Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Mortgage Debt Explodes In Growth, As Payment Deferrals Hit Over 743,000 Canadian mortgage debt is seeing growth accelerate, as hundreds of thousands stop making payments. The balance of mortgage debt reached $1.68 trillion in May, up 6.0% from a year […]
Canadian households began to sock away a little extra cash before the pandemic. Statistics Canada (Stat Can) data shows the household savings rate reached a 20 year high in Q1 2020. The rate had been growing steadily since 2018, as households diverted their spending to savings. Here’s what it means. Household Savings Rate The household […]
Canadian seniors briefly slowed down home equity borrowing last year, but it’s picking up again. Regulatory filings with the Office of the Superintendent of Financial Institutions (OSFI) show the balance of reverse mortgage debt reached a new record high in April. Growth has slowed down from all-time highs, but the balance of reverse mortgage debt […]
Canadians have suddenly stopped borrowing their home equity, and are lowering exposure. At least a little, when it comes to personal loans. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured by residential real estate fell in April. The dip was one of the largest single-month drops over the […]
Canadian mortgage debt is growing at a rapid pace, but it’s not exactly a healthy trend. Bank of Canada (BoC) shows mortgage credit hit a new record high in May. The high was hit with accelerated growth, but this isn’t the bullish trend it normally is. Hundreds of thousands of mortgages had their payments deferred, […]
The pandemic has cooled down most Canadian real estate markets, and not just sales volumes. Canadian Real Estate Association (CREA) data shows the sales to new listings ratio (SNLR) is deteriorating in most major markets. Since February to May, all but three large markets saw inventory rise faster than sales. This trend appears to accelerate […]
Greater Toronto new home sales dropped to one of the lowest levels in history. Altus Group and developer association BILD data shows it was the slowest May for sales on record. The decline in sales has slowed new project launches, helping to push inventory lower. Declining inventory isn’t that big of a deal right now […]
Already unaffordable Canadian real estate became a little less affordable during the pandemic. RBC, Canada’s largest banks, updated their housing affordability data for Q1 2020. The bank observed worsening affordability, meaning housing required more income last quarter. This was due almost entirely to Ontario, as other regions saw affordability improve. Canadian Affordability Is Still Getting […]
Canada’s state-owned mortgage insurer sees prices dropping in major real estate markets. The Canada Mortgage and Housing Corporation (CMHC), is forecasting price declines across Canada. This week they provided additional data, showing the expected impact to major markets. The agency sees Toronto and Vancouver falling from last month’s prices, even in a best case. As […]
The pandemic didn’t slow down Canadians looking for a new province in the beginning of this year. Statistics Canada (Stat Can) data shows interprovincial migration is up in Q1 2020. Ontario was one of the biggest losers, seeing more Canadians leave than arrive in the quarter. BC and Quebec continued to attract more Canadians from […]
