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 […]
It’s going down. I’m yelling timberrr. Bad joke, but good news for home construction costs, unless you’re a timber dealer. After more than tripling since 2020, lumber prices have crashed over 60% lower as of Tuesday. Surging lumber over the past two years helped drive construction costs tens of thousands of dollars higher. Now that […]
Canadian real estate prices got a big boost from central bank stimulus, sparking a speculative frenzy. That frenzy is coming to an end fast, with more than half of major markets off peak. A pullback is expected after rapid price increases for real estate markets. What’s unexpected is the pace of the pullback, possibly one […]
Higher interest rates might force Canadian households to do the unexpected — pay down debt. That was one of the findings in the Bank of Canada (BoC) Survey of Consumer Expectations. The Q2 2022 results show many households plan to change spending behavior if rates rise. It also revealed the average person expects inflation to […]
A global real estate correction has kicked off and Canada is expected to lead lower. That was the message from Goldman Sachs (GS) Research’s latest client note on rising rates. Excessively low rates stimulated record home sales and a multi-decade high for inflation. Now that rates are rising to cool that inflation, it’s removing home […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate Prices Are On Track To Drop $68k By Mid-Summer Higher interest rates have knocked the exuberance out of Canadian real estate. The sales to new listings ratio (SNLR) historically has led annual price growth by 3 months. It’s so […]
Canada’s addiction to real estate-driven growth won’t be easy to break, being such a large share of the economy. Statistics Canada (Stat Can) released annual provincial data for Real Estate and Rental and Leasing (RERL). RERL is a share of gross domestic product (GDP) sourced from real estate services. Over the past two decades, RERL […]
Bubble Contagion? Bank of Canada Finds Suburban Real Estate Prices Outgrew The City Canadian real estate prices have made absurd gains over the past year, especially in big city suburbs. A new study from the Bank of Canada (BoC) looked at this phenomenon, observing the gap between city centers and the suburbs has been quickly […]
Ontario is about to experience more real estate pressures in the form of higher rents. The Government of Ontario released its annual rent guideline for 2023. This guideline covers the maximum increase most tenants can experience in the year. With inflation at a 40-year high, it’s hardly surprising to see the guideline at a decade […]
