Canadian mortgage debt is slowing, but it’s way past the point of becoming a problem. Bank of Canada (BoC) data shows outstanding mortgage credit slowed in October 2022. However, slow growth is still growth—households now owe the equivalent of the country’s economic output. At this level, debt will pile up much faster than GDP grows, […]
Canada’s vast choice of unfilled jobs is quickly disappearing as the economy begins to tighten. Statistics Canada (Stat Can) data shows the number of job vacancies made a sharp decline in October 2022. That’s good news for moderating inflation as economic slack is absorbed, but also indicates we’re past peak growth and heading towards recession. […]
Canadians are still dumping expensive provinces for, well, less expensive ones. Statistics Canada (Stat Can) released its latest interprovincial migration estimates for Q3 2022. The biggest losers of residents to other provinces were BC and Ontario, the former printing its first net outflows in nearly a decade. The biggest winners were Alberta and Nova Scotia, […]
Canadian real estate is in the largest bubble the county has ever experienced. RBC warns that housing affordability has eroded right across the country in November. In a research note to investors, the bank explains it’s now even harder to buy a home than during the 1980s bubble. A correction is now required to stabilize […]
Canada’s overstimulated economy is experiencing withdrawal from the end of low rates. Oxford Economics‘ warned investors the country is already in recession. It’s expected to spend most of 2023 in recession, and will be hit harder than its G7 peers. Highly indebted households and overpriced real estate shouldn’t expect much relief either. Elevated inflation will […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate Building Boom Hits Historic High, To “Be Tested”: BMO Canada’s real estate slowdown has developers pumping the breaks on new projects. Don’t worry, says BMO—there’s a record number of homes currently under construction. The seasonally adjusted annual rate (SAAR) […]
Canada is seeing new housing starts begin to fizzle, with November’s growth largely flat. It might present a concern for many, but BMO Capital Markets explained it shouldn’t. In the bank’s latest research note, they argue new housing starts are still very high. A record number of new homes are under construction, and a lot […]
Canadian real estate has entered a deep freeze ahead of the declining winter market. CREA data shows a benchmark, or typical home, saw prices fall in November. Weak sales combined with healthier inventory has brought prices significantly lower. A typical home across Canada has now dropped over $140k in just a few short months. Canadian […]
Canadian real estate just saw one of the biggest shopping sprees on record, and the bill isn’t pretty. Statistics Canada (Stat Can) data shows household mortgage debt service ratio (DSR) hit a record high in Q3 2022. Interest rates contributed to the recent spike, but the size of debt is the primary issue. Mortgage Debt […]
The market giveth, the market taketh—especially during an interest rate-driven economic cycle. Statistics Canada (Stat Can) data shows household net worth made a sharp drop in Q3 2022. The quarterly decline was so sharp, it wiped out a year of headline-making growth. It was the first time annual growth turned negative since the Great Recession. […]
