Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Mortgage Originations Rise 27%, Second Biggest Month On RecordCanadian mortgage originations hit $40.7 billion in June, up 27.5% from last year—making it the second-biggest month on record. That kind of surge would normally signal renewed housing demand, but not this time. […]
Canadian mortgage borrowing is suddenly surging, despite tepid home sales. Bank of Canada (BoC) data reveals uninsured mortgage originations rose to the second-highest June on record. Rapid credit growth typically signals rising confidence, but this spike likely reflects completions from the pre-construction boom during the pandemic-era low-rate frenzy. With near-record housing under construction, originations are […]
It always goes up—until it doesn’t. Once thought invincible, the Toronto condo market is in freefall and about to hit reality. Toronto CMA condo starts plunged further in July, and RBC economists see weak pre-construction sales pushing them even lower. The bank counters the claim that red tape is holding development back, instead attributing the […]
Canadian headline inflation came down sharply but that doesn’t tell the full story. Statistics Canada data shows the headline consumer price index (CPI) climbed 1.7% year-over-year (YoY) in July, down from 1.9% in June. The deceleration was almost entirely due to gas prices, leading to a modeling skew. A deeper dive into the numbers reveals […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canada’s Organized Real Estate System Dealt A Blow In Class Action Settlement A large regional brokerage dealt a blow to Canada’s organized real estate system this week. RE/MAX Ontario-Atlantic Canada (OAC) agreed to settle a class action challenging mandatory board membership and […]
Canadian real estate markets showed a minor sign of improvement—but it may just be noise. Canadian Real Estate Association (CREA) data shows composite home sales improved in July, hitting a 4-year high for the month. Despite rising sales, a wall of inventory helped to push prices down sharply last month. Home prices fell to the […]
This land is your land, this land is…wait, did anyone actually check the title? Canadian real estate got more bad news this month—the BC Supreme Court has ruled Cowichan Tribes still hold title to 1,846 acres of prime Richmond land in Greater Vancouver. The longest trial in Canadian history only targeted government-held lands, but may […]
Canadian real estate sales are expected to remain weak until prices fall further. That was the take from BMO Capital Markets, whose latest report cites the gap between buyer and seller expectations holding sales back. Until that gap is closed, either by force or voluntarily, sales will remain weak relative to historical levels. The bank […]
Time for your cheat sheet on this week’s top stories. Canada’s GDP Lags OECD As Immigration-Led Growth Strategy Backfires Canada’s plan to grow its economy with population stimulus has been counterproductive. Population growth increases aggregate demand, except when the pace is too fast. This produces inflation for necessities, diverting disposable income from other areas of […]
Canadian consumers have become world-renowned for their ability to juggle astronomical amounts of debt. Those days are coming to an end, as insolvencies ripped higher in June, according to the Office of the Superintendent of Bankruptcy (OSB). It was the highest volume for the month since 2010, but the quantity isn’t the only issue—the type […]
