Hundreds of thousands of Canadians are seeing their payment deferrals expire. Canadian Bankers Association (CBA) data shows over half of people on deferrals have resumed payments by September 30. While most have resumed, there’s still hundreds of thousands of mortgages that haven’t yet. Mortgage Payment Deferrals When the pandemic kicked off, Canada’s bank regulators allowed […]
Canada is pulling all of the measures to make sure households and businesses don’t go bust, but it’s just time for some. Office of the Superintendent of Bankruptcy (OSB) data shows insolvencies increased in Q3 from the previous quarter. The quarterly increase is somewhat surprising, considering the number of lender support programs. Canadian Insolvencies Rise […]
Canadian consumers are running out of cash, according to a Big Three credit agency. TransUnion’s latest household survey on October 4th, shows a rise in consumers who are seeing the shortfall to cover bills. The gap between what they can pay and payment obligations, is now surging higher. Despite the bad news, consumers now have […]
Canada’s mortgage debt binge is accelerating to the fastest pace in years. Bank of Canada (BoC) data shows mortgage debt reached an all-time high in September. The record high came with abrupt, accelerated growth, due to pent up demand. Canadian Mortgage Debt Tops $1.71 Trillion Canadian mortgage debt held by institutional lenders surged to a […]
Canada’s largest bank is prepared for the wave of mortgage defaults coming. Phew! Wait… what defaults? RBC Capital Markets sent a research note to clients last week. In it, the analysts mention up to a fifth of deferred mortgages are at risk of default. It’s great the bank is well prepared for this event, but […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Real Estate Buyers Trying To Walk Away From Purchases Become “Rampant” Canadian home buyers not delivering a downpayment after agreeing to buy a home is on the rise. A Greater Toronto broker is seeing an uptick of buyers not delivering […]
Canadians love mortgage debt, and most households consider it low risk. However, they might love it a little too much. Mortgage debt has seen astronomical growth over the past couple of decades. This is often attributed to large economic growth, however the mortgage debt to GDP ratio shows that might be a fib. Canadian mortgage […]
Canadian mortgage debt is slowing in growth, after a surge at the beginning of the pandemic. Bank of Canada (BoC) data shows outstanding mortgage credit reached a new high in August. At the beginning of the pandemic, the rate of growth had accelerated due to payment deferrals. Deferrals are beginning to expire now, sending growth […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Moody’s Doubles Down On Forecast Of Canadian Real Estate Prices Falling Soon One of the world’s largest credit rating agencies confirmed an early forecast of falling home prices in Canada. Moody’s had expected government measures would delay any impact to home […]
Whether Canadian real estate owners needed it or not, a lot took a break from paying their mortgages. Statistics Canada (Stat Can) data shows mortgage payments fell in Q2 2020, as many took deferrals. While lenders collected a lot less in payments, almost all of it was principal payments. Payments towards interest continued to rise, […]
