Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Here’s What Canada’s Mortgage Deferral Cliff Looks Like, And Why Experts Are Worried Canadians suffering income losses had their mortgage payments deferred, but those deferrals are about to expire. During the pandemic, the government worked with banks to delay payments for […]
Canadian real estate buyers are jumping in head first, since the recession didn’t impact housing. However, since the beginning of the pandemic, experts said no issues would be apparent until the end of the year. The reason is a term only finance and banking nerds have been using – the deferral cliff. The deferral cliff […]
Canadians have a metric buttload of debt, and a lot of it’s not being paid, according to a big three credit bureau. TransUnion data shows the balance of accounts on payment deferrals is now over a quarter trillion at the end of Q2 2020. A significant share of the debt on payment deferrals is subprime, […]
The head of Canada’s national housing agency isn’t done ruffling feathers. Evan Siddall, the CEO of Canada Mortgage and Housing Corporation (CMHC), a state-owned mortgage insurer, fired back at critics this morning. After his confidential email was leaked last week, some members of the real estate industry took to calling his statements “irresponsible.” The CMHC […]
One of the driving forces behind Canadian real estate prices is on hold – immigration. Government of Canada (GoC) data shows the number of newly admitted permanent residents to Canada is still making sharp declines in June. The decline was mostly consistent around the country, except in BC and Quebec. The former is seeing a […]
Mortgage debt is one of the only economic indicators growing these days. Bank of Canada (BoC) data shows the outstanding balance of mortgage credit increased in June. While the balance is at a new high, the rate of growth has stalled. The most recent data shows a slower annual rate of growth, expected to cool […]
The unemployment shock from the pandemic is still working its way around the country. Government of Canada (GoC) data shows Canada Emergency Response Benefit (CERB), the unemployment benefit sparked by widespread workplace closures due to the pandemic, is seeing new applications slow in growth as of the week of August 2. The economy is starting […]
Canadian real estate markets are seeing mortgage delinquencies fall… just not in Toronto or Vancouver. Equifax data crunched by the CMHC shows the national rate of delinquencies fell in Q1 2020. Breaking down the numbers, this trend is stronger in some real estate markets than others. Montreal for instance, is seeing their delinquency rates drop […]
Canada’s central bank is desperately trying to prop up real estate markets with liquidity. Bank of Canada (BoC) has been injecting billions into Canada Mortgage Bonds (CMBs). The central bank began purchasing a few million worth of bonds during last year’s real estate slow down. As the pandemic hit, the BoC began buying hundreds of […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadians Are Deferring Mortgage Payments At 2x The Rate Of Americans Canadians are taking advantage of mortgage payment deferrals at a much higher rate than Americans. Canadian banks have about 16% of mortgages on payment deferral, a steady climb since the […]
