Canada’s getting serious about housing supply… or at least trying to make you think it is. The Government of Canada (GoC) made its economic statement yesterday, including a plan to tax non-resident homeownership. The tax, which may be rolled out within the next year, sounds aggressive. However, two of the country’s most populated regions already […]
Greater Toronto new home sales are weaker, helping to push inventory a little higher. Altus Group data shows new home sales were down in October. The drop in sales wasn’t due to weaker demand across the region though. It was exclusively due to the City, as buyers sought out suburban homes. Toronto Detached Prices Jump, […]
Toronto’s golden age of real estate brokerage innovation is coming to an abrupt end. Toronto Regional Real Estate Board (TRREB) sent a memo this week, on sold data. The board informed brokers they will only be allowed to show two years of data going forward. TRREB Ordered To Allow Brokerages To Show Sold Data The […]
Permanent resident growth, previously a large driver of real estate demand, is still largely absent these days. Government of Canada (GoC) data shows permanent resident arrivals are still down sharply in Q3 2020. Toronto and Vancouver are seeing declines get even larger, from previously big drops. Montreal is seeing some improvements, but it’s mostly due […]
Vancouver is doubling down on the success of its vacant home tax…well, tripling down, technically. The Vancouver Empty Homes Tax (EHT) will be tripled from its original rate for the 2021 assessment year. The tax, which places a penalty on underused homes, was put in place to help encourage more efficient use. Vancouver Empty Homes […]
Greater Toronto real estate is on fire… just not condo apartments, which is seeing a lot of sellers. Toronto Regional Real Estate Board (TRREB) data shows condo apartment prices slid for a fifth month in October. Condo sales are fairly in line with last year’s numbers, except in the city. However, inventory has more than […]
Canada’s overheated real estate markets are showing some signs of cooling, but it’s still very tight. Canadian Real Estate Association (CREA) data shows the seasonally adjusted sales to new listings ratio fell in October. The ratio, which shows how much demand exists relative to new inventory, has been unusually high during the pandemic. However, it’s […]
The pandemic is taking its toll on businesses, but to what extent is still pretty much a mystery. Statistics Canada (Stat Can) data recently released, shows monthly store closures made a sharp decline in July. Store closures in this case are defined as businesses that had employment the previous month, but didn’t in the reported […]
Canada’s narrow money supply is pointing to a big return to production and consumer spending. Bank of Canada (BoC) data shows the M1+ gross money supply reached a new all-time high in September. The measure of money supply has experienced the highest rate of growth seen in decades… in the middle of a recession… during […]
Canadian real estate saw prices surge across the country, but not in all segments. Canadian Real Estate Association (CREA) data show the national index saw price growth speed up in October. A breakdown of the index reveals a different picture though. Since the beginning of the pandemic, single-family home prices experienced a price surge. Meanwhile, […]
