Global markets are puking as the Ukraine-Russia conflict presents global uncertainty and risk. BMO chief economist Douglas Porter wrote a special brief to clients today, explaining this doesn’t change much at this point. BMO still expects the Bank of Canada (BoC) and the US Federal Reserve to hike interest rates in March. The influence on […]
Canada’s booming real estate market is making it rain for the industry. Statistics Canada (Stat Can) data shows agents and brokers collected record revenue in 2020. Despite a slow second quarter, elevated demand in the second half more than made up for the hiccup. Strong demand (and price growth) helped to drive the largest profit […]
Canada prides itself on racial diversity, but that isn’t clear from the way visible minorities are paid. A new study from Statistics Canada (Stat Can) shows income earned by race and employer size. They found the average pay for visible minorities can be as much as 30% lower in similar sized workplaces. Men Earn A […]
Canadian real estate is still in bubble territory but excitement is fading fast. The US Federal Reserve (US Fed) Exuberance Index for Q3 2021 shows Canada is still in bubble territory. At this point, the gap between fundamentals and price have expanded for over a half decade. As higher rates approach, the index is showing […]
More Canadians are working at home and realizing their home doesn’t have to be in the same province. Statistics Canada (Stat Can) studied people working from home for an employer in another province in Q1 2022. The agency found the trend is surging in growth, as remote work becomes more common. Distant suburbs of cities […]
Expectations for higher inflation in Canada are rising as it spreads to more components. BMO Capital Markets’ latest forecast contained upward revisions for the consumer price index (CPI). The measure of inflation is expected to rise faster this year as the commodity prices soar. The gap between the Bank of Canada (BoC) forecast and BMO […]
Canadians are suddenly borrowing a lot less mortgage debt these days. Bank of Canada (BoC) data shows new mortgage lending contracted in December 2021. New lending, including new mortgages and refinancing, fell to the lowest level since March 2020. It’s a sudden reversal for borrowers as price growth hits a fevered pitch and higher rates […]
Canadian new housing construction is slowing, but remains above pre-pandemic levels. Canada Mortgage and Housing Corporation (CMHC) data shows new housing starts slowed in January 2022. The number of new homes to start construction fell below last year’s level. Financial institutions forecast this will continue for at least a couple of years. Canadian New Home […]
Canada’s economic recovery has hinged on real estate, and mortgage debt highlights it. Data from the Bank of Canada (BoC) shows mortgage debt slowing in growth in December 2021. However, slowing at the current annual growth rate might not look like much, growing at double the rate of GDP. Mortgage debt has grown so fast, […]
Canadian real estate prices are soaring, but the fastest growth is not coming from big cities. BMO chief economist Douglas Porter tells clients to really think hard about this growth. Home prices are now rising even faster than at the peak of the 1980s real estate bubble. Most of that growth isn’t coming from emerging […]
