Canadian real estate has never been less affordable, according to Canada’s largest bank. RBC warns housing affordability eroded to its worst level on record in Q2 2022, with households now requiring a record share of income. Despite falling home prices, affordability is still eroding due to rising interest rates. However, the bank sees home prices […]
Toronto real estate prices are reversing some of the gains made but have a long way to go before they’re gone. Toronto Region Real Estate Board (TRREB) data shows the composite benchmark, or typical home, fell once again in September. Greater Toronto home prices have now shed over $200k in value in just six short […]
Canadians have seen their net worth soar over the past couple of years. Now the market is taking back some of those gains, according to Statistics Canada (Stat Can). In Q2 2022, a sharp drop wiped out virtually all of this year’s gains. The wealthiest households have seen an average of nearly $200k wiped off […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Alberta Is Calling? Ontario Residents Are Fleeing The Province In Record Numbers Ontario is seeing residents flee in record numbers these days. Nearly 125,000 Ontario residents left for new provinces in the year-ending Q2 2022, up 54.7% and a new record. Adjusting […]
Ontario real estate will rise forever, since young adults wouldn’t move, right? That’s not what interprovincial migration data from Statistics Canada (Stat Can) shows. We talked about Ontario’s record outflows in Q2 2022, yesterday. The demographic moving deserves a deeper dive though, and where they’re moving is an important point to consider. A perfect storm […]
Ontario’s astronomical cost of living has residents fleeing by the tens of thousands. Statistics Canada (Stat Can) data shows interprovincial migration soar in Q2 2022. Ontario’s talent is fleeing to more affordable regions like Alberta and Nova Scotia. It’s so bad, a Big Six bank warned investors that immigration is having a harder time filling […]
Canadian real estate owners are doubling down on their windfall and becoming landlords. Statistics Canada (Stat Can) Census 2021 data reveals a boom in new homes used as rentals. Low rates have helped investors outcompete first-time homebuyers, as institutions have warned. New supply has seen the smallest share go to end users in decades, according […]
Canadian real estate is some of the most expensive in the world, and incomes are struggling to keep up with it. Statistics Canada (Stat Can) Census 2021 data shows over a quarter of homeowners in urban downtowns are in shelter poverty. The term is used to define a household that spends more than 30% of […]
Canada’s mortgage debt boom is slowing but still remains historically elevated. Bank of Canada (BoC) data shows outstanding mortgage credit hit a new record in July. Higher interest rates are throttling growth, as they shrink borrowing credit capacity. Even so, annual growth is still at a level rarely seen outside of Canada’s frothiest market cycles. […]
