Canada’s building boom is slowing, but not in the country’s biggest markets—with a big exception. Canada Mortgage and Housing Corporation (CMHC) data shows new housing starts fell in March. Despite the drop, two of the three largest markets saw an uptick in building activity. The exception was Canada’s most expensive market, where completed and unsold […]
Canadian real estate prices have come down, but this level still isn’t working for anyone. CIBC Economics wrote to investors this week, explaining prices have come down considerably, improving affordability. More affordable isn’t the same as affordable though, with demand nearly collapsing. The bank warns that housing starts have been misleading, reflecting past demand—not current. […]
The Canadian Parliament’s non-partisan, independent budget watchdog just gave a reality check for the latest housing plan. The Parliamentary Budget Officer’s (PBO) latest report warns despite ballooning deficits, Ottawa is slated to slash funding for housing by 56% in the coming years. They expressed direct concern for the CMHC, where planned cuts will impact its […]
Canada’s odd surge in housing starts disappeared as fast as it arrived. CMHC data shows starts plunged by nearly a fifth in October, led by weak condo demand. BMO Capital Markets told investors this was largely expected and unlikely to lift prices. Starts remain historically elevated, and a wave of record completions will hit the […]
Canada’s recent real estate boom—and bust—was followed by an immigration surge charting a similar trajectory. Together, they expose generous high-leverage mortgage programs that shift risk off lender books and onto public and private insurers. These programs enabled buyers with minimal credit and few local ties to purchase homes at peak prices. With values now plunging, […]
Canadian new home starts are slowing—but not as fast as population growth. In Q1 2025, builders broke ground on more than two homes for every person added. If the current trend persists, the average household size will hit a record low by next year. That’s a far cry from the alarm raised by Canada’s state-owned […]
Canadian policymakers are helicoptering money to stimulate building, but it doesn’t appear to be working. Statistics Canada (Stat Can) data shows the total value of building permits fell sharply in April, dropping to the lowest monthly volume in nearly a year. The annual decline was so large it was amongst the largest since 2020. Canadian […]
Canada’s next leader hasn’t officially assumed the role, but he’s already looking to stimulate real estate. Last week, Vancouver’s “Condo King” Bob Rennie revealed that he is working with newly-minted LPC leader Mark Carney. The two are considering a plan that would see the country’s state-owned mortgage insurer use taxpayer resources to attract foreign investment […]
Canada’s national housing agency just published its latest piece of fan fiction. Canada Mortgage and Housing Corporation (CMHC) has released its 2025 Housing Outlook, the agency’s forecast of various risk scenarios. The agency’s worst case scenario includes American tariffs delivering a devastating economic blow. The agency somehow sees this producing higher home prices, an immigration […]
Canada appears to be doubling down on its position that more demand will create affordability. Earlier this week, the Government of Canada (GoC) announced its “boldest mortgage reforms ever,” including its most ridiculous mortgage reform ever—first-time buyers using state-backed, high leverage loans to purchase $1.5 million homes. Confused? You’re probably thinking: First-time buyers usually don’t […]
