Toronto real estate is suddenly so cold zero new single-family homes sold in June, but inventory has yet to bounce.
Canadian HELOC debt is starting to surge as homeowners tap their home equity at a time when credit is tightening and home prices are falling.
Most condo apartments built since 2016 have non-occupying ownership across Canadian real estate markets, according to 2020 property records.
Higher interest rates are slowing mortgage borrowing but debt is still growing fast. Bank of Canada (BoC) data shows outstanding mortgage credit climbed in May 2022. Falling home sales are beginning to erode the pace of borrowing. Even with the minor slowdown, mortgage debt is likely to surpass the size of GDP soon. Canadian Mortgage […]
Canada’s largest bank sees the country’s real estate bubble popping like no other. Last week we explained RBC is getting ready to revise its forecast lower, and they made it official today. The bank explained to investors the correction will be larger than previously expected. They’re now forecasting the largest downturn in history for both […]
When the pandemic hit Canadians bought as much toilet paper and real estate they could find. We took a dive through data provided by the Canadian Housing Statistics Program (CHSP) on homeownership in 2020. A massive share of Canadian homeowners aren’t stopping at 1 home, but provinces have seen up to 1 in 5 owners […]
The Canadian real estate bubble is kind of like a plane. People on it know it’s going fast but being inside of it means you don’t really appreciate the speed. On the outside though, the bubble looks like it just broke the sound barrier, especially in contrast to its G7 peers. US Federal Reserve data […]
Canada’s oldest bank is doubling down on its claim the housing supply shortage is a myth. BMO Capital Markets wrote to clients on Thursday morning with another data point — completions compared to household formations. The bank’s analysis argues housing completions have outpaced household formations for two decades. However, easy credit and wave after wave […]
Canada’s inflation data came in lower than expected, but still advanced to a new high. The June Consumer Price Index (CPI) from Statistics Canada (Stat Can) showed the highest annual growth since 1983. It was less than the market expected but still accelerating and way above target. Experts see the elevated inflation requiring a contraction […]
Canadian real estate suddenly had a shortage of supply after record low rates. Not in major boomtowns, but in small cities and rural municipalities. Canada had the biggest boom, but this was seen in almost every advanced economy. Right after rates were slashed to stimulate demand, everywhere had a sudden shortage. BMO Capital Market economists […]