Greater Toronto real estate can’t catch a break these days. The latest data from developer intelligence firm Altus Group and the regional developer group BILD GTA, shows Toronto new home prices slipped lower in May. Weak demand at this price level has pushed sales this year to the weakest level on record. It’s not for […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Mortgage Delinquencies Rise 24%, Ontario Hits $1 Billion: Equifax Canada’s credit bubble may finally be reaching its crescendo. Credit rating agency Equifax notes the national mortgage delinquency rate is lower than Q1 2020. However, more expensive regions like BC and Ontario […]
If Greater Toronto is still ahead of the national curve, Canada may be in trouble. Statistics Canada (Stat Can) data shows the unemployment rate climbed sharply in May. Rising unemployment is a national trend, but the rapid pace at which it’s climbing can be attributed to Greater Toronto, home to a third of the increased […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Unemployment Still Climbing As Population Outpaces Jobs 3x Canada’s economy continues to add jobs, but not nearly enough for its population growth. The latest data shows employment grew 0.1% (+27k jobs) to 20.5 million jobs in May. At the same time, […]
Spring was supposed to be when Toronto real estate made its comeback, but boy was that call off. TRREB data shows home prices slipped further in May, marking the third consecutive year that lower seasonal peaks were observed. However, price drops were the least notable data point last month, with the most inventory for the […]
Canadians fleeing major cities was supposed to be a temporary trend, but it’s accelerating at a breakneck speed. Net interprovincial migration, the balance of people who arrived and left provinces, accelerated in 2023. Economists at BMO are warning this trend was unusually strong in the country’s traditional economic hubs—Toronto, Vancouver, and Montreal. The bank attributes […]
Canada found the solution to making study permits coveted again—imposing limits. After applications slowed and the housing crisis intensified, Immigration Refugees and Citizenship Canada (IRCC) announced it would tighten its study permit process. Shortly afterwards, application volumes surged, with the current year on track to be the busiest ever. Just the first two months of […]
The flight from Toronto office space was supposed to be temporary, but it doesn’t look that way. Global commercial real estate giant Avison Young data shows Greater Toronto offices hit a new record vacancy rate in Q1 2024. Even more space is available to rent, as more tenants look to shed the pricey rentals through […]
Canadian real estate prices surged after rate cuts, and have generally cooled since rates began to normalize. Canadian Real Estate Association (CREA) data shows the composite benchmark, which represents a typical home, ripped higher after rate cuts in March 2020 and peaked when rates began to normalize in 2022. A big exception is Eastern Canada, […]
Canada’s increasingly hostile business environment is starting to show up in the data. Office of the Superintendent of Bankruptcy (OSB) data shows a sharp increase for business insolvencies in Q1 2024. A weak consumer combined with a soaring cost of doing business has led to a surge in businesses seeking protection from creditors. Experts warn […]
