Canadian mortgage lenders are seeing business pick up – and fast. Bank of Canada (BoC) data shows funds advanced for new mortgages made a big double digit leap in August. The rise in funds is still weighed down by a weak first half of the year, but lending is improving. New Mortgage Lending Was Up […]
Canadians are paying lower interest rates for borrowing than last year. Bank of Canada (BoC) data shows the effective interest rate has fallen as of the first week of November. The rate is lower than last year, but the longer-term movement is still towards higher rates. Effective Interest Rates The household effective interest rate is […]
Greater Toronto real estate is picking up once again, especially the price momentum. Toronto Real Estate Board (TREB) numbers show prices made a larger than usual climb in October. Rising prices came as sales returned to normal volumes, and inventory dropped. Just in time for the Federal government to throw stimulus into the market. Greater […]
Canadian households are still into debt, just not if it’s for anything other than a house. Bank of Canada (BoC) data shows household debt reached a new high in September. Most of the debt growth is mortgage related, with the pace of borrowing accelerating. While consumer credit advanced, the pace of growth continues to decelerate. […]
Heavily indebted Canadian households are saving less than they used to. A lot less. Statistics Canada (Stat Can) numbers show the household savings rate is falling in 2019. The decline in savings has been steadily occurring since the real estate boom began. The low savings rates may leave households more vulnerable to global economic shock. […]
Greater Vancouver pre-sale real estate buyers are returning. MLA Canada data shows a large increase in sales for September. Rising sales commitments were also met with more inventory though. The net impact is weaker inventory absorption than last year, but a lot more choices for buyers. Greater Vancouver Pre-Sale Inventory Rises 42% Greater Vancouver saw […]
Greater Toronto new home sales made a big improvement from last year. Altus Group data shows sales of new homes were up big in September. Most of the increases were in the suburbs, and a lot of the increase has to do with a slow comparison period. Year to date, Greater Toronto new home sales […]
A lot of Canadians are going to non-bank lenders for their mortgage needs. A Statistics Canada (Stat Can) survey shows a substantial amount of new loans at non-bank lenders in Q1 2019. The high growth rate is also accompanied by a larger than typical rate of arrears for Canada. Most of the mortgage debt in […]
The Greater Vancouver condo market is seeing the return of buyers. Real Estate Board of Greater Vancouver (REBGV) data shows a big jump in sales for September. Despite the increase in sales, rising inventory helped to push prices even lower. Greater Vancouver Condo Prices Drop Over 6% Greater Vancouver condo apartment prices are still falling, […]
The Toronto condo market was expecting a big surge of buyers last month, and that they got. Toronto Real Estate Board (TREB) data shows sales made a double digit jump in September. Despite the big rise in sales, prices made the second smallest monthly increase of the year. Toronto Condo Prices Make Smallest Increase Since […]
