Canadian inflation is the highest in decades, and it’s even higher for those without a mortgage. Statistics Canada (Stat Can) data shows growth of the Consumer Price Index (CPI) hit a 31-year high in March. But when mortgage interest costs are excluded, inflation is even higher — the highest growth in the agency’s data set. […]
Canadian real estate prices won’t correct due to population growth, right? Well, BMO Capital Markets shared a different take with institutions this morning. The bank explains there is no historical evidence to support this narrative. During the last significant home price crash, Canada saw its population grow at a faster rate. They warn interest rates […]
Canada’s real estate industry is sounding the alarms on higher rates, warning it’ll “punish” buyers. However, these folks are blissfully unaware that mortgage costs are near record lows. In real terms, households have never had access to mortgages this cheap, which is part of the problem. Central banks distorted credit markets to the point mortgages […]
Easy come, easy go. Greater Toronto real estate prices have been booming, but are suddenly changing course. Toronto Regional Real Estate Board (TRREB) data shows prices pulled back in April. Home sales plummeted much faster than inventory, easing the pressure driving prices higher. Greater Toronto homes went from rising tens of thousands per month to […]
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Greater Vancouver real estate is adjusting to a world with higher rates very quickly. Real Estate Board of Greater Vancouver (REBGV) data shows home sales fell sharply in April. They even fell faster than inventory, actually releasing pressure on prices to rise. Home prices are seeing growth decelerate fast as the region enters a “balanced […]
Greater Toronto real estate is doing some soul searching after soaring mortgage costs. Data from Altus Group and developer-group BILD GTA show new home sales cratered in March. Demand dropped across segments, but so did inventory. Despite scarce inventory, single-family home prices still saw the benchmark price drop. Toronto Single-Family Home Prices Slip, But Condos […]
Canadians are doing something uncharacteristic — they’ve slowed borrowing mortgage debt. Bank of Canada (BoC) data shows a big slowdown in new funds advanced for residential mortgages for February. A small seasonal monthly climb was present, but even so it was an oddly slow month. The past couple months look more like the slowdown of […]
North America’s busiest construction hole is seeing work grind to a halt this week. LiUNA Union Local 183‘s residential construction members voted to strike last night. The local represents a significant share of Greater Toronto’s residential tradespeople. As cost of living talks broke down, the union’s members entered a legal strike position. North America’s Largest […]
Ontario real estate has grown so fast, the rest of Canada’s housing bubble looks tame. Canadian Real Estate Association (CREA) data shows major markets saw prices rise at least 60% since 2020. Some housing markets have even seen prices more than double in just over two years. Ontario’s Top Real Estate Markets Have Seen Prices […]
