Canadian homebuilding lagged in the past, but it now far exceeds population growth. CMHC data shows home completions started to outpace population growth last year. By the fourth quarter, there are now 18 homes completed for every person the population grows. Curiously, home prices have been soaring in growth. Canadian Homebuilders Are Still Hammering Out […]
The number of U.S. existing-home sales is falling, but it’s definitely not a drag on price growth. The National Association of Realtors (NAR) data shows existing-home sales fell in March. The drop in sales is largely attributed to falling inventory. This has created more pressure on home prices, driving them to new record highs. U.S. […]
The Canadian property bubble was recognized by an unlikely entity — the Canadian government. MP Adam Vaughan dropped the b word this week. Vaughan isn’t just an elected official, but also the Secretary to the Minister in charge of most of the country’s housing policy. In a Twitter exchange, he explained how difficult it’s been […]
Canadian real estate is finally starting to show up in inflation data, but it may not be as high as you would guess. BMO chief economist Douglas Porter shared his take on Canada’s inflation numbers. The consumer price index (CPI) is starting to make a sharp climb. Most of the increase is attributed to the […]
A new mortgage stress test? Don’t bother me with those peasant details. After Canada’s property bubble attracted global criticism, they announced tighter mortgage lending. On April 8, the Office of the Superintendent of Financial Institutions (OSFI) said they would make the stress test harder. By the following Monday, the first bank launched a pilot mortgage […]
The Canadian economy’s recovery is well underway, and that means easy money may be on the way out. Bank of Canada (BoC) updated its outlook earlier today. The central bank said the accelerated recovery will allow them to ease stimulus. To start, they’ll taper quantitative ease (QE), and speed up the end of their commitment […]
U.S. home prices are rising very quickly, and so is fraud to obtain mortgages to buy homes. The CoreLogic National Mortgage Application Fraud Risk Index made a big jump Q1 2021. The rapid increase of the index means more red flags are being found in the application process. Hot markets with a sudden surge in […]
The Government of Canada (GoC) is facing mounting pressure to do more about home prices. BC-based housing activist Raymond Wong launched an e-petition last week. The petition calls for the Bank of Canada (BoC) to consider home prices when setting rate policy. In less than a week, the petition has enough signatures to be certified […]
Canadian real estate inventory appears scarce, but that might be starting to change. Canadian Real Estate Association (CREA) data shows new listings grew faster than sales in March. A massive amount of sales are actually being met with even more inventory these days. Record sales are due to pent-up and pulled-forward demand, but inventory isn’t. […]
The Canadian real estate industry got what it wanted from the latest budget — nothing. The Government of Canada (GoC) released Budget 2021 this afternoon. Despite housing becoming a boiling point issue, it was largely ignored. There were few commitments that would impact market prices in the near term. Beneficial Ownership Won’t Be Arriving Until […]
