Canadian real estate affordability is getting worse as the market adjusts to higher rates. A Bank of Canada (BoC) update to its Housing Affordability Index (HAI) shows a sharp climb in Q2 2022. An average household now requires nearly half their income to service a mortgage. It’s a level rarely seen in Canada, and experts […]
Canada’s large banks warn an “enormous” shock to real estate is coming, and a hard landing will start as early as this year.
Canadian real estate will see a second shock as mortgage pre-approvals secured at much lower rates fade, according to BMO.
Canada’s best performing real estate markets during the boom were in Southern Ontario, and now they’re the worst performing.
Canadian households saw their net work drop by $1 trillion in Q2, the largest quarterly decline in history.
Top stories in Canadian real estate include a hard landing for the economy, and real estate’s unsustainable growth according to the BoC.
BMO is hiking its interest rate forecast for Canada and the US by 25 basis points, on news of strong data and stubborn inflation.
Canadian employment fell once again in July, falling for a third consecutive month. The unemployment rate also jumped, but remains low.
Canadian real estate was unsustainable and inflation is still rising, warned the Bank of Canada in a statement following rate hikes.
Oxford Economics now sees a moderate recession after the Bank of Canada now needs more aggressive rate hikes due to persistent inflation.
