Canada’s big banks are seeing more mortgage borrowers fall behind on payments despite relief measures. Canadian Bankers Association (CBA) data shows the serious mortgage arrears rate climbed again in October. The rate remains historically healthy, but it has increased sharply from record lows despite policymakers making extensive efforts to mitigate the erosion. About Today’s Data […]
Toronto real estate just got another sign that it entered one of its roughest markets ever. Equifax data shows the Greater Toronto mortgage delinquency rate climbed again in Q2 2024. Just two years after hitting a record low, the rate is now climbing at one of the most aggressive paces in history, hitting a 9 […]
Canada is tripling down (quadrupling?) on its real estate-based economy. Statistics Canada (Stat Can) data shows the number of active businesses hit a new record in September. That’s the good news, which loses a little luster when examining the details. The country’s national statistics agency attributed most growth to just a handful of real estate-related […]
Canada plans to slow its population growth next year, and it might be ahead of schedule. Immigration, Refugees and Citizenship Canada (IRCC) data shows applications for temporary residency, including extensions, declined in October. The decline comes ahead of a policy to shrink the temporary resident population, which has more than doubled over the past 3 […]
Back in October, government workers were ordered back into the office to bolster real estate demand. A month after most workers were ordered back, real estate markets have re-entered overheated territory. Canadian Real Estate Association (CREA) data shows the sales to new listings ratio (SNLR) increased in November. This time the rally is driven by […]
Canada’s economy is slowing down and unemployment is rising, but that isn’t slowing credit consumption. Statistics Canada (Stat Can) data shows household debt continued accelerating in October. A combination of lower rates and moral hazard has led to aggressive borrowing, with credit now rising at a faster pace than GDP. It’s a questionable setup when […]
Canada’s economy continues to outperform, and received further revisions of prior data. Statistics Canada (Stat Can) data shows real gross domestic product (GDP) showed surprising growth in October, coming in 3x expectations as real estate returned as a driver. September data has also been revised to show double the growth originally reported, indicating the economy […]
Who needs a pandemic when every day can be an “exceptional circumstance” for the market? A new report from the Financial Consumer Agency of Canada (FCAC), the country’s consumer watchdog, outlines the extraordinary mortgage relief measures it continues to deliver via the country’s banks. The agency delivered more than 8,000 mortgage relief measures over a […]
The Canadian and American economies often move together, but the loonie is the latest sign that won’t be the case this time. The Canadian dollar has been plunging against the US dollar, a.k.a. Greenback. That loonie’s erosion was amplified this month as the two central banks diverged on outlooks for their respective economies, with the […]
The pandemic kicked off a Great Migration for Canadians, who fled expensive provinces for affordable housing. That boom is ending for Atlantic Canada, but continues in Alberta according to a new analysis from BMO Capital Markets. They found the two biggest losers are BC and Ontario, where people continue to flee the sky-high cost of […]
