Canadian inflation continues to rocket higher as rate hikes occur at a snail’s pace. The Bank of Canada (BoC) policy rate still isn’t at the level seen at the start of 2020, but annual growth of the consumer price index (CPI) reached 7.7% in May, the highest level since 1983. However, BMO Capital Markets urges […]
Canadian real estate has another indicator showing higher rates are tempering the market. A new analysis from BMO Capital Markets shows housing-related retail sales fell in April. They attribute this to higher rates, and see this as a direct follow up to falling real estate sales. Activity remains elevated but BMO sees things slowing further […]
Canada’s soaring real estate prices pushed mortgage payments much higher. Equifax data shows the average mortgage payment only got a small break from low rates. Shortly after, the stimulus helped to drive home prices even higher. However, the average payment obligation is still low, since the majority bought at almost half of today’s price. Canada’s […]
Canada’s economy is booming, and there’s a good chance you’re not feeling any of the benefits. A new study by Statistics Canada (Stat Can) on gross domestic product (GDP) per capita might shed some light on why. The agency found GDP recovered from the recession but not when measured on a per capita basis. Lingering […]
Canada’s central bank said they would “forcefully” control inflation last month. In the first rate announcement since that statement, the Bank of Canada (BoC) took the first steps of following through. To curb “excess demand,” the central bank raised rates aggressively and even set a date to begin reversing its QE program. Canada’s Overnight Rate […]
Vancouver real estate just had a little froth shaved off last month. Real Estate Board of Greater Vancouver (REBGV) data shows home prices jumped in March. Diving deeper, the benchmark climbed but median sale prices fell in the City. Mixed price indicators came as the hot market also showed signs of weakness. While inventory is […]
Canada just fined the world’s largest bank for not following anti-money laundering rules. A local subsidiary of the Industrial and Commercial Bank of China (ICBC) paid over $700k in penalties last year. Despite only being fined weeks ago, FINTRAC, Canada’s financial intelligence unit, found the problems during a routine audit in 2019. The regulatory body […]
Canadian subprime real estate buyers are scrambling to join the housing gold rush. Earlier this week, we discussed the sharp climb in subprime mortgage borrowers in Q3 2021. Today we’ll break the Equifax data down by city and show the highest concentrations. All but three major cities in Canada saw their share of poor quality […]
Canada’s largest real estate board confirmed it’s building a for-profit subsidiary. The Toronto Real Estate Board (TRREB) emailed members to announce its new for-profit plan. This comes after brokers began to rally support for an inquiry into the decision to pursue profits. Some allege the plan was done in secret, but the board says they […]
Mortgage industry veteran Rob Butler, founder of Butler Mortgages and one of the most important names in the industry, shares his insights on the “infinite up” culture and the irrational exuberance of Canadian real estate. Want more? Subscribe to our new YouTube channel for analysis, news, and interviews you won’t find anywhere else.
