Canadian real estate sales and development soared, and so have mortgage credit needs. New data from Statistics Canada (Stat Can) shows non-bank credit intermediaries (NBCI) have seen explosive growth. Over the past decade, NBCI dealing with mortgages have more than tripled their assets. Mortgages: NBCIs, MFCs, and MICs Today we’re looking at NBCIs, something not […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Household Credit Slows, As Consumer Credit Growth Plunges Lower Canadian household debt is still rising, but experienced a bit of a hiccup in the latest numbers. The balance of outstanding household debt reached $2.26 trillion in November, up 3.9% from […]
Canada’s recent real estate price boom is creating a lot of incentive for development. Canada Mortgage and Housing Corporation (CMHC) data show housing under construction jumped in Q4 2019. The number of homes currently being built across Canada is now at the highest level since… uh, ever. Canada Has Never Build This Much Housing At […]
The Canadian real estate industry is seeing growth, just not everywhere last month. Statistics Canada (Stat Can) data shows the finance, insurance, real estate, rental and leasing (FIRE) industry made job gains in December. Canada as a whole squeezed out monthly gains, but two of the biggest markets weren’t so lucky – Ontario and British […]
Canadian banks are exercising a little more caution when it comes to mortgage debt. Bank of Canada (BoC) data shows allowance for credit losses on mortgages jumped in Q3 2019. The rise is slowing down from the previous quarter, but is still growing much faster than mortgage credit. Allowance for Credit Losses Allowance for credit […]
The Canadian economy made an unexpected dip in the latest report. Statistics Canada (Stat Can) data shows gross domestic product (GDP) fell in October. The GDP decline is Canada’s first in 8 months, and follows tapering growth. Canada’s GDP Made The First Decline In 8 Months Canada’s GDP moved a little lower last month. Seasonally […]
Canadian homeowners are back to their borrowing binge, and paying more for it. Bank of Canada (BoC) data shows variable mortgage rates climbed into September. New variable rate mortgage borrowers are paying the highest average interest rate in at least half a decade. Variable Rate Mortgages Generally in Canada, a variable rate mortgage sees the […]
Canadian real estate buyers are pushing volume higher, led by a recovery out west. Canadian Real Estate Association (CREA) data shows real estate sales made a big climb in November. All but three major markets saw real estate sales climb, with half seeing double digit gains. Canadian Real Estate Sales Canadian real estate sales are […]
Canadian households are back to devoting a record amount of income to support their debt habit. Statistics Canada (Stat Can) data shows the debt service ratio (DSR) reached a new high in Q3 2019. In the past 30 years, Canadians have never devoted this much income towards keeping debt in good standing. Even worse, virtually […]
Canadian unemployment made a big increase, after spending some time near generational lows. Statistics Canada (Stat Can) data shows the seasonally adjusted rate of unemployment climbed in November. While just a single monthly increase, it was large enough to put the rate of unemployment back over a year. Canadian Unemployment Rises To Highest Level In […]
