Foreign speculators looking to buy a home in Canada might encounter a few hiccups in the next few years. The country is in the middle of a snap election, and housing is the hot topic — especially foreign ownership. Just this morning, the ruling Liberal Party announced they would ban non-resident buyers. This is the […]
Lumber prices continue to spiral lower, and that might be a good thing for home prices. The commodity surged throughout the pandemic, hitting an absurd high in May. Since then, prices have plummeted back to reality at a rapid pace, wiping out all of this year’s gains. This can result in a huge discount for […]
Since the pandemic began, Canadian households have never been better. They’re saving more, they’re defaulting less, and some have even begun to poop rainbows. At least that’s what the narrative has been. Non-mortgage loan (A2) filings with the Office of the Superintendent of Financial Institutions (OSFI) shows that may not be the case. Expected credit […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Real Estate Needs More Focus On Demand-Side Issues: BMO Canadian real estate needs to focus on the demand-side measures to fix housing. Urban housing completions hit over 200,000 annualized units in July. The higher than usual supply should be cooling […]
Canadian real estate prices are still fast-growing, but showing signs of cooling. The Teranet–National Bank of Canada House Price Index (TNHPI) hit a new record high in July. Annual growth for the index shows acceleration for every month for a whole year now. Signs of cooling exist though, including falling home sales and over half […]
Canadian real estate inventory suddenly became a little more scarce last month. An uptick in the sales to new listings ratio (SNLR) has agents saying a second wave of growth is coming. It’s true an increase in the ratio tends to be positive for price growth, but a single uptick isn’t the same. When the […]
Home sales might be slowing, but Canadians have begun one of the most epic debt binges ever. Bank of Canada (BoC) data shows outstanding residential mortgage credit reached a new record in June. It didn’t just “soar” to that level though. It showed explosive growth, like someone strapped a rocket to it. Canadians Now Have […]
Canadian inflation made an unexpected surge last month. Statistics Canada (Stat Can) data shows the Consumer Price Index (CPI) jumped in July. The measure of inflation accelerated after a brief pause the month before. Housing once again played a big role in the acceleration of the cost of living. Canadians Saw Their Cost of Living […]
Canada hasn’t seen this much housing being delivered in a very long time. BMO senior economist Robert Kavcic wrote to clients about July’s new housing completion data this morning. Canada hasn’t built this much housing in decades. While some supply-side issues remain, it’s less of the concern it was a few years ago. Instead, he […]
Canada’s highly indebted households didn’t see their finances improve during the pandemic. Many did get a lot more neat stuff they couldn’t afford without low interest rates though. That’s the takeaway from the MNP Consumer Debt Index, conducted quarterly by Ipsos. The poll found a third of Canadians consider themselves “house poor.” Even more are […]
