Canada’s sharp and unexpected rate hikes will continue to produce damage, even after rate cuts. A new staff research note from the Bank of Canada (BoC) shows the overnight rate is much higher than initially anticipated, reducing consumption for mortgage borrowers since the climb began in 2022. Rates are now being slashed and providing relief, […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Unemployment Adds 42k Workers, 1 In 5 “Long-Term” Unemployed Canada’s economy hasn’t lost many jobs, but it isn’t making many either. That’s a big problem when the country’s population is growing at one of the most rapid rates ever. Unemployment climbed […]
The Canadian job market isn’t exactly weakening. It’s just failing to keep up with the country’s breakneck population growth, according to June employment data from Statistics Canada (Stat Can). Jobs were largely unchanged, but the population of unemployed workers has exploded dramatically. Canada’s unemployment rate is now the highest in years, and even more alarming—nearly […]
Greater Toronto real estate didn’t get a boost from the rate cut cycle that kicked off last month, as the industry hoped. TRREB data shows home prices dropped further as June sales printed the lowest level in decades. Condo demand has become so weak that one bank warned investors that frustrated sellers are canceling listings at […]
Canadian households are more indebted than they think. A new report from Quebec-based Desjardins’ shows households recently accumulated a world class amount of debt. In fact, households borrowed so much that they’re now the third most indebted across the world. Even more surprising is the fact this debt is mostly held by just a small […]
Canadian inflation is demonstrating it can be a lot stickier than the central bank expected. Last week’s CPI report showed annual growth accelerated, reversing some of the Bank of Canada (BoC) progress on taming inflation. The move sharply lowered the odds of the BoC making another cut later this month, but there’s still a chance, […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Unemployment Surges For Young Adults & Recent Immigrants Canada went from a shortage of workers to a surplus driving unemployment in just a few months. In 2022, Canada ramped up immigration with the idea it would fill rising job vacancies. Since […]
Canada’s economy might be stronger than expected according to this week’s data. Statistics Canada (Stat Can) data shows real gross domestic product (GDP) grew in April. Even with preliminary numbers showing growth stalling in May, output is still set to outperform the central bank’s expectations. Most weakness is contained to just a few sectors, including […]
One of the world’s largest credit rating agencies sees a bumpy road for Canadian mortgages. Fitch Ratings’ latest Global Housing & Mortgage Outlook shows the mortgage arrears rate rising modestly in Canada in 2024. Even more distressed sellers are seen, but pent-up demand will help to absorb many before they fall behind. The turbulence is […]
Canada’s population binge growth is coming to an end—now to deal with the hangover. That was the take from National Bank of Canada (NBF), who notes that this year’s population growth is on track to set another record, but the average annual growth rate will drop 75% for the next 3 years. The move comes […]
