Just how big is Canada’s real estate bubble? Canadians, especially in the real estate industry, are already warning rate hikes are damaging the economy. While large price drops sound scary, no one had realized how scary large price gains had become. A typical home can drop the equivalent of a median household’s income, and only […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate Has A Money Laundering and Fraud Problem: Intelligence Report Canadian real estate is an excellent tool for money laundering, according to CISC. The Canadian intelligence agency published a report on how organized crime launders. They found organized crime engaged […]
Intel just confirmed, Canadian real estate is a haven for money laundering and fraud. Criminal Intelligence Service Canada (CISC), a national intelligence agency, quietly produced an anti-money laundering report in 2020. The report focuses on the scope and extent of money laundering in Canada. The agency found real estate was used extensively as a tool […]
Easy come, easy go. Greater Toronto real estate prices have been booming, but are suddenly changing course. Toronto Regional Real Estate Board (TRREB) data shows prices pulled back in April. Home sales plummeted much faster than inventory, easing the pressure driving prices higher. Greater Toronto homes went from rising tens of thousands per month to […]
Greater Toronto real estate is doing some soul searching after soaring mortgage costs. Data from Altus Group and developer-group BILD GTA show new home sales cratered in March. Demand dropped across segments, but so did inventory. Despite scarce inventory, single-family home prices still saw the benchmark price drop. Toronto Single-Family Home Prices Slip, But Condos […]
Canadians are doing something uncharacteristic — they’ve slowed borrowing mortgage debt. Bank of Canada (BoC) data shows a big slowdown in new funds advanced for residential mortgages for February. A small seasonal monthly climb was present, but even so it was an oddly slow month. The past couple months look more like the slowdown of […]
North America’s busiest construction hole is seeing work grind to a halt this week. LiUNA Union Local 183‘s residential construction members voted to strike last night. The local represents a significant share of Greater Toronto’s residential tradespeople. As cost of living talks broke down, the union’s members entered a legal strike position. North America’s Largest […]
Ontario real estate has grown so fast, the rest of Canada’s housing bubble looks tame. Canadian Real Estate Association (CREA) data shows major markets saw prices rise at least 60% since 2020. Some housing markets have even seen prices more than double in just over two years. Ontario’s Top Real Estate Markets Have Seen Prices […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Mortgage Rates May Climb Up To 7% By Next Year: Desjardins Canadians were hit with the highest inflation in 30 years and mortgages aren’t far behind. A major financial institution sees the 5-year fixed rate mortgage hitting up to 7% […]
Canadian real estate developers are being squeezed by inflation, and it’s turning ugly. The Hazleton Development Corporation obtained Companies’ Creditor Arrangement Act (CCAA) protection on April 20, 2022. The developer cited rising costs as one of the primary issues putting a 265-home project at completion risk. In this particular case, costs rose less than typical […]
