Canada’s emergency benefit applications are giving a little more insight into income disruption. Canada Revenue Agency data presented to the House of Commons shows a breakdown of CERB applicant income from last year. The data, first reported by Blacklock’s Reporter, shows hundreds of thousands of applicants didn’t file taxes at the time of application. More […]
Canadian households are sitting on a record amount of cash, waiting to be spent. CIBC Economics’ latest report shows tens of billions in cash just sitting in accounts in Q2 2020. The increase is due to a combination of government supports, lack of places to spend, and payment deferrals. Canadian Households Saved $90 Billion More […]
Canadian real estate is still booming, but slowing faster than seasonally expected. Canadian Real Estate Association (CREA) data shows sales made a small decline in October. The decline only shows in the board’s seasonally adjusted numbers. Unadjusted sales still show large growth, but the rate decelerated for the first time since the pandemic. Canadian Real […]
Canadian mortgage debt indicators are looking better, but the state-owned housing agency is putting a big asterisk beside them. Canada Mortgage and Housing Corporation (CMHC) data shows the mortgage debt to income ratio made a sharp drop in Q2 2020. Typically this would mean households had a sudden windfall, and can suddenly handle their debt […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Household Debt Reaches 115% Of GDP, Here’s Why That’s Bad Canadian household debt is swelling, while gross domestic product (GDP) has been falling. The ratio reached 115% in Q2 2020, up from 101% the previous quarter. Even pre-pandemic this number […]
Canada’s central bank is still buying tens of million of mortgage bonds. Bank of Canada (BoC) data shows the balance of Canada Mortgage Bonds (CMBs) they hold, increased this week. The increase is a couple of weeks after the pandemic program to buy these has ended. However, it appears that didn’t mean they were going […]
Hundreds of thousands of Canadians are seeing their payment deferrals expire. Canadian Bankers Association (CBA) data shows over half of people on deferrals have resumed payments by September 30. While most have resumed, there’s still hundreds of thousands of mortgages that haven’t yet. Mortgage Payment Deferrals When the pandemic kicked off, Canada’s bank regulators allowed […]
The Canadian economy may be slowing, but the debt is rising very quickly. Bank of Canada (BoC) data shows the ratio of household debt to gross domestic product (GDP) increased sharply in Q2 2020. The trend of household debt growing faster than GDP has persisted for years, but made a sharp increase in Q1. Researchers […]
Canada’s largest real estate markets are seeing unemployment fall from peak. Statistics Canada (Stat Can) data shows October saw the rate drop in Toronto, Vancouver, and Montreal. These markets all saw improvements, but they’re still far from pre-pandemic levels. Toronto Has One of The Highest Unemployment Rates In Canada Toronto has one of the highest […]
Canada is pulling all of the measures to make sure households and businesses don’t go bust, but it’s just time for some. Office of the Superintendent of Bankruptcy (OSB) data shows insolvencies increased in Q3 from the previous quarter. The quarterly increase is somewhat surprising, considering the number of lender support programs. Canadian Insolvencies Rise […]
