You may not be able to eat inside of restaurants, but tens of thousands of Canadians are home shopping. Canadian Real Estate Association (CREA) data shows real estate sales jumped to a multi-year high for June. The rise in sales may just be previous months of buyers catching up though. CREA’s chief economist warned the […]
Millions of Canadians are still on the government’s emergency income benefit. Government of Canada (GoC) data shows a small drop in users of the Canada Emergency Response Benefit (CERB) by July 5th. Though there was a drop, about one in five Canadians are still using the benefit. Here’s how these numbers break down per province. […]
Canadians know real estate prices have grown very quickly, but most likely have no idea how fast. US Federal Reserve data shows when US home prices took a dive during the Great Recession, Canadian prices didn’t. Instead, Canada has flooded the market with a number of policies designed to increase the amount of debt households […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canada’s Housing Agency Warned First-Time Buyers. Now They’re Getting Slaughtered Condo buyers were warned not to make the smallest downpayment possible, but some did anyway. Now they’re facing the potential of negative equity. In Toronto, buyers of a benchmark condo in […]
Canada’s first-time buyers may be in for some volatility, and they don’t even know it yet. Earlier this year, the Canada Mortgage and Housing Corporation (CMHC) warned first-time buyers that leaving just a 5% downpayment could be problematic. If the market had a sudden sharp turn, they could suddenly see their downpayment wiped out in […]
Canadian cities are starting fewer new home building projects during the pandemic. Canada Mortgage and Housing Corporation (CMHC) data shows urban housing starts fell in Q2 2020. Despite a general slowdown, Toronto continued to push to a multi-year high for new projects started. Canadian Urban Housing Starts Fall Canada’s urban housing starts fell, as housing […]
Canadian business sentiment is still dropping, despite a partial re-opening of the economy. Bank of Canada (BoC) released its Business Outlook Survey for Q2 2020. Business sentiment has dropped to the lowest level since the Great Recession. A drop this steep usually leads a recession, and doesn’t mark the bottom – as firms try to […]
Canadian households cooled on borrowing, but mostly just in one segment. Bank of Canada (BoC) data shows household debt stalled in May, after peaking in March. On the breakdown, mortgage debt is seeing growth boom as hundreds of thousands of Canadians stop making payments. Consumer credit on the other hand, made the first contraction since […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Mortgage Debt Explodes In Growth, As Payment Deferrals Hit Over 743,000 Canadian mortgage debt is seeing growth accelerate, as hundreds of thousands stop making payments. The balance of mortgage debt reached $1.68 trillion in May, up 6.0% from a year […]
Canadian households began to sock away a little extra cash before the pandemic. Statistics Canada (Stat Can) data shows the household savings rate reached a 20 year high in Q1 2020. The rate had been growing steadily since 2018, as households diverted their spending to savings. Here’s what it means. Household Savings Rate The household […]
