Canadian real estate showed some encouraging signs last month, but don’t be fooled. RBC Economics wrote to clients breaking down major markets that have reported November sales. Canada’s largest bank warned that the market is still firmly in correction mode, with just a few exceptions. Despite minor signs of firming, they see real estate markets […]
Greater Vancouver real estate prices were slow to respond to higher rates, but it’s making up for lost time. Real Estate Board of Greater Vancouver (REBGV) data shows composite home prices made a sharp drop in November 2022. Since peaking earlier this year, the price of a typical home has dropped by more than $130,000, […]
Greater Toronto real estate prices continue to fall, but City prices may have just taken a nosedive. Toronto Regional Real Estate Board (TRREB) data shows composite home prices fell in November 2022. The price of a typical home has dropped nearly a quarter-million dollars since peaking earlier this year. With higher interest rates still to […]
The Great Canadian Real Estate Slowdown is set to continue into the future. Statistics Canada (Stat Can) data shows the value of building permits fell in October. The drop in permits shows less building activity is planned, especially for residential building. It sounds like bad news, but it might not be. Falling land and building […]
Low rates led to a global real estate boom, now expected to correct as interest costs rise. This week, Oxford Economics warned a sharp global real estate correction is approaching. Rising rates, weak demand, and falling construction prices will take a lot of the froth out of the market. Global Real Estate Prices Expected To […]
Canada’s real estate bubble has blown past the 90s bubble, and is going for the biggest of all time. National Bank (NBF) data shows affordability in Q3 2022 eroded to the worst level since the early 1980s. Just like the 80s bubble, they don’t expect this one to persist for much longer. Affordability is expected […]
Canada’s highly indebted households are starting to show serious signs of debt overload. Equifax data shows the rate of auto loan delinquencies hit a rarely seen level in Q3 2022. Consumer credit in general has seen rates begin to climb as interest rates rise. Housing remains the one exception, though that’s likely to change as […]
Canada’s economy is growing, but don’t let the headline data fool you—the country is still heading for recession. Statistics Canada (Stat Can) gross domestic product (GDP) data showed big growth in Q3 2022. However, taking a dive past the headline number reveals things aren’t as great as they might appear. Household spending made a rare […]
The Canadian real estate bubble got a big boost from low rates, and prices are correcting as rates soar. Home prices climbed aggressively as cheap credit flooded the mortgage market until March. As rates increased, credit was throttled, and the opposite effect began to appear. Home prices are now down significantly and likely to slip […]
The outlook for Canadian real estate, and the economy in general, is looking a little less bright. Oxford Economics warned clients this week, that we’re already seeing the early stages of a recession. Higher rates to cool inflation are pushing home prices much lower and prolonging the downturn. High inflation also means a stimulus windfall […]
