The head of Canada’s bank regulator called the country’s housing market what it is — a speculative frenzy. Office of the Superintendent of Financial Institutions (OSFI) superintendent Peter Routledge gave his take on housing this week. Speaking on the Herle Burley podcast, the regulator explained he sees real estate market exuberance. In his opinion, it […]
Canada’s central bank increasingly sounds like it doesn’t believe its transitory narrative. In a speech to the Senate committee today, the Bank of Canada (BoC) Governor updated lawmakers on monetary policy. He repeated mostly highlights from last week’s meeting, including the end of stimulus. He also warned households to prepare for higher rates, as they […]
A leading indicator of future building is flashing big growth, but there’s a catch. Statistics Canada (Stat Can) data shows a huge climb for building permit values in 2021. Values climbed by over a quarter, one of the largest increases in history. Unfortunately, the national statistics agency attributes two-thirds of the growth in value to […]
Canada just fined the world’s largest bank for not following anti-money laundering rules. A local subsidiary of the Industrial and Commercial Bank of China (ICBC) paid over $700k in penalties last year. Despite only being fined weeks ago, FINTRAC, Canada’s financial intelligence unit, found the problems during a routine audit in 2019. The regulatory body […]
Canadian real estate prices are some of the fastest growing in the world, and have been for some time. The US Federal Reserve (the Fed) updated its real home price index for Q3 2021. All G7 countries are seeing home price growth, but nowhere is quite like Canada. In Canada, real estate prices have grown […]
Canadian real estate demand is soaring, and it has builders very excited. The Canadian Home Builders’ Association (CHBA) updated its Housing Market Index, this week. The index, a leading indicator of builder sentiment, reached a new record in Q4 2021. While the index only goes back a year or so, the abrupt climb was a […]
Canadians are borrowing mortgage debt at one of the most rapid rates in history, and with good reason. Bank of Canada (BoC) data shows borrowers were getting rock bottom rates in November. The rates are actually so low, they’re now way below inflation. Canada now has negative real mortgage rates, which are as close to […]
Canada’s central bank is adding another data point to show the extent of real estate investors. A Bank of Canada (BoC) staff report looked at the country’s mortgage market up to Q2 2021. They found over 1 in 5 recently issued mortgages in Canada went to investors. The data reveals a sharp increase, but even […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Bank Of Canada Quietly Revised Its GDP Forecast To Show A Larger Housing Contraction The Bank of Canada (BoC) didn’t raise rates, despite the housing market getting out of control. However, it appears a part of the concern is Canada has little […]
One of Canada’s “Big Six” banks sees the country’s central bank playing catch up to keep pace with the US. National Bank of Canada (NBF) warned their financial market customers the “free-money party” is over. The Bank of Canada (BoC) used quantitative ease (QE), driving home sales and prices higher in 2020-2021. NBF sees the […]
