Canadian real estate buyers may be disappointed by the lack of relief they got from a supersized rate cut. A new BMO investor memo explains the Bank of Canada (BoC) overnight rate cut only provides relief to variable rate mortgages and HELOCs. Since more popular fixed rate mortgages are cheaper, buyers hoping for a cheaper […]
Canada’s central bank announced another “supersized” rate cut this morning, as widely expected by the market. The Bank of Canada (BoC) overnight policy rate was slashed to 3.25% after being trimmed by a 50 basis points (bps) drop. This marked the fifth consecutive cut to the rate, and the second supersized cut—a move typically only […]
Greater Vancouver real estate might be ready to wake from its slumber. Greater Vancouver Realtors, the board formerly known as REBGV, data shows the price of a typical home halted declines in November. Despite a 5-figure monthly decline just a few weeks prior, a sudden surge of sales helped to boost buyer sentiment. That sentiment […]
Canada’s weak dollar may be good news for foreign capital but bad news for the cost of living. The loonie has plunged against the US dollar in recent months, and it’s unlikely to improve soon. Currency weakness has been a blow to manufacturers of complex and expensive goods like housing, which have seen input costs […]
Canada isn’t officially in a recession, but its largest city is already experiencing one. Statistics Canada (Stat Can) data shows seasonally adjusted unemployment in Toronto CMA surged in November. Nearly 1 in 10 of the region’s workers are struggling to find work despite actively looking. The unemployment rate is now at levels not seen outside […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Unemployment Hits Highest Non-Pandemic Rate Since 2017 Canada is adding jobs at one of the fastest paces on record, but adding even more people. Despite adding 51k jobs in November, the unemployment rate made a sharp uptick of 0.3 points to […]
Canada managed to add tens of thousands of jobs last month, but it added even more workers. Statistics Canada (Stat Can) data shows the country added a healthy 51k jobs in November. Unfortunately the rise in workers was significantly higher, leading to the highest non-pandemic unemployment rate since 2017. It’s also getting harder to exit […]
Canadians can add another crisis to the pile—productivity. Statistics Canada (Stat Can) data shows labor productivity fell in Q3 2024, extending a problem that’s been happening for years. The country has shown virtually no progress over the past decade, falling sharply behind its biggest trade partner. The problem is wreaking havoc in a number of […]
Greater Toronto real estate buyers are returning, but the market has a long way to go. Toronto Regional Real Estate Board (TRREB) data shows that both sales and home prices climbed in November. The positive market news is overshadowed by the unusually lofty levels of inventory that continue to rise. Rising prices demonstrates FOMO is […]
What pandemic? Statistics Canada (Stat Can) recently revised its gross domestic product (GDP) data to show the economy is doing better. Revisions are routine, just not at this scale—which BMO called “re-writing” the pandemic. Now the data shows the hardest hit industries weren’t nearly as impacted as previously believed, and they’ve all recovered at this […]
