Canada’s addiction to mortgage debt is strong, despite the housing slowdown. Statistics Canada (Stat Can) data shows the balance of outstanding mortgage credit hit a new record in December 2022. Mortgage credit growth has slowed to the lowest level in years, but remains unusually elevated compared to pre-2020. That remains a concern with a balance […]
Canada’s economy is just too darn strong, and it’s become a thorn in the central bank’s paw. That was the takeaway from Bank of Canada (BoC) Governor Tiff Macklem’s speech to the Standing Committee on Finance to discuss inflation this morning. Inflation is easing but remains more than three times its target. If meaningful progress […]
Canadian real estate is still moving lower, but it’s still a long way from correcting the recent boom. Canadian Real Estate Association (CREA) data shows the price of a benchmark, or typical, home fell once again in January. Home prices have now rolled back more than a year’s worth of gains. Canadian Real Estate Prices […]
Canada’s central bank’s latest research paper has mortgage brokers in its crosshairs. The Bank of Canada (BoC) just released a staff paper on mortgage intermediaries (brokers). In the working paper titled the Role of Intermediaries in Selection Markets: Evidence From Mortgage Lending, they compare broker-client outcomes to branch borrowers. The researchers found that broker-clients are […]
A large share of Canadians feel like they’re just a few bucks away from financial destabilization. Statistics Canada (Stat Can) released the results from its Canadian Social Survey on Quality of Life and Cost of Living for Q3 2022. The cost of living crisis has made life unstable for nearly a third of households, with […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate Investors Concentrated On Buying Newer, More Affordable Supply Canadian real estate investors are concentrated in newer, more affordable housing supply. For example, investors own under a quarter (24%) of all of Ontario’s housing. But the concentration is skewed to […]
Canadian employment data didn’t get the memo that higher rates are ruining the economy. Statistics Canada (Stat Can) released the January Labour Force Survey today. Employment is soaring, and showing few signs of slowing—Toronto and Vancouver being minor exceptions. The boom is likely to present concerns for the central bank, which had been expecting the […]
Investors scooped nearly half of the new condo supply in British Columbia (BC). Statistics Canada (Stat Can) data reveals investor ownership of property using 2020 tax data. Isolating construction dates, we can see that investors focused primarily on new construction built in 2016 or later. Big cities, small ones, and even rural markets—saw investors capture […]
Ontario real estate is dominated by investors, and this didn’t happen overnight. Statistics Canada (Stat Can) data confirmed investor-ownership using 2020 tax data. Diving into the numbers, we found that most of Ontario’s new condos (2016 or later) are owned by investors. It’s not just big cities like Toronto or Hamilton either, most new condo […]
Canada’s national statistics agency made investor-owned homes the subject of their latest data. Statistics Canada (Stat Can) took a dive through tax data to estimate the share of investor-owned homes in 2020. Confirming our observation last year, the data reveals investors scooped most of the new supply in the most affordable segment, at the expense […]
