Canadians are back to using their homes as ATMs. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured by homes reached a new record high in February. Preliminary numbers show most of the growth is still from personal loans, such as HELOCs. Canadians Used Over $298 Billion In Home […]
Canadian real estate prices turned negative, but not all markets are suffering. Canadian Real Estate Association (CREA) numbers show the national price index declined for a second month in a row. Prior to last month, price declines weren’t seen since September 2009, almost a decade ago. Despite the national drop, underperforming markets are beginning to […]
Time for your weekly cheat sheet on this week’s most important stories. Canadian Real Estate Insured Mortgages On Canadian Real Estate Fall Almost 10% The balance of insured mortgages on Canadian real estate is falling. There were $456.35 billion of insured mortgages in January, down 9.37% from last year. The average cost of carrying these […]
Canadian real estate price growth is still slowing, according to land registry data. The Teranet–National Bank House Price Index (TNB HPI) show prices fell for the first time in March, outside of recession. The drop represents the sixth consecutive monthly decline for Canadian real estate markets. Teranet-National Bank House Price Index (TNB HPI) Regular readers […]
Canadian households are accumulating debt faster than assets are appreciating. Statistics Canada (StatCan) data shows the debt-to-asset ratio increased very quickly in Q4 2018. The ratio is now growing at the fastest pace since the Great Recession, and is at the highest level since 2014. Debt To Asset Ratio The debt to asset ratio (DTA) […]
Time for your weekly cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Household Credit Growth Barely Moves, Annual Growth Falls To 1983 Levels Canadian debt reached a new record high, but barely. The balance of household debt reached $2.16 trillion in February, up 0.01% from the month before. The annual pace […]
Canadian households are up to their neck in debt, and it’s showing in the country’s money supply. Bank of Canada (BoC) numbers show the M1+, a measure of the country’s “cash,” is seeing growth slow in February. All signs point to this number heading even lower, and taking economic growth with it as well. What’s […]
Canadian real estate sales are still falling, and dragging mortgage credit with it. Bank of Canada (BoC) numbers show mortgage debt reached a new high in February. Despite hitting a new high, the annual pace of growth hit the lowest level in almost 36 years. Canadians Owe Over $1.55 Trillion In Mortgage Debt Canadian mortgage […]
Canadian household finances took another hit last year. Statistics Canada (StatCan) numbers show the debt servicing ratio (DSR) is at a multi-year high as of Q4 2018. The amount of income spent maintaining debt is now at a level not seen since 2007. The volume of debt has effectively wiped out the household benefit of […]
House rich, cash poor Boomers across Canada are sending reverse mortgage debt soaring. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of reverse mortgage debt made a slight decline in January. The monthly decline didn’t slow the annual pace of growth all that much. Outstanding reverse mortgage credit is growing at […]
