Canada’s wealth inequality issues are bigger than previously estimated – which really is something. The Parliamentary Budget Officer (PBO), a non-partisan office that advises the Canadian government, has created a new model to estimate wealth held by the country’s richest households. The new estimate shows Canada’s one-percent actually holds a much bigger share of total […]
Canadian lenders have been granting credit payment deferrals by the hundreds of thousands. Somehow, that’s not quite enough to deter delinquencies. TransUnion data shows a significant uptick in delinquencies for non-mortgage credit in Q1 2020. The increase brings the country to the highest level of delinquencies in half a decade. Canadian Non-Mortgage Credit Delinquencies Reach […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate National Bank Of Canada Forecasts Sharpest Real Estate Price Decline Ever One of Canada’s Big Six banks sees this real estate correction being the largest correction ever. National Bank of Canada is forecasting prices will decline 9.8% from late 2020 to […]
Canada’s banks scrambled to issue hundreds of thousands of mortgage deferrals, and new data shows why. Bank of Canada (BoC) staff calculations show a significant number of households would struggle to cover just a few months of mortgage payments without income. Nearly a quarter of households don’t have enough liquid to pay their mortgage for […]
Canadian homeowners love spending their home equity, but how much is left for an emergency? Bank of Canada (BoC) data shows homeowners have drawn a little over a third of available HELOC credit in Q4 2019. That doesn’t sound bad, until you realize what the distribution looks like. A significant number of homeowners were already […]
Canadian employment numbers climbed, but not all regions were so lucky. The Statistics Canada (Stat Can) Labour Force Survey (LFS) shows the number of people employed made the first post-pandemic increase in May. Despite the increase in jobs, the rate of unemployment climbed even higher as more people began searching for work. This trend was […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate CMHC Head Warns Homebuyers To Question Motives Of Those Saying Prices Will Rise The head of the CMHC is warning home buyers to be skeptical of anyone saying real estate prices will rise. He followed the warning with a series of […]
Canada’s national housing agency isn’t just forecasting price declines, they’re preparing for them. Canada Mortgage and Housing Corporation (CMHC) announced changes to its mortgage insurance. Homebuyers with less than 20% down should now expect lower debt service maximums, a more stringent credit quality check, and a ban on borrowing down payments. If those sound like […]
Canadians are back to using their homes as ATMs. At least they were, during the first month of the pandemic. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured by home equity reached a new high in March. The record is less surprising than the annual rate of growth […]
Canadian mortgage debt is swelling, despite the freeze on home sales. Bank of Canada (BoC) data shows mortgage credit made the biggest jump in a decade for April. The rise is somewhat unusual, since dollar volumes for home sales haven’t increased much. Even though resale and new home markets have slowed due to the pandemic, […]
