Canada’s oldest bank joined the largest bank in making upward revisions to its rate forecast. BMO now sees the Bank of Canada (BoC) raising even faster than thought. Their economists see interest rates ending at slightly different levels next year. However, the near-term message was the same — expect much higher interest rates by this […]
Canadian real estate went from rising tens of thousands per month to falling just as fast. In March, most markets saw monthly growth of the benchmark price fall, according to CREA data. The issue is more pronounced in Ontario, where markets fell up to $40k over just a few days. Most Canadian Real Estate Markets […]
Rain or shine, Canada’s largest bank sees much higher interest rates to combat destabilizing inflation. RBC hiked its forecast for interest rates today after the central bank increased its neutral rate forecast. By year-end, the bank sees the highest interest rates since the 2000s. Bank of Canada Raised Its Neutral Rate… Again The Bank of […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate Has A Money Laundering and Fraud Problem: Intelligence Report Canadian real estate is an excellent tool for money laundering, according to CISC. The Canadian intelligence agency published a report on how organized crime launders. They found organized crime engaged […]
Canada’s hot employment market turned up a few degrees last month. Statistics Canada (Stat Can) released its Labour Force Survey showing April’s employment climbed. It was a relatively small increase, but enough to drive the unemployment rate to a new record low. Toronto and Vancouver are bucking the trend, though, both showing climbing unemployment rates. […]
Canadian inflation is the highest in decades, and it’s even higher for those without a mortgage. Statistics Canada (Stat Can) data shows growth of the Consumer Price Index (CPI) hit a 31-year high in March. But when mortgage interest costs are excluded, inflation is even higher — the highest growth in the agency’s data set. […]
Canada’s real estate industry is sounding the alarms on higher rates, warning it’ll “punish” buyers. However, these folks are blissfully unaware that mortgage costs are near record lows. In real terms, households have never had access to mortgages this cheap, which is part of the problem. Central banks distorted credit markets to the point mortgages […]
From transitory to forcefully, Canada’s central bank now believes it must act aggressively to tackle high inflation. Bank of Canada (BoC) Governor Tiff Macklem acknowledged some mistakes interpreting inflation. Speaking to lawmakers, he explained they are working to correct the issue. Canada’s economy has recovered and moved into excess demand, allowing them to pursue higher […]
The Canadian economy might seem booming — but not for everyone. Statistics Canada (Stat Can) payroll data shows elevated job vacancies in February. Wages increased, as one would expect with such high job vacancies. They just failed to keep up with the kind of growth expected in a high inflation environment. Average wages grew by […]
Canadian mortgage borrowers are going to be paying much higher rates soon. Desjardins’ latest consumer interest rate forecast shows the 5-year fixed rate mortgage climbing — a lot. Over the next few quarters, it can hit up to 7% — a rate that would have seemed impossible back in 2019. Elevated inflation may push borrowing […]
