Canada’s economy is close to contraction, with public sector growth the last pillar holding it up. Statistics Canada (Stat Can) data shows real gross domestic product (GDP) was unchanged in August. A Big Six bank warns that despite maintaining robust population growth, only non-business growth remains positive. The combination of factors continues to erode at […]
Canadian households may be even less confident about the future of the economy than we think. Statistics Canada (Stat Can) data shows active businesses were unchanged in July. In fact, despite a booming population, the country has seen no growth in the number of businesses that operate. With businesses continuing to close at a faster […]
Greater Toronto condo owners holding out for the monetary easing cycle got some bad news last month—it didn’t matter. Toronto Regional Real Estate Board (TRREB) data shows the benchmark (typical) condo apartment price plunged lower in September. The declines aren’t softening either, instead picking up pace and making one of the largest monthly drops on […]
Canada plans to limit permanent resident visas next year, but they’re already plunging lower without restrictions. Immigration, Refugees and Citizenship Canada (IRCC) data shows permanent resident applications made a sharp drop in July. Even if the current trend stops eroding and stabilizes, the country would struggle to hit next year’s planned limits without any policy […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate Prices To Correct After Immigration Cuts: BMO Canada’s oldest bank sees good news for affordability—actual affordability. In a research note to investors, BMO reiterates their belief that Canada has a housing demand problem, not a supply problem. Therefore the […]
Canada delivered its biggest affordability measure in years—shrinking its population. That was the takeaway from a new report from BMO Capital Markets this week. The bank has repeatedly warned that promises to triple the new homes built and create affordability with supply, weren’t grounded in reality. Now that Canada is quietly acknowledging this failure, they […]
Canada’s government just went from labeling critics of its immigration policy as xenophobic to admitting their plan was unsustainable. This morning the Government of Canada (GoC) announced it won’t just throttle immigration, but the country will embrace intentional degrowth. The decision comes after a sharp decline in immigration applications, implying the sudden shift is more […]
Canada’s central bank sees the economy getting a big boost from falling rates. The latest Bank of Canada (BoC) forecast shows real gross domestic product (GDP) rising sharply next year. Falling rates are expected to drive a big jump in housing investment, boosting real GDP. Not surprising, most of the real estate industry also expects […]
Canadian households are celebrating cheaper credit after rates were further slashed. This morning the Bank of Canada (BoC) made its October rate announcement, slashing the overnight rate by 0.5 points in a single move. The “supersized” cut was widely expected by the market, but reinforces a troubling picture the central bank’s accompanying report confirmed. Canada’s […]
The Greater Canadian mortgage renewal cliff was largely overblown, according to the country’s largest bank. In its latest research note, RBC states that aggressive easing means that not all households will renew at higher rates, and the impact will be smaller than anticipated. They warn that doesn’t mean we’re in the clear, as a much […]
