The Great Canadian Mortgage Payment Relief experiment is coming to an end. Regulatory filings for the Big Six show the majority of mortgage payment deferrals expired in Q4. Most transitioned back to regular payments without much of a hitch. Most didn’t actually need a payment deferral though, but the deferrals did allow problematic mortgages hide […]
Another Big Six bank has notified investors they’re prepared for falling home prices in the near future. National Bank of Canada (NBC) notified investors last week the bank has revised its outlook based on data up to Oct 31. While some indicators had surprising improvements from the previous forecast, some have revised lower. In all […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canada’s Largest Bank Says It’s Putting “Greater Weight” On Home Price Declines RBC’s chief risk officer has stated the bank is putting a “greater weight” on price declines. Canada’s largest bank reiterated they believe prices will fall around 8% at the national […]
Canada’s largest bank doubled down on their real estate forecast this week. Royal Bank of Canada (RBC) held its quarterly earnings call, and the bank shared how they are prepared for the next few quarters. On the call, the bank’s chief risk officer (CRO) reiterated their forecast on real estate prices. Some may think we’re […]
Canadian real estate agents must be looking forward to a very jolly Christmas. Statistics Canada (Stat Can) data shows ownership transfer costs, which are primarily sales commissions, reached a record high in Q3 2020. The rate of growth for the segment is now growing 11x faster than GDP. About The Data Today we’re looking at […]
Canada’s getting serious about housing supply… or at least trying to make you think it is. The Government of Canada (GoC) made its economic statement yesterday, including a plan to tax non-resident homeownership. The tax, which may be rolled out within the next year, sounds aggressive. However, two of the country’s most populated regions already […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Real Estate Prices Surge In Growth… Except For Condos Canadian real estate prices have been rising rapidly… except for condo apartments. The aggregate benchmark price of a home hit $643,000 in October, up 10.86%. Breaking it down by major segments, […]
Permanent resident growth, previously a large driver of real estate demand, is still largely absent these days. Government of Canada (GoC) data shows permanent resident arrivals are still down sharply in Q3 2020. Toronto and Vancouver are seeing declines get even larger, from previously big drops. Montreal is seeing some improvements, but it’s mostly due […]
Canada’s overheated real estate markets are showing some signs of cooling, but it’s still very tight. Canadian Real Estate Association (CREA) data shows the seasonally adjusted sales to new listings ratio fell in October. The ratio, which shows how much demand exists relative to new inventory, has been unusually high during the pandemic. However, it’s […]
The pandemic is taking its toll on businesses, but to what extent is still pretty much a mystery. Statistics Canada (Stat Can) data recently released, shows monthly store closures made a sharp decline in July. Store closures in this case are defined as businesses that had employment the previous month, but didn’t in the reported […]
