Not every Canadian that took a credit payment deferral needed one. Don’t let that fool you into thinking no one needed a payment deferral though. Royal Bank of Canada (RBC) data shows the number of expired payment deferrals the bank is carrying. The vast majority of people have resumed payments without problem. However, delinquencies are […]
Canadians are over pandemic spending fears. At least when it comes to getting mortgage debt. Bank of Canada (BoC) data shows the balance of outstanding mortgage credit reached a record high in September. Despite the pandemic, mortgage debt is now growing at the fastest rate since 2018. Canadians Owe Over $1.7 Trillion In Mortgage Debt […]
Canadian banks are seeing a higher rate of arrears on mortgages, despite support. Recently released Canadian Banks Association (CBA) data shows the mortgage arrears rate jumped in May. The rise in arrears implies non-payment issues were brewing before the pandemic. It also means the bank’s special treatment of mortgages hasn’t totally eliminated risk. About Canada’s […]
The Great Canadian Mortgage Payment Relief experiment is coming to an end. Regulatory filings for the Big Six show the majority of mortgage payment deferrals expired in Q4. Most transitioned back to regular payments without much of a hitch. Most didn’t actually need a payment deferral though, but the deferrals did allow problematic mortgages hide […]
Greater Vancouver real estate is still catching up from pent-up demand. Real Estate Board of Greater Vancouver (REBGV) data shows record home sales in November. The increase was largely divided by segment however, sending detached prices soaring, while condo prices are dropping just as fast. Greater Vancouver Detached Prices Are Rising, While Condos Are Falling […]
Another Big Six bank has notified investors they’re prepared for falling home prices in the near future. National Bank of Canada (NBC) notified investors last week the bank has revised its outlook based on data up to Oct 31. While some indicators had surprising improvements from the previous forecast, some have revised lower. In all […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canada’s Largest Bank Says It’s Putting “Greater Weight” On Home Price Declines RBC’s chief risk officer has stated the bank is putting a “greater weight” on price declines. Canada’s largest bank reiterated they believe prices will fall around 8% at the national […]
Toronto may finally start taxing vacant homes. City of Toronto staff recommended a vacant home tax to council this week. The tax would place a penalty on those that use residential property in the City for less than half the year. By doing so, the City hopes to join other major cities like Paris in […]
Canada’s largest bank doubled down on their real estate forecast this week. Royal Bank of Canada (RBC) held its quarterly earnings call, and the bank shared how they are prepared for the next few quarters. On the call, the bank’s chief risk officer (CRO) reiterated their forecast on real estate prices. Some may think we’re […]
Greater Toronto’s suburban real estate market is in high demand, as people flee for more space and work from home. Toronto Regional Real Estate Board (TRREB) data shows prices were soaring across the board in November. However, a breakdown shows condo apartments made a sharp monthly move lower. All price gains in the index are […]
