Staff at the City of Toronto are getting ready for a vacant home tax, but there’s some industry concerns. Toronto Regional Real Estate Board (TRREB) asked City council members to ensure “data-driven and results” based decisions. Along with this request, they also shared a list of exemptions they would like to see. Here’s a few […]
The pandemic may have helped banks accelerate profitability… and not just from real estate prices. Well, kind of because of real estate prices. Earlier this month, two of Canada’s largest banks reiterated plans to reduce office space. The pandemic forced them to send non-essential staff to work from home. Now they’re finding things are working […]
Canadian real estate prices just got another negative forecast from a Big Three credit rating agency. Fitch Ratings released its Global Housing Outlook this month, which contained a forecast for Canadian home prices. The firm generally sees home prices falling next year, as well as the delinquency rate nearly doubling. Canadian Real Estate Prices Forecasted […]
Canadians didn’t see their debt problems improve nearly as much as previously thought. Statistics Canada (Stat Can) data shows household debt to income made a big quarterly jump in Q3. The rise was accompanied by a substantial upward revision of the previous quarter. The ratio has now already retraced half of the drop it made […]
Canada’s largest bank is prepared for price drops most would find unthinkable. Royal Bank of Canada (RBC) filings show possible risk scenario forecasts. Over the next year, the base forecast shows virtually flat growth. In a best case scenario, growth would hit levels similar to previous years. In a worst case, they forecast prices can […]
Not every Canadian that took a credit payment deferral needed one. Don’t let that fool you into thinking no one needed a payment deferral though. Royal Bank of Canada (RBC) data shows the number of expired payment deferrals the bank is carrying. The vast majority of people have resumed payments without problem. However, delinquencies are […]
Canadian banks are seeing a higher rate of arrears on mortgages, despite support. Recently released Canadian Banks Association (CBA) data shows the mortgage arrears rate jumped in May. The rise in arrears implies non-payment issues were brewing before the pandemic. It also means the bank’s special treatment of mortgages hasn’t totally eliminated risk. About Canada’s […]
The Great Canadian Mortgage Payment Relief experiment is coming to an end. Regulatory filings for the Big Six show the majority of mortgage payment deferrals expired in Q4. Most transitioned back to regular payments without much of a hitch. Most didn’t actually need a payment deferral though, but the deferrals did allow problematic mortgages hide […]
Another Big Six bank has notified investors they’re prepared for falling home prices in the near future. National Bank of Canada (NBC) notified investors last week the bank has revised its outlook based on data up to Oct 31. While some indicators had surprising improvements from the previous forecast, some have revised lower. In all […]
Toronto may finally start taxing vacant homes. City of Toronto staff recommended a vacant home tax to council this week. The tax would place a penalty on those that use residential property in the City for less than half the year. By doing so, the City hopes to join other major cities like Paris in […]
