Most Canadian real estate markets have seen prices decline, but they aren’t nearly as large as many may assume. Canadian Real Estate Association (CREA) data shows the composite benchmark (typical) home price declined significantly at the national level. However, breaking those numbers down shows most of that decline was concentrated in provinces like Ontario, BC, […]
The real estate slowdown in Canada’s largest city is starting to show increasing signs it’s not just a blip. Greater Toronto saw a sharp climb to its mortgage delinquency rate in Q4 2023, according to Equifax data. The share of delinquent mortgages has nearly doubled in just over a year, leading to the highest rate […]
Canada is on an epic borrowing spree, and that’s not good news for anyone else. The Government of Canada (GoC) new direct and guaranteed bond issuance made a big jump in March. It was the biggest monthly issuance of GoC debt since 2021, and it came ahead of the latest budget’s new proposed spending—while the […]
Canada is taking crisis-style mortgage market intervention, and making it an everyday thing. That was the feedback the Government of Canada (GoC) received from the CMHC. In recommendations dated in 2022, the CMHC explained the country’s plan to directly fund mortgage borrowing is unusual for a Sovereign, and blurs the line between normal markets and […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Household Debt Nears $3 Trillion, Over 130% of GDP Canadians are warming up to borrowing again, fueled by rumors of cheap credit returning soon. Households owed $3 trillion in debt as of February, climbing 3.4% from last year. Higher rates slowed […]
Higher interest rates may have slowed Canadians from borrowing, but they’re embracing hope. Hope that rates will be cut and the debt they’re once again accumulating will go down in cost. Bank of Canada (BoC) data shows household credit jumped in February, and has shown some mild acceleration. This presents a few concerns for the […]
Canada has historically had a reputation as a safehaven to global investors, but those days are suddenly gone. Statistics Canada (Stat Can) released its securities trade for February. The data revealed global capital continues to flee the country’s capital markets at a record pace. Even worse, domestic investors are now joining them. Canadian Investors Flee […]
Canada just announced billions in new measures to correct the housing issues it created. Last night the Government of Canada (GoC) released its latest budget, including billions in spending on new housing stimulus. BMO provided a list of the recent changes, noting they’ll have a limited impact, given most of the measures are demand stimulus. […]
Canada just lost some progress on the war against inflation. Statistics Canada (Stat Can) released the Consumer Price Index (CPI) showing a mild acceleration for inflation in March. While minor, the move was broad based, primarily being driven by energy and shelter costs. Canadian Headline Inflation Saw Broad Based Acceleration Canadian inflation is heading in […]
Canada dropped some new real estate demand stimulus, in the name of improved affordability. Last week, the Government of Canada (GoC) announced they’ll be extending amortizations for first-time buyers in certain circumstances. There are concerns this will pour gas on the speculative fire that was finally starting to fizzle out. BMO disagrees with that take, […]
