Greater Vancouver real estate is still adjusting to the pandemic, but buyers seem to be more deterred than sellers. Real Estate Board of Greater Vancouver (REBGV) data shows the price of a typical home made a significant monthly decline in May. Inventory fell from last year’s levels, but didn’t drop nearly as much as sales […]
Canadian mortgage debt is swelling, despite the freeze on home sales. Bank of Canada (BoC) data shows mortgage credit made the biggest jump in a decade for April. The rise is somewhat unusual, since dollar volumes for home sales haven’t increased much. Even though resale and new home markets have slowed due to the pandemic, […]
The head of Canada’s national housing agency rang off yet another warning to homebuyers. Evan Siddall, the head of the Canada Mortgage and Housing Corporation (CMHC), warned people to question the motives of anyone that says home prices will rise in the near-term. He does so before rattling off a list of economic pressures against […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate CMHC’s Canadian Real Estate Price Forecast Shows Big Drops In Ontario And BCCanada’s national housing agency gave a detailed breakdown of its real estate price forecast. Prices are expected to fall later this year, and continue into 2021. The forecast ends […]
Canada’s Big Six banks are preparing for a lot more bad loans. Canadian banks reported Q2 earnings this week. A common theme in all reports was a sharp increase in provisions for credit losses (PCLs). These have been rising over the past year, as delinquencies begin normalizing from lows. This trend has accelerated quickly however, […]
Canada’s national housing gave the Canadian real estate industry a further peek at what they expect for prices. The Canada Mortgage and Housing Corporation (CMHC) explained last week that price declines are expected across the country. Now they’ve provided a breakdown of the forecast, and how it impacts individual provinces. Prices are expected to start […]
Greater Toronto new home sales finally got the pandemic message last month. Altus Group data shows sales made a dramatic drop in April. The segment had bucked the slowing market in March, but is now finally responding. The result has been a mixed movement for prices. New Single-Family Prices Fall, While Condo Apartments Rise The […]
One of the “Big Three” credit agencies warned they expect a big jump for insolvencies. TransUnion gave the industry a look at recent macroeconomic and consumer credit activity this week. During the presentation, the firm’s analysts highlighted various deteriorating macro events. They warned lenders to expect a rising wave of defaults, as a “severe” risk […]
One of Canada’s largest banks sees turbulence for real estate markets, but doesn’t expect it this season. A CIBC research note released earlier this month sees real estate markets temporarily frozen. Once the economy begins movement again, and mortgage deferrals expire, they see things starting to change. Once this happens, the bank is forecasting lower […]
Canadian homeowners on insured mortgage deferrals are starting to feel the heat. The Canada Mortgage and Housing Corporation (CMHC) updated the federal government on the state of housing last week. During this update, they warned first-time homebuyers to be extra careful purchasing. To highlight this, they ran through a scenario on how a small downturn […]
