Canadian mortgage borrowers are experiencing a hiccup when it comes to payments. Equifax Canada data shows mortgage delinquencies climbed further in Q`1 2024. While the delinquency rate remains relatively low from a historical standpoint, the sharp climb made over the past few quarters may show it can change soon. Canadian Mortgage Delinquencies Are On The […]
One of Canada’s largest banks is finally willing to admit there’s a supply problem, but it’s not the one you think. BMO wrote to investors today, warning that Canada’s youth (15-24 years old) unemployment rate is surging much faster than anyone anticipated. The crisis-style growth has left 1 in 7 young adults struggling to find […]
Canadian real estate markets aren’t firming up with rate cuts—demand is softening. RBC is warning investors that early data shows rate cuts failed to stimulate major markets in July. In fact, they generally observed the opposite trend—sales continued to weaken while inventory climbed, as investors try to lighten their market exposure in key regions like […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate A Quarter of Employed Canadians Now Work For The Government Canada’s surging population is outpacing job growth, and it may get a lot worse. Statistics Canada (Stat Can) data shows that 1 in 4 employed people now work for the government, which […]
One country’s discreet bailout is another country’s financial crisis, and that’s why Basel III was rolled out. The series of banking supervision measures are designed to improve banking resilience, with the latest measure designed to set minimum capital using a standard approach to risk. Canada was set to begin adopting the rules this year, but […]
Priced out of housing and now facing an eroding labor market, Canada’s young adults can’t catch a break. A new report from National Bank of Canada (NBF) warns that unemployment is on the rise across the country, but it’s surging for young adults (15 to 24 years old). The demographic is seeing unemployment rise much […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Credit Demand Is Rapidly Collapsing Despite Population Growth Canadian households aren’t borrowing, which may indicate that they’re weaker than they appear. Annual household credit growth advanced 3.4% in May, just 0.2 points above the cycle’s low hit in October 2023. The […]
Canadians aren’t acting like themselves and it may be a sign of a more concerning trend brewing. Bank of Canada (BoC) data shows annual household credit growth decelerated in May. Just off multi-decade lows, despite cheaper credit on the way, households are pulling back on borrowing. The low growth for borrowing is even more concerning […]
Canada’s economy beat expectations but dive into the details before celebrating. Statistics Canada (Stat Can) data shows real gross domestic product (GDP) grew faster-than-expected in May. However, even with a rapid public sector expansion driving half the advance, it failed to meet population growth. As a result, Canada’s GDP per capita recession printed an 8th […]
Canada’s banks have dominated Greater Toronto’s investor mortgage market. CIBC data shows the Big Five captured 75% of investor mortgages on condos completed in Toronto in 2023. There’s just one problem-most of those mortgages are cash flow negative—the rent fails to match the payment, property taxes, and maintenance fees on the unit. The Big Five […]
