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 […]
Time for your weekly cheat sheet on this week’s most important stories. Canadian Real Estate CMHC Warns Canadians: “Support For Homeownership Cannot Be Unlimited” The CMHC, Canada’s national housing agency, had a warning for young homebuyers: Be realistic about your debt. As a cautionary tale, the agency’s CEO walked the federal government through a scenario […]
Canadian real estate prices climbed according to another index, but it had a limited impact on sentiment. The Teranet – National Bank of Canada House Price Index (TNBC HPI) made a substantial climb in April. Despite the big increase for prices, the Big Six bank warned a rapidly changing macro environment could change the direction […]
Canadians are suddenly short on cash for their jumbo sized mortgages. Canada Mortgage and Housing Corporation (CMHC), the country’s national housing agency, estimates over a tenth of insured mortgages are now on payment deferrals. The agency also added they expect the ratio of deferrals to nearly double over the next few months. Quebec Has The […]
Canadian households are facing a problem they didn’t think was possible a few weeks ago – falling consumer prices. Statistics Canada (Stat Can) data shows the consumer price index (CPI) fell in April. The deflationary move is the first seen in Canada, in over a decade. A month isn’t a trend, but if it continues, […]
Canada’s national housing agency wants to remind people there’s a limit to what they can do. Evan Siddall, CEO of the Canada Mortgage and Housing Corporation (CMHC) updated Canada’s standing committee on finance. In the update, he explained how the CMHC is using tens of billions in capital to support real estate markets. Even so, […]
Just how much did Canada lean on household debt to grow the economy over the past few decades? A lot. Bank of Canada (BoC) crunched the numbers, and they show household debt accelerated faster than any other segment of debt. The distribution of debt makes Canadian households one of the most vulnerable of the advanced […]
