France has its catacombs, America has abandoned malls, and Canada has its vacant homes — all 1.3 million of them, according to the OECD. For decades, urban explorers have been touring abandoned buildings and sites. The activity of questionable legality has been a niche subculture for some time. However, the rise of TikTok (and YouTube […]
Canadian real estate got a shout out in a discussion between two prominent figures on Bay Street. Benjamin Reitzes, BMO’s managing director of macro strategy, and host of Views From The North podcast, mentioned double-digit drops for home prices in the not-so-distant future. Along with guest Joel Prussky, the two discussed how the past 15 […]
You did it! You convinced your parents to gamble their retirement by pitching you a downpayment. Now all you need is to qualify to carry a mortgage, right? That might be a problem according to Q1 2022 data from National Bank of Canada (NBF). Carrying a mortgage on a typical home now requires a minimum […]
Toronto and Vancouver real estate prices are rising because of the growth — it’s the next New York City (NYC)! It’s not hard to come across a comment like that once or twice per day, and we’re sure you all have friends in those cities that say it. Politicians have candidly explained to us it’s […]
Canadian real estate prices are the most overvalued in decades, but not all markets are equal. Earlier this week, we shared BMO data showing Canadian homes were 38% overvalued. Today we’re sharing a regional breakdown, showing where the widest trend deviations are. Most regions are overvalued, but nowhere is even close to Greater Toronto. Canadian […]
Canadian real estate is so bubbly a large bank sees prices soaring in a downturn. Scotiabank (BNS) reported earnings today, filing the bank’s macroeconomic forecasts. These forecast scenarios help to determine outlook, and include a base case, optimistic case, and two pessimistic ones. Even in the bank’s worst case scenario, they forecast home prices will […]
Canada’s economy is booming, and there’s a good chance you’re not feeling any of the benefits. A new study by Statistics Canada (Stat Can) on gross domestic product (GDP) per capita might shed some light on why. The agency found GDP recovered from the recession but not when measured on a per capita basis. Lingering […]
Canada’s real estate bubble is finally beginning to unwind and everyone wants to know how low it goes. BMO Capital Markets tackled the subject for clients on the weekend, providing models and historical context. Rising interest rates are certain to cause a correction, as it purges excess leverage. Prices need to drop significantly just to […]
You did it! Your household earns the median income for Canada, and you convinced your boss to work from home. Now you just need to find a home you can afford, in the second largest country in the world. Easier said than done. Don’t worry, we got you. We hope you like small and remote […]
Canadian real estate prices have never been this overvalued, according to new analysis from BMO Capital Markets. In a research note to clients, the bank didn’t just explain home prices are overpriced. Since 2020, home prices have made the largest trend deviation in at least 40 years, and are likely to correct. Canadian Real Estate […]
