Canada is known for three things these days—maple syrup, hockey, and money laundering. Earlier this month, poor attention to the last one may have derailed TD’s $13.5 billion acquisition of US bank First Horizon. Now Robbins LLP, a firm specializing in shareholder rights, has made it the center of a new class action suit. The […]
Canadian real estate might be seeing higher prices, but more buyers can’t pay their bills. Equifax data reveals the mortgage delinquency rate climbed in Q1 2023. Households are also increasingly falling behind on payments, a sign that further mortgage delinquencies are in the pipeline. This is occurring as lenders scramble to extend the length of […]
Canada’s Boomers went all in on real estate investment, looking to double down on their windfall. That was the takeaway from a new Canadian Housing Statistics Program (CSHP) study looking at investor demographics in 2020. The Statistics Canada (Stat Can) study found that most resident real estate investors are at least 55 years old. Younger […]
A few weeks ago, we revealed that sky-high Canadian real estate prices are supported by extended amortizations. It turns out someone else agrees—Canada’s bank regulator, the Office of the Superintendent of Financial Institutions (OSFI). In a letter to the House of Commons Standing Committee on Finance, OSFI explains that removing the ability to extend amortization […]
Politicians in Canada’s largest city just approved a new law that may help prop up its bubble. The City of Toronto adopted a broad upzoning measure this week, converting single-family zoning into multiplex zoning with up to 4 units. The City is notoriously slow when it comes to increasing zoning applications, so this was pitched […]
Canada’s expected to fall into recession later this year, but it may already be there by a traditional definition. Real gross domestic product (GDP) per capita data shows the country is in a per capita recession, one of the traditional definitions. These events are associated with an eroding standard of living, and it’s expected to […]
Canadian real estate prices are climbing on the country’s booming population. More demand means higher home prices, right? Not so fast, it may not be as straightforward as the narrative. Statistics Canada (Stat Can) data released today shows immigrant income levels from a survey conducted in 2021. Recent immigrants to Canada earn significantly less than […]
Canada’s ambitious plan to grow its population through immigration hit a roadblock—it’s running out of applicants. Government of Canada (GoC) data shows applications received for permanent residency fell sharply in February. Despite record population growth, a soaring cost of living and slowing economy has resulted in a trend of fewer applications since peaking in 2021. […]
Canada’s two largest real estate markets saw home prices rocket higher last month. Toronto and Vancouver real estate prices climbed in April, rising at the same rate. Both markets are seeing sales rise and tighter inventory, but it’s unlikely to have produced the same growth rate in both cities. Falling mortgage rates that introduced leverage […]
What’s the secret to Canada’s remarkably low delinquencies, despite soaring interest rates? Never paying off those super-sized mortgages, apparently. Filings from Canada’s Big Six banks show a big share of mortgages had remaining amortizations of 30 years or longer in Q1 2023. Most of the Big Six reported at least a quarter of their portfolio […]
