Greater Toronto real estate’s brief pandemic lull is over, and the market is picking up where it left off. Toronto Regional Real Estate Board (TRREB) data shows prices reached a new all-time high in August. The increase comes even as sellers hit the market at a much faster pace than buyers. The suburbs are still […]
Canadians using their homes at an ATM has slowed down during the pandemic. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured by residential real estate saw growth disappear in June. The slow down was even larger in the personal loan segment, which began declining for the first time […]
Canada’s central bank flooded real estate markets with cheap cash when the pandemic hit, and we may know why. Hilliard MacBeth, a prominent Canadian wealth manager, released a research note for clients last week. In his post, he dissects a Bank of Canada (BoC) staff research note from 2019, testing the resilience of the banking […]
Canadian real estate sales are hitting record levels, but mortgage growth is slowing. Bank of Canada (BoC) data shows outstanding mortgage credit hit a new all-time high in July. Even with the new high and various factors working in its favor, the rate of growth is still decelerating. Mortgage Debt Reached Over $1.69 Trillion In […]
Canadian banks are going to make it a little more difficult to get a break from your mortgage. Office of the Superintendent of Financial Institutions (OSFI) announced they will begin phasing out special treatment of payment deferrals. Previously, due to the pandemic, the regulator had allowed banks to avoid classifying payment deferrals as non-performing loans. […]
Canadian banks are setting aside a lot more cash for bad loans, despite a number of government programs to help households. The “Big Six” reported Q3 financial results, and a common theme was an increase in provisions for credit losses (PCLs) from last year. The amount of cash banks have set aside for bad loans […]
Canada’s real estate industry has seen a smaller impact than the general economy during the pandemic. Statistics Canada (Stat Can) data shows residential investment fell in Q2 2020. The drop was smaller than the one GDP made though, meaning the economic dependency on real estate grew. At least for the next few months. Residential Investment […]
Canada’s real estate markets have seen prices soar, but condos are getting left behind. Canadian Real Estate Association (CREA) data shows only five major markets saw condo prices hit a new peak in July. Over two-thirds of Canada’s major markets haven’t seen a peak since the beginning of the pandemic. Some markets last saw prices […]
Greater Vancouver new home sales are still unusually soft. MLA Canada data shows pre-sales for new homes fell in July. The decline slowed new inventory launches, with over half of expected units delayed. Even with the delays, there was a significant increase in new inventory. Only 31 Pre-Sale Homes Were Sold In July The number […]
Greater Toronto new home sales are on fire, everywhere but in the actual city. Data from Altus Group and BILD GTA shows new home sales had the biggest July in over a decade. Surprisingly, this trend is driven almost exclusively by suburban home sales. In the City of Toronto, new home sales have dropped by […]
