans (CLPs) for the past few years. CLPs enable interest-only payments, allowing borrowers to carry mortgage debt perpetually. The regulator called these a “systemic risk” that inflates home prices, so it’s clearly a […]
Canada’s financial crime watchdog appears to have just woken up. This week, FINTRAC announced they fined two of the country’s biggest banks for anti-money laundering (AML) non-compliance. Sampling just a small number of transactions, the agency found serious gaps in reporting procedures that may have allowed dodgy money to slip through the system. RBC Failed […]
The only bond stronger than a mother and its baby is the one between rising interest rates and the arson of new homes under construction. Commercial insurer Northbridge Insurance is warning home builders to look out for arsonists. In a letter this week, the firm explained they expect new home arson to rise as financial […]
Canadian policymakers are floating the idea of capping study permits, but they don’t need to. Government of Canada (GoC) data shows a sharp decline in the number of study permit applications in September. When policymakers first pitched the idea of limiting students to help affordability, it appears they were attempting to save face. The public […]
Canada is known for its generous immigration policies but that might change soon. A new survey from Canadian Press and Leger looked at the public opinion on immigration and its impact on services. Most households feel Canada is pursuing an overly aggressive immigration policy contributing to an affordability crisis, and a net negative impact on […]
Young Canadians may need to come to terms with the fact policymakers are driving ownership further out of reach every year. Numbers crunched by the Canadian Housing Statistics Program (CHSP) at Statistics Canada (Stat Can) reveals how ownership has changed over the past 50 years. For young adults, homeownership peaked nearly 40 years ago, and […]
Canadian real estate prices are still seeing record growth, just not when it comes to sales. A new research note from BMO shows annual growth of rental prices grew at a record pace in October. They note the issue is complicated even further by rents outpacing income growth for the first time in 60 years. […]
Canada’s government is bracing for winter, and not the kind that brings fluffy white stuff. This week the Government of Canada (GoC) released its 2023 Fall Economic Statement. Buried amongst notes on higher deficit spending is a forecast for a sharp decline for labor. Unemployment is forecast to rise by hundreds of thousands of people […]
