Canadian real estate is starting to see the first sign of stress from higher interest, and normalized demand. Canadian mortgage lenders are beginning to write off larger mortgages in Q3 2022—the largest in nearly a decade. Credit bureau data shows this isn’t a problem yet, as the share of mortgages written off continues to fall. […]
Canadian mortgage rates are on the rise but the average household’s payment is growing only slightly faster than they were with low rates.
Canadian lenders are only writing off a smaller share of mortgages, but the losses are bigger. The average loss from bad mortgages increased sharply in Q1 2022, shows Equifax data. A smaller share of mortgages are producing write-offs, now at a record low. However, that might change fast as the size of the write-offs rise […]
Canada is changing a first-time home buyer program to limit its exposure to losses. The Canada Mortgage and Housing Corporation (CMHC) made unannounced changes to the First-Time Home Buyer Initiative (FTHBI). The program, which sees the government take a stake in a successful applicant’s home purchase, is now limiting its downside exposure. Only a few […]
Canadian mortgage payments are soaring as home prices hit record growth. Those payments might get more expensive for some as interest rates rise. It’s understandable that some are worried homeowners will face significant pressure. However, don’t expect renters to have any sympathy. As expensive as housing is, average mortgage payments are lower than the cost […]
Canadian real estate is entering one of its most precarious phases in history. Households will navigate it without the help of the national housing agency, though. The Canada Mortgage and Housing Corporation (CMHC) has halted its Housing Market Assessment (HMA) report. The regular report provided the public with insights on housing market imbalances. The cancellation […]
Canadian new housing construction is slowing, but remains above pre-pandemic levels. Canada Mortgage and Housing Corporation (CMHC) data shows new housing starts slowed in January 2022. The number of new homes to start construction fell below last year’s level. Financial institutions forecast this will continue for at least a couple of years. Canadian New Home […]
It might not seem like it, but Canadian real estate is in the middle of one of the most significant supply booms ever. Canada Mortgage and Housing Corporation (CMHC) data show 2021 housing starts made a big jump. More importantly, the surge of new home construction is beginning to reach the market. New home completions […]
Canadian real estate has been the ideal tax shelter, but that might change soon. Generation Squeeze, a Vancouver-led non-profit advocating for Millennials, released its Solutions Lab report. The CMHC-funded (but independent) study has four suggestions for improving housing affordability. Today we’re going to dive into its most controversial proposal stirring debate — a progressive tax […]
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 […]
