A Canadian lawmaker wants answers after BC’s money laundering inquiry condemned Federal agencies. Member of Parliament (MP) Adam Chambers is gauging support for a Federal inquiry into money laundering. Due to many failures Canada’s economy has become as reliant on money laundering as the US was on housing in ’06. Now the Simcoe North MP […]
Canadian real estate has already seen a shift behind the scenes after a regulatory failure resulted in changes to the way markets will operate. This week, the RCMP charged two prominent real estate professionals with fraud. It comes after a half-decade investigation, and a regulatory failure nearly 10-years ago. The allegations haven’t been proven, but […]
Canadian real estate has another indicator showing higher rates are tempering the market. A new analysis from BMO Capital Markets shows housing-related retail sales fell in April. They attribute this to higher rates, and see this as a direct follow up to falling real estate sales. Activity remains elevated but BMO sees things slowing further […]
Canada’s soaring real estate prices pushed mortgage payments much higher. Equifax data shows the average mortgage payment only got a small break from low rates. Shortly after, the stimulus helped to drive home prices even higher. However, the average payment obligation is still low, since the majority bought at almost half of today’s price. Canada’s […]
Canada’s reputation as a money laundering haven dug its heels in last week. Despite big talk on tackling money laundering, Canada isn’t making much progress. That was one of the findings from BC’s inquiry last week. Increasingly complex laws aren’t acting as a deterrent, and appear to be designed to catch no one. Tracking beneficial […]
Canadian lenders are only writing off a smaller share of mortgages, but the losses are bigger. The average loss from bad mortgages increased sharply in Q1 2022, shows Equifax data. A smaller share of mortgages are producing write-offs, now at a record low. However, that might change fast as the size of the write-offs rise […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate’s Nearly 40-Year Tailwind From Lower Rates Is Reversing: BMO The low rate tailwind boosting Canadian real estate over the past 40 years is coming to an end. The Bank of Canada estimates recent buyers will be renewing mortgages around […]
Canadian mortgage credit has seen a drag from higher interest rates but old habits are hard to break. April hit a new high for residential mortgage debt, according to Bank of Canada (BoC) data. Higher interest rates, only two months in, helped to slow the rate of growth but it’s still very high. Canadian mortgage […]
We asked Toronto real estate broker Daniel Foch & mortgage agent Nick Hill to record a chat about our latest piece on mortgage originations which began falling *before* interest rates climbed. Article discussed: Canadian Mortgage Originations Fell Before Rate Hikes, Ontario Took The Biggest Hit
Greater Toronto real estate sellers are learning a lot can change in just one month. Toronto Regional Real Estate Board (TRREB) data shows the median sale price dropped in May. The majority of cities across the board are now seeing price declines as rates normalize. The Median Sale Price of Greater Toronto Real Estate Fell […]
