The Canadian economy may be slowing, but the debt is rising very quickly. Bank of Canada (BoC) data shows the ratio of household debt to gross domestic product (GDP) increased sharply in Q2 2020. The trend of household debt growing faster than GDP has persisted for years, but made a sharp increase in Q1. Researchers […]
Condo buyers in Canada’s largest real estate markets might be breaking a sweat. In April, Canada Mortgage and Housing Corporation (CMHC) warned first-time buyers about buying a condo at this time. Despite the warning, many went ahead and bought one in May. If they made the minimum downpayment, there’s a good chance most of their […]
Canada was building a lot of homes before the pandemic, and they’re arriving. Unfortunately, there’s not nearly as many people to fill them as expected. The number of homes completed was more than twice as high as the population growth in Q3 2020. The ratio is more than seven times higher than it was during […]
The Greater Toronto real estate market divide is becoming more clear as city prices drop. Toronto Regional Real Estate Board (TRREB) data shows real estate prices in October were flat from a month before. While suburban 905 prices climbed, the City saw prices inch lower. This trend was amplified in Condo apartments, where City units […]
Politicians are increasingly discussing broad upzoning as a housing affordability solution. Instead of one home on a property, you can now build two homes on the same amount of land. All across the city, in some cases. The assumption is if there’s two homes on a property, it’ll be half the price. Makes sense, right? […]
Canadian real estate sales have been impacted by the pandemic in an unexpected way. RBC Economics recently unpacked a trend of rising condo apartment listings. Dense cities filled with condo apartments, are seeing sellers flood the market. Meanwhile, mostly detached suburban markets are seeing inventory heading in the opposite direction. Toronto Condo Listings Rise 134% […]
Canadian real estate prices made huge gains, and they may all be due to cheap financing. Bank of Canada (BoC) data shows mortgage interest rates fell sharply over the past year. This boosted homebuyer budgets significantly, without increasing the size of payments. Coincidentally, the amount those budgets rose is in line with how much home […]
Canadian real estate markets aren’t yet in the clear, despite the surge in buying activity. RBC Capital Markets, in a note to institutional clients, is forecasting mortgage defaults won’t rise until the second half of 2021. Analysts authoring the report said a combination of payment deferrals and government support, “kicked the can down the road.” […]
First-time homebuyers were warned at the beginning of the pandemic, and a lot didn’t listen. Now some are seeing exactly what the Canada Mortgage and Housing Corporation (CMHC) warned. Canadian Real Estate Association (CREA) condo apartment price data shows a few markets have seen buyers lose a chunk of their down payment. There are some […]
One of the world’s largest real estate brokerages sees near-term risk for Toronto condos. RE/MAX weighed in on the recent market, and observed what a lot of people are seeing – a booming detached market, and a lot of condo apartment supply. The brokerage cites 3 drivers for this trend – urban flight, lower interest […]
