Canada’s getting serious about housing supply… or at least trying to make you think it is. The Government of Canada (GoC) made its economic statement yesterday, including a plan to tax non-resident homeownership. The tax, which may be rolled out within the next year, sounds aggressive. However, two of the country’s most populated regions already […]
Toronto’s golden age of real estate brokerage innovation is coming to an abrupt end. Toronto Regional Real Estate Board (TRREB) sent a memo this week, on sold data. The board informed brokers they will only be allowed to show two years of data going forward. TRREB Ordered To Allow Brokerages To Show Sold Data The […]
Permanent resident growth, previously a large driver of real estate demand, is still largely absent these days. Government of Canada (GoC) data shows permanent resident arrivals are still down sharply in Q3 2020. Toronto and Vancouver are seeing declines get even larger, from previously big drops. Montreal is seeing some improvements, but it’s mostly due […]
Vancouver is doubling down on the success of its vacant home tax…well, tripling down, technically. The Vancouver Empty Homes Tax (EHT) will be tripled from its original rate for the 2021 assessment year. The tax, which places a penalty on underused homes, was put in place to help encourage more efficient use. Vancouver Empty Homes […]
Canada’s narrow money supply is pointing to a big return to production and consumer spending. Bank of Canada (BoC) data shows the M1+ gross money supply reached a new all-time high in September. The measure of money supply has experienced the highest rate of growth seen in decades… in the middle of a recession… during […]
Canadian real estate prices may take a big tumble, Bay Street researchers warn. Veritas Investment Research, a prominent Canadian firm, sent institutional clients a real estate forecast. The firm warned real estate price declines are unlikely, except in the event of supply shock. They now believe supply shock may arrive soon, and can send prices […]
Canada’s national tax agency clarified a major news organization’s allegations of CERB “ineligibility” is, well… not entirely accurate. The Canada Revenue Agency (CRA) responded to our request for clarification on tax-filer application data yesterday. CRA spokesperson Pamela Tourigny didn’t just clarify the data, but also generously provided their take on CERB fraud, and how they […]
Canada’s emergency benefit applications are giving a little more insight into income disruption. Canada Revenue Agency data presented to the House of Commons shows a breakdown of CERB applicant income from last year. The data, first reported by Blacklock’s Reporter, shows hundreds of thousands of applicants didn’t file taxes at the time of application. More […]
Canadian households are sitting on a record amount of cash, waiting to be spent. CIBC Economics’ latest report shows tens of billions in cash just sitting in accounts in Q2 2020. The increase is due to a combination of government supports, lack of places to spend, and payment deferrals. Canadian Households Saved $90 Billion More […]
Canadian mortgage debt indicators are looking better, but the state-owned housing agency is putting a big asterisk beside them. Canada Mortgage and Housing Corporation (CMHC) data shows the mortgage debt to income ratio made a sharp drop in Q2 2020. Typically this would mean households had a sudden windfall, and can suddenly handle their debt […]
