Canadians didn’t see their debt problems improve nearly as much as previously thought. Statistics Canada (Stat Can) data shows household debt to income made a big quarterly jump in Q3. The rise was accompanied by a substantial upward revision of the previous quarter. The ratio has now already retraced half of the drop it made […]
Time for your cheat sheet on this week’s more important stories. Canadian Real Estate RBC’s “Worst Case” For Canadian Real Estate Is A Price Drop Of Nearly 30% Canada’s largest bank’s risk scenarios show a larger downside than upside for real estate. RBC’s best cast scenario shows Canadian real estate prices rising 6.1% over the […]
Canadian millennials are doing much worse than the previous generation. New Statistics Canada (Stat Can) data shows millennials make much more than Gen X did at their age. Despite significantly higher wages, they pay much more than the last generation did for basic necessities. That’s further complicated by the fact they also pay more in […]
Not every Canadian that took a credit payment deferral needed one. Don’t let that fool you into thinking no one needed a payment deferral though. Royal Bank of Canada (RBC) data shows the number of expired payment deferrals the bank is carrying. The vast majority of people have resumed payments without problem. However, delinquencies are […]
Canadians are over pandemic spending fears. At least when it comes to getting mortgage debt. Bank of Canada (BoC) data shows the balance of outstanding mortgage credit reached a record high in September. Despite the pandemic, mortgage debt is now growing at the fastest rate since 2018. Canadians Owe Over $1.7 Trillion In Mortgage Debt […]
Canadian banks are seeing a higher rate of arrears on mortgages, despite support. Recently released Canadian Banks Association (CBA) data shows the mortgage arrears rate jumped in May. The rise in arrears implies non-payment issues were brewing before the pandemic. It also means the bank’s special treatment of mortgages hasn’t totally eliminated risk. About Canada’s […]
The Great Canadian Mortgage Payment Relief experiment is coming to an end. Regulatory filings for the Big Six show the majority of mortgage payment deferrals expired in Q4. Most transitioned back to regular payments without much of a hitch. Most didn’t actually need a payment deferral though, but the deferrals did allow problematic mortgages hide […]
Canada’s largest bank doubled down on their real estate forecast this week. Royal Bank of Canada (RBC) held its quarterly earnings call, and the bank shared how they are prepared for the next few quarters. On the call, the bank’s chief risk officer (CRO) reiterated their forecast on real estate prices. Some may think we’re […]
Canadian real estate saw prices surge across the country, but not in all segments. Canadian Real Estate Association (CREA) data show the national index saw price growth speed up in October. A breakdown of the index reveals a different picture though. Since the beginning of the pandemic, single-family home prices experienced a price surge. Meanwhile, […]
Canada’s emergency benefit applications are giving a little more insight into income disruption. Canada Revenue Agency data presented to the House of Commons shows a breakdown of CERB applicant income from last year. The data, first reported by Blacklock’s Reporter, shows hundreds of thousands of applicants didn’t file taxes at the time of application. More […]
