Canadian real estate prices may have just seen the end of a short-lived recovery. Canadian Real Estate Association (CREA) data shows home prices fell in July. It was a minor drop considering recent activity, but does end a five-month winning streak. Is this just a minor setback, or the correction picking up where it left […]
Official numbers won’t be out until tomorrow, but they’re expected to reveal market weakness. BMO Economics is calling a slowdown for July’s existing home sales and price data. Almost all of Canada’s major real estate markets have reported eroding market activity. This is expected to work its way into the national data, as higher rates […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canada’s New Housing Minister Has Already Demonstrated He’s Clueless Canada’s housing minister has only been in office for a few days, but he’s already stumbled. The minister promised what we’re calling “quantum affordability”—home prices will both fall and stay at the same […]
Canada’s new housing minister has only been in office for a few days, and already stumbled. In a Bloomberg Interview, Minister Sean Fraser pledged to make housing more affordable without lowering prices. He reiterated the housing-is-an-investment mindset, before dropping suggestions that would reinforce higher prices. Great news for investors. Not fantastic if you pay taxes, […]
Do you recall other peak economic cycles? Think back to 2007, 2000, 1989… or further back if you remember them. Those were nothing compared to the current economic prosperity. Aside from last year, no other July has ever reported a smaller share of unemployed Canadians. It’s an employee’s economy, where they call the shots, and […]
Canadian housing is getting more affordable, but it’s still way out of reach for most. National Bank of Canada (NBF) released its Q2 2023 Housing Affordability Monitor (HAM) showing improvements in most markets. Despite rising financing costs, home prices fell enough to improve affordability. It was the third quarter to show affordability improvements, but it’s […]
Canada’s ability to attract talent is making it a victim of its own success. Statistics Canada (Stat Can) data revealed minimal job losses for July 2023. However, the unemployment rate climbed as population growth doubled the rate of jobs. This helped drive the unemployment to the highest level since the start of 2020. Canada’s Unemployment […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canada’s Real Estate Correction Is Far From Over: Oxford Economics Canada’s real estate correction is only half over, warns a prominent research firm. Oxford Economics sees the Spring bounce fading, and the correction resuming. Prices are forecast to fall another 10% by […]
Canada’s real estate correction is all set to continue, following a brief interruption. High-profile macroeconomics firm Oxford Economics sees the Spring bounce as temporary. Their latest forecast shows the correction is only halfway, and will last well into next year. Higher mortgage rates and macroeconomic erosion may also prevent a rapid recovery. Canada’s Real Estate […]
Greater Toronto real estate prices are suddenly back to correcting, despite a mini-boom. Toronto Regional Real Estate Board (TRREB) data shows home prices fell in July. Rising interest rates are the first thought, but home sales are still climbing. Home buyers just aren’t able to keep up with sellers—new listings are climbing much faster than […]
