Canada will try to break its rising dependence on low-wage, temporary foreign workers (TFWs). This week the Government of Canada (GoC) announced it will freeze processing of TFWs in some regions with elevated unemployment. Despite rising unemployment, the program has seen explosive growth with annual volumes rising 300% over the past five years. Just the […]
Canadian home building costs surged as rates were cut, and stimulus fueled record demand. Policymakers assured households that it was just supply shortages and the inflation was transitory. Supply chains will scale up and prices will come down, eventually. That day is finally here for steel. It turns out that was never the goal. Earlier […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate Inventory Grew More Than 2x The Rate of Sales Canadian home sellers expected rate cuts to stimulate the market, but apparently no one told buyers. July saw annual growth of new listings grow at double the rate of sales. […]
Canadian real estate prices have yet to budge, but there’s a lot more inventory hitting the market. Canadian Real Estate Association (CREA) data shows new listings surged in July 2024. An army of sellers hit the market last month, sending new listings to grow at more than double the rate of sales. Some of the […]
Canada’s planned builder boom is turning into a bust. The Canadian Home Builders Association (CHBA) released the results of its Q2 2024 survey. They found that home builder sentiment remained negative for an 8th consecutive quarter. As a result of weak demand, most plan to significantly reduce the numbers of homes they build—by half on […]
Canada’s condo market has provided big returns for investors, but it’s currently running on fumes. Canadian Real Estate Association (CREA) data shows the price of a benchmark, or typical, condo apartment fell in July. The investor-dominated segment didn’t see prices fall nearly as much as the general market since rates began climbing. However, condos have […]
Canadian inflation is under control, as expected with the country’s unique modeling strategy. The Statistics Canada (Stat Can) Consumer Price Index (CPI) shows annual growth slowed in July. The quick slowdown was due in part to a circular reporting model, where central bank rate decisions have significant influence on the report itself. Slowing headline inflation […]
Canadian home buyers appear to have taken the summer off, ignoring the first round of central bank easing. Bank of Canada (BoC) data shows household mortgage credit advanced in June. Annual growth took a step back however, as rate cuts failed to stimulate new credit demand as much as anticipating those cuts previously had. Canadian […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate Markets See Supply Soar As Investors Exit: RBC Canadian real estate markets have seen supply soar as investors head for the exit. That was the take from RBC, who warned investors that low rates didn’t stimulate buyers so much […]
No news is good news, especially for real estate investors looking for markets to stabilize. BMO Capital Markets dived into existing home resale data, and found little movement in July. Inventory is outpacing sales but they believe stocks are largely just being replenished. Toronto condos are a notable exception, where they are starting to see […]
