Canada’s economy was sputtering before COVID-19, but last week’s job losses are unprecedented. The Federal government now estimates 960,000 jobless claims were made just last week. The number of claims for the week is higher than any monthly tally in Canadian history. The weekly bump is around 5% of the workforce making the unemployment rate […]
It was a slow holiday, but Canadian seniors are back to tapping their home’s value for cash. Office of the Superintendent of Financial Institutions (OSFI) filings show reverse mortgage debt reached a new high in January. The new high came with a sharp acceleration in growth, but the rate is in line with historic numbers. […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Interest Rates Are Falling, But Fear Is Driving Mortgage Rates Higher Canadian interest rates are dropping, but many mortgage rates are rising. For example, RBC increased its 5-year fixed for conventional mortgages from 2.94% to 3.34% on March 18. TD […]
Canada’s national statistics agency is estimating monster growth for population. Statistics Canada (Stat Can) population estimates show fast growth in Q1 2020. The population is now estimated to be growing at the fastest pace in 3 years. Canada’s Population Estimate Grows At Fastest Rate Since 1990 Canada’s population is growing at the fastest pace in […]
Canadian real estate sales were BOOMING before the pandemic poured a bucket of ice water on it. Canadian Real Estate Association (CREA) data shows sales climbed the most in years. Part of the big numbers are due to the unusually slow start to last year, beefing up growth numbers. The growth was still expected to […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Reverse Mortgage Debt Tops $4 Billion For The First Time Ever Canadian reverse mortgage debt hit a new milestone. OSFI regulated banks held $4 billion in reverse mortgage debt in December, up 13% from last year. This is the first […]
All hail the return of cheap money for Canada, it’s been weeks. Bank of Canada (BoC) data shows the effective interest rate paid by households dropped to a multi-year low as of March 6, 2020. The rate is now the lowest seen in over two years, having taken one of the biggest declines in at […]
Canadians slowed their renovation spending, but that’s expected to change. Altus Group is forecasting an upcoming rise in renovation spending, after a decline in 2018. The firm expects 2019 numbers to come in higher when reported later this year. They also expect 2020 numbers to top last year’s final numbers, fueled by HELOCs and mortgage […]
Canadian mortgage debt had a strong start to the year. Bank of Canada (BoC) data shows outstanding mortgage credit reached a new high in January. Mortgage credit is now growing at nearly the rate it was before stress testing was introduced. Canadians Now Have Over $1.63 Trillion In Mortgage Debt Canadian mortgage debt ripped to […]
Canadian new home prices are flat, but the biggest markets are seeing volatility. Statistics Canada (Stat Can) data shows the New housing price index (NHPI) was flat in January. Toronto and Vancouver both made declines, while Montreal ripped higher. Canadian New Home Prices Are Mostly Flat The NHPI for Canada is showing relatively flat movement […]
