One of the world’s largest risk advisory firms says Canadian real estate won’t be spared. Moody’s Analytics released their Canadian Q2 forecast, showing how COVID-19 will impact the Canadian economy. The firm advised their institutional clients that real estate will be impacted, with even an optimistic scenario showing price declines. Risk Assumptions and Baselines First, […]
The Canadian economy has been leaning more and more on real estate these days. Statistics Canada (Stat Can) data shows gross domestic product (GDP) was flat in February. Despite the flat growth, real estate advanced and significantly outperformed the general economy. Who Cares About February? We know, February was like, totally forever ago – and […]
Canada’s national statistics agency surveyed businesses to gauge the impact of the pandemic, and it’s not pretty. Statistics Canada (Stat Can) surveyed 12,000 business operators between April 3 and 24, on how COVID-19 impacted them. Some businesses are minimally impacted, much to our surprise. However, the majority have seen significant revenue declines, and have had […]
Canadians using their home as an ATM was drying up before the pandemic. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of credit secured by homes showing minimal growth in February. The slowdown is almost entirely due to a drop in personal loans in this segment, such as HELOCs. Loans Secured […]
Greater Toronto new home sales were busy last month, but are expected to slow. Altus Group data shows new home sales nearly doubled last year’s volume in March. The rise in sales was met with no new project launches, causing inventory to tighten. Many buyers shrugged off the pandemic, but the firm’s analysts expect the […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Employment In Canada’s Largest Cities Is Worse Than It Looks The unemployment rate in Canada’s biggest cities is rising, but doesn’t capture how bad things are. In Toronto the unemployment rate reached 7.8% in March, up 11.42% from last year. This […]
Canada’s largest real estate markets should prepare for a very different economy over the next few years. Statistics Canada (Stat Can) data shows unemployment in Toronto, Vancouver, and Montreal made big climbs in March. As bad as the loss is, it’s muted by a rapid decline in the participation rate. This means the loss of […]
Canadians got temporary price relief, but it could be a sign of more serious issues brewing. Statistics Canada (Stat Can) reported one of the largest declines in the history of the consumer price index (CPI) for March. The decline puts the index’ growth to one of the lowest levels in years. While low to no […]
Greater Toronto real estate has seen volume drop off quickly since the pandemic. Toronto Regional Real Estate Board (TRREB) data shows the first 17 days of April has a big drop off in volume. Sales are dropping faster than new inventory, relieving pressure on prices to rise. The numbers prepared from the board are still […]
Greater Vancouver is seeing insolvencies climb, not unlike the rest of Canada. Office of the Superintendent of Bankruptcy (OSB) filings show insolvencies increased in February. While the increase was in the double digits, the city managed a slower increase than the province as a whole. Greater Vancouver Insolvencies Rise Over 10% Greater Vancouver insolvencies are […]
