Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Real Estate Prices Peaked Says Canada’s Largest Bank, Revises Forecast Lower RBC, Canada’s largest bank, thinks Canadian real estate prices may have peaked for the year. Economists from the bank note the relatively flat movement compared to April, and expect […]
Canadian banks have been divided on where the market will head, but they’re all seeing the same thing – inventory rising faster than sales. Four of the Big Six commented on May sales across Canada. All four banks stated the rise in sales last month sounded more impressive than it was. The bigger common concern […]
More Canadians are starting to feel the financial pressures of high household debt. TransUnion‘s consumer survey conducted at the end of May, shows more people are worried about making their credit payments. This pressure is causing a significant number of people to delay buying a new home – especially first time buyers. Two-Thirds of Households […]
Canada’s wealth inequality issues are bigger than previously estimated – which really is something. The Parliamentary Budget Officer (PBO), a non-partisan office that advises the Canadian government, has created a new model to estimate wealth held by the country’s richest households. The new estimate shows Canada’s one-percent actually holds a much bigger share of total […]
Canada’s largest bank is calling the top for real estate prices in the near term. RBC economists took a dive through the latest Canadian real estate sales for May 2020. In addition to noting prices have stalled, they believe the bounce in sales is overstated. Combine this with an observation on supply outpacing demand, and […]
Canadian lenders have been granting credit payment deferrals by the hundreds of thousands. Somehow, that’s not quite enough to deter delinquencies. TransUnion data shows a significant uptick in delinquencies for non-mortgage credit in Q1 2020. The increase brings the country to the highest level of delinquencies in half a decade. Canadian Non-Mortgage Credit Delinquencies Reach […]
Canada’s immigration has slowed due to the pandemic, at least for a few months. Immigration, Refugees and Citizenship Canada (IRCC) data shows a steep decline in the number of new permanent residents in April. The drop is one of the sharpest in recent history, with large real estate markets most impacted. Fewer Permanent Residents Admitted […]
Canadian real estate sales aren’t falling as much as the month before, but remain substantially lower. Canadian Real Estate Association (CREA) data shows home sales fell in every major market in May. The decline in sales was smaller than the month before, but still remains at one of the lowest volumes in decades. Even CREA […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate National Bank Of Canada Forecasts Sharpest Real Estate Price Decline Ever One of Canada’s Big Six banks sees this real estate correction being the largest correction ever. National Bank of Canada is forecasting prices will decline 9.8% from late 2020 to […]
Canada’s banks scrambled to issue hundreds of thousands of mortgage deferrals, and new data shows why. Bank of Canada (BoC) staff calculations show a significant number of households would struggle to cover just a few months of mortgage payments without income. Nearly a quarter of households don’t have enough liquid to pay their mortgage for […]
