Canadian households are asking banks if they can skip a few payments, and banks are (mostly) saying yes. Canadian Bankers Association (CBA) data shows hundreds of thousands of payments are being deferred. The number, as big as it is, represents select member banks – meaning there’s many more deferrals. Even just using this data, it […]
Canadian mortgage delinquency rates are falling, except in the country’s most expensive markets. Canada Mortgage and Housing Corporation (CMHC) crunched data from Equifax, and found mortgage delinquencies dropped in Q4 2019. Two notable exceptions to the trend were Toronto and Vancouver – where delinquencies increased to multi-year highs, before the pandemic. Mortgage Delinquencies People think […]
Canadian mortgage credit growth is accelerating into the pandemic – despite the lock down. Bank of Canada (BoC) data shows outstanding mortgage credit reached a new high in March. The number also saw one of the highest rates of growth for the segment in years. Despite the optimistic sounding trend, one needs to remember hundreds […]
The Canadian economy has been leaning more and more on real estate these days. Statistics Canada (Stat Can) data shows gross domestic product (GDP) was flat in February. Despite the flat growth, real estate advanced and significantly outperformed the general economy. Who Cares About February? We know, February was like, totally forever ago – and […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Parliament’s Forecast Includes Unemployment Peaking In Q3 Canadian parliament’s economic forecasts include unemployment rising even further. The PBO economic forecast currently sees 14.8% unemployment in Q2, and the ratio peaking at 15% in Q3. At the end of last year […]
Canada is trying to exit a tough situation with the only trick it knows – cheap money. Bank of Canada (BoC) data shows the effective interest rate paid by households plummeted for the week of April 10, 2020. The rate paid by households is now the lowest it’s been in years, accompanied by one of […]
Canadian households didn’t need incentive to borrow, as credit growth was already accelerating. Bank of Canada (BoC) data shows the outstanding balance of household debt reached a new high in February. The rise of debt was due entirely to inflating mortgage balances. Consumer credit, the other major segment, continued to nosedive – printing a second […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate One In Ten Canadian Restaurants Have Permanently Closed AlreadyCanada’s restaurant industry is one of the hardest hit by COVID-19, and a lot of the damage is permanent. The industry estimates over 800,000 restaurant jobs were lost in March. They also estimate […]
Canadian real estate markets were busier than usual at the beginning of last month. This helped to push mortgage debt higher, even though the back half of the month was halted due to the pandemic. Bank of Canada (BoC) data shows outstanding mortgage credit reached a new high in February. The year-over-year growth is now […]
Canada’s central bank is flooding the credit market, and hoping nothing sinks. The Bank of Canada (BoC) made an unscheduled rate decision today, dropping the policy rate to just 0.25%. The decision is the third cut just this month, and marks a return to the lowest policy rate Canada has ever seen. Policy Interest Rate […]
