Canada will try to break its rising dependence on low-wage, temporary foreign workers (TFWs). This week the Government of Canada (GoC) announced it will freeze processing of TFWs in some regions with elevated unemployment. Despite rising unemployment, the program has seen explosive growth with annual volumes rising 300% over the past five years. Just the […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate Inventory Grew More Than 2x The Rate of Sales Canadian home sellers expected rate cuts to stimulate the market, but apparently no one told buyers. July saw annual growth of new listings grow at double the rate of sales. […]
Canadian real estate prices have yet to budge, but there’s a lot more inventory hitting the market. Canadian Real Estate Association (CREA) data shows new listings surged in July 2024. An army of sellers hit the market last month, sending new listings to grow at more than double the rate of sales. Some of the […]
Canada’s planned builder boom is turning into a bust. The Canadian Home Builders Association (CHBA) released the results of its Q2 2024 survey. They found that home builder sentiment remained negative for an 8th consecutive quarter. As a result of weak demand, most plan to significantly reduce the numbers of homes they build—by half on […]
Canada’s condo market has provided big returns for investors, but it’s currently running on fumes. Canadian Real Estate Association (CREA) data shows the price of a benchmark, or typical, condo apartment fell in July. The investor-dominated segment didn’t see prices fall nearly as much as the general market since rates began climbing. However, condos have […]
Canadian inflation is under control, as expected with the country’s unique modeling strategy. The Statistics Canada (Stat Can) Consumer Price Index (CPI) shows annual growth slowed in July. The quick slowdown was due in part to a circular reporting model, where central bank rate decisions have significant influence on the report itself. Slowing headline inflation […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate Markets See Supply Soar As Investors Exit: RBC Canadian real estate markets have seen supply soar as investors head for the exit. That was the take from RBC, who warned investors that low rates didn’t stimulate buyers so much […]
Vancouver real estate has fared well since the market slowed, but signs of stress are appearing. Equifax data shows Vancouver mortgage delinquencies climbed in Q1 2024. The delinquency rate remains relatively low, but it made a sharp turn and has already climbed back to pre-pandemic levels. Slow borrowing and sales still persist, meaning this trend […]
Canadian mortgage borrowers are experiencing a hiccup when it comes to payments. Equifax Canada data shows mortgage delinquencies climbed further in Q`1 2024. While the delinquency rate remains relatively low from a historical standpoint, the sharp climb made over the past few quarters may show it can change soon. Canadian Mortgage Delinquencies Are On The […]
One of Canada’s largest banks is finally willing to admit there’s a supply problem, but it’s not the one you think. BMO wrote to investors today, warning that Canada’s youth (15-24 years old) unemployment rate is surging much faster than anyone anticipated. The crisis-style growth has left 1 in 7 young adults struggling to find […]
