Canadian real estate gave back some of its record gains for the first time in years. Canadian Real Estate Association (CREA) data shows the benchmark price of a home fell in April. A typical home saw prices fall only slightly and annual growth remains high. However, Canada hasn’t seen prices fall in two years, and […]
Canadian new home starts are still strong but have begun to slow down from highs. Canada Mortgage and Housing Corporation (CMHC) data shows housing starts climbed in April. The rise in starts is based on seasonally adjusted month-to-month data, though. The number of new homes remains historically high but annual growth is tapering. Canadian New […]
Time for your cheat sheet on this week’s most important stories. Most Canadian Real Estate Gains Will Be Wiped Out Starting This Year: Oxford Econ Canadian real estate prices have increased 50% since 2020, but a lot of those gains are about to reverse. Oxford Economics reiterated its call for a 24% price drop, seeing […]
Canadian real estate prices have already begun to see growth slow, but this is just the beginning. Oxford Economics is reiterating its forecast as factors line up to return affordability. They see home prices falling by 24%, wiping out most of the gains made since the start of 2020. The declines are expected to begin […]
Canada’s real estate bubble may force the country’s central bank to put inflation on the back burner. Yesterday, Bank of Canada (BoC) Deputy Governor Tony Gravelle addressed Quebec economists. In his speech, titled the Perfect Storm, he explained various interest rate scenarios. The one that stood out most was pausing interest rates due to housing […]
Just how big is Canada’s real estate bubble? Canadians, especially in the real estate industry, are already warning rate hikes are damaging the economy. While large price drops sound scary, no one had realized how scary large price gains had become. A typical home can drop the equivalent of a median household’s income, and only […]
Canada’s oldest bank joined the largest bank in making upward revisions to its rate forecast. BMO now sees the Bank of Canada (BoC) raising even faster than thought. Their economists see interest rates ending at slightly different levels next year. However, the near-term message was the same — expect much higher interest rates by this […]
Canadian real estate went from rising tens of thousands per month to falling just as fast. In March, most markets saw monthly growth of the benchmark price fall, according to CREA data. The issue is more pronounced in Ontario, where markets fell up to $40k over just a few days. Most Canadian Real Estate Markets […]
Rain or shine, Canada’s largest bank sees much higher interest rates to combat destabilizing inflation. RBC hiked its forecast for interest rates today after the central bank increased its neutral rate forecast. By year-end, the bank sees the highest interest rates since the 2000s. Bank of Canada Raised Its Neutral Rate… Again The Bank of […]
Canada’s house rich but cash strapped Boomers are back to tapping their home equity. Regulatory filings with the Office of the Superintendent of Financial Institutions (OSFI) show reverse mortgage debt hit a new record in February. Over the past couple of years, the segment had seen a slowdown. However, growth is now suddenly back and […]
