Canada’s largest bank is warning that housing has never been less affordable. New data from RBC shows housing affordability is now the worst it has ever been as of Q4 2023. Income failed to keep up with mortgage payments, resulting in affordability erosion in every market they track. Forecast interest rate cuts are expected to […]
Greater Toronto’s soaring prices got a lift from mortgage fraud at a major bank. Earlier this month investigative journalist Sam Cooper and The Bureau, revealed whistleblower allegations of a massive mortgage fraud scheme at HSBC Canada’s Greater Toronto operations. RBC acquired the bank shortly after the alleged incidents occurred, with the government approving the sale […]
Canada’s largest bank sees no rate cuts next week, but it will still be an eventful week. RBC agrees with the consensus—they see the Bank of Canada (BoC) holding rates at the January announcement. They’ll be watching closely though, expecting the central bank to push back against any hints of rate cuts. Stronger-than-expected inflation data […]
Despite elevated inflation, Canada’s economy is sputtering. Statistics Canada (Stat Can) data shows gross domestic product (GDP) was unchanged in October 2023. Output has now failed to advance for nearly half a year, despite the record population boom that was expected to drive demand. RBC warns the country is most likely to print a sixth […]
Canadian real estate markets are softening as higher rates begin to weigh on virtually all markets. RBC warns October data reveals falling existing home sales and rising inventory. The combination has resulted in the price decline for a typical home doubling pace last month. Despite some mortgage rate relief appearing, the bank expects the market […]
Canada’s economy is still cranking out growth, but the details aren’t encouraging. Statistics Canada (Stat Can) data shows higher-than-expected gross domestic product (GDP) growth in November. It was positive news, but economists remain cautious and warn that consumers are weakening. GDP growth couldn’t even match the robust population growth, reinforcing slowdown concerns. Canada’s Economy Is […]
Canada’s largest bank sees a bottom to sales, but thinks there’s more pain for home prices—at least near-term. That’s the take from RBC, that feels home prices are stabilizing but will fall further. Don’t expect a quick recovery either, with affordability challenges weighing down future sales. Canadian Real Estate Sales May Have Found A Floor […]
Canadian real estate is in the largest bubble the county has ever experienced. RBC warns that housing affordability has eroded right across the country in November. In a research note to investors, the bank explains it’s now even harder to buy a home than during the 1980s bubble. A correction is now required to stabilize […]
Canadian real estate showed some encouraging signs last month, but don’t be fooled. RBC Economics wrote to clients breaking down major markets that have reported November sales. Canada’s largest bank warned that the market is still firmly in correction mode, with just a few exceptions. Despite minor signs of firming, they see real estate markets […]
Canada’s economy is growing, but don’t let the headline data fool you—the country is still heading for recession. Statistics Canada (Stat Can) gross domestic product (GDP) data showed big growth in Q3 2022. However, taking a dive past the headline number reveals things aren’t as great as they might appear. Household spending made a rare […]
