Canada’s immigration heavy population growth plummeted during the pandemic. BMO Chief Economist Douglas Porter is starting to see population growth finally stabilize. However, it’s at a much lower level than the country saw pre-pandemic. While the most recent quarter shows near-normal growth, a lot of ground needs to be made up. If it isn’t made […]
Ontario is out, and the coasts are in according to the latest population growth data. Statistics Canada (Stat Can) quarterly population estimates were released for Q1 2021. Interprovincial migration data shows Ontario lost more Canadians than it could attract. Affordable provinces such as Quebec and Nova Scotia were able to show a net gain. BC […]
Despite rainbows and unicorns, Canadian household debt problems didn’t just disappear. In fact, they got worse in many cases, and the economy is finally strong enough to start thinking about them. The Office of the Superintendent of Financial Institutions (OSFI), the country’s bank regulator, announced the domestic stability buffer (DSB) will rise in October. The […]
Canadian real estate just got one of the cooler forecasts this year, and it was from the industry. The Canadian Real Estate Association (CREA) updated its 2021 forecast this week. The organization made an upwards revision to the rate of growth for the average sale price this year. It sounds great, until you realize one […]
Canadian shelter costs are soaring, but haven’t contributed much to inflation data. That is, until now. Statistics Canada (Stat Can) updated its consumer price index (CPI) for May. The index is accelerating at the fastest rate in over half a decade, and for the most part — it’s not base-effect. Gasoline and shelter costs were […]
Homebuyers fled big cities like Toronto during the pandemic, searching for suburban deals. Most of those deals are now gone, as small cities and rural Ontario saw prices soar. BMO senior economist Robert Kavcic argues this in his latest client research note. The gap between buying in a big city like Toronto, and a small […]
The Canadian real estate rollercoaster continues, as expectations temper from recent highs. The Canadian Real Estate Association (CREA) released its quarterly forecast for existing-home sales. The industry organization is still expecting a record number of home sales this year. However, the rapidly changing environment has led them to cut expectations by thousands of units. Over […]
Canadian home sales are coming down from the all-time record high hit earlier this year. Seasonally adjusted home sales fell in May, shows Canadian Real Estate Association (CREA) data. Home sale activity still remains elevated, even printing another monthly record. However, sales dropped in 80% of markets across the country, and are falling fast. With […]
More housing supply is on the way, according to Canada’s national housing agency. New urban housing starts increased in May, shows Canada Mortgage and Housing Corporation (CMHC) data. The rise in activity is still below the peak seen earlier in the year. Similar to what’s happening in the US, starts have begun to fall from […]
Lumber prices are still making a nose dive, as supply catches up and demand softens. Last week we mentioned lumber prices have officially crashed from their all-time high. This week BMO economist Carl Campus wrote to clients that prices have fallen below US$1,000/mbf. This is the first time it fell below that mark since March. […]
