Canadian mortgage rates are surging higher but are mortgage rates now high? Bank of Canada (BoC) data shows interest costs for new mortgage lending climbed sharply in May. Rates are rising from record lows, stimulus-levels, and largely just normalizing. New mortgage borrowers were still paying less interest than they would have in 2019. Uninsured Mortgages […]
Canada’s record low unemployment rate just keeps falling, but it may not mean what we think it does. Statistics Canada (Stat Can) labor force survey (LFS) data shows unemployment fell in June. But so did the number of workers employed, while the unemployment rate also fell. The drop was due to more employees giving up […]
A lot more Canadians are suddenly seeking protection from lenders, but no need to ring the alarm — yet, at least. Consumer insolvency filings climbed in May, shows Office of the Superintendent of Bankruptcy (OSB) data. It was a substantial increase too, possibly raising concerns about rising rates. While volumes are rising, a base effect […]
Global Real Estate Pandemic Real Estate Boom Due To Cheap Debt, Not Lack of Supply: US Federal Reserve It’s the credit, stupid. That’s basically the conclusion from a US Federal Reserve Board staff paper. The paper examined the price levers that have made home prices move, both from a supply and demand angle. Paying special […]
More Canadians are telling their boss, “take this job and shove it,” and it might surprise you to hear this is good news. This week, Statistics Canada (Stat Can) released the results of its June Labor Force Survey (LFS). Amongst mostly positive data was a point not often discussed — quitting due to dissatisfaction. Workers […]
It’s the credit, stupid. That’s basically the conclusion from a US Federal Reserve Board staff paper. The paper, Volatility in Home Sales and Prices: Supply or Demand?, examined price levers. It paid special attention to the recent home price surge during the pandemic. The ultimate conclusion is stimulated demand was responsible for the surge, not […]
Canadians are about to see interest rates they didn’t think were possible in just a few days. BMO made revisions to its overnight rate forecasts this week. At next Wednesday’s meeting, they’re calling the largest rate hike in two decades. That will bring interest rates (and your borrowing costs) to the highest level since 2008. […]
Some countries lack corruption and some lack investigations revealing corruption. Canada feels like the latter after the data Criminal Intelligence Service Canada (CISC) shared. CISC might not ring a bell, because they operate largely behind the scenes. They provide law enforcement with intelligence on organized crime groups and track activity. The agency’s 2021 Report on […]
Greater Vancouver real estate prices only showed a mild pullback while Toronto was plummeting, but it’s making up for lost time. Real Estate Board of Greater Vancouver (REBGV) data shows the benchmark price made a sharp drop in June. After barely budging in May, prices are now falling tens of thousands per week. Greater Vancouver […]
It feels like it was just a few weeks ago that we were writing about Toronto real estate’s massive gains. Oh, it was just a few weeks ago — price drops are just happening really fast. Toronto Regional Real Estate Board (TRREB) data shows home prices fell in June. Prices fell even faster than they […]
