Canadian real estate prices have been on a tear, but most of the gains are in condo apartments. Statistics Canada (Stat Can) release its Residential Property Price Index (RPPI). The result for Q3 2019, show Canada’s largest cities have seen a large movement in home prices recently. The large movement is due to condo apartments, […]
Cash strapped, house rich Boomers (and beyond!) are cashing in on their housing windfalls. Office of the Superintendent of Financial Institutions (OSFI) filings show reverse mortgage debt reached a new high in August. The pace of growth is finally leveling out, but it’s still one of the fastest growing segments of debt. Reverse Mortgage Reverse […]
Canadians are under a lot of financial stress these days, but we’re not seeing a rise in defaults. That might have to do with the number of multiple jobs they’re working. Statistics Canada (Stat Can) data shows a big jump in Canadians working multiple jobs in October. The rise puts the level of multi-job holders […]
Canadian insolvencies are making a very large, and mostly unexpected surge. Office of the Superintendent of Bankruptcy (OSB) filings show a sharp increase for September. Ontario, Alberta, and British Columbia, in particular – are seeing the largest increases. One positive note is more consumers may be seeking protection from creditors earlier. Canadian Insolvencies In Canada, […]
Time for your weekly cheat sheet on this week’s most important stories. Canadian Real Estate Canada’s National Housing Agency Thinks Toronto Is No Longer Overvalued Canada’s national housing agency thinks Toronto real estate is now equally risky to most places. The CMHC downgraded Toronto risk to “moderate,” from the high rating it held prior. The […]
What housing affordability crisis? The latest Canada Mortgage and Housing Corporation (CMHC) Housing Market Assessment shows real estate is at a “moderate” level of risk. The ratings, were largely unchanged, but did include one surprise. Toronto and Hamilton, previously at high vulnerability, received downgrades to their risk. Generally, more risk is seen in real estate […]
Canadian mortgage lenders are seeing business pick up – and fast. Bank of Canada (BoC) data shows funds advanced for new mortgages made a big double digit leap in August. The rise in funds is still weighed down by a weak first half of the year, but lending is improving. New Mortgage Lending Was Up […]
Canadians are paying lower interest rates for borrowing than last year. Bank of Canada (BoC) data shows the effective interest rate has fallen as of the first week of November. The rate is lower than last year, but the longer-term movement is still towards higher rates. Effective Interest Rates The household effective interest rate is […]
Greater Toronto real estate is picking up once again, especially the price momentum. Toronto Real Estate Board (TREB) numbers show prices made a larger than usual climb in October. Rising prices came as sales returned to normal volumes, and inventory dropped. Just in time for the Federal government to throw stimulus into the market. Greater […]
Canadian households are still into debt, just not if it’s for anything other than a house. Bank of Canada (BoC) data shows household debt reached a new high in September. Most of the debt growth is mortgage related, with the pace of borrowing accelerating. While consumer credit advanced, the pace of growth continues to decelerate. […]
