Greater Toronto new home prices are finally starting to cool. Data from Altus Group and BILD GTA shows new home prices fell in April. Fewer sales and more inventory definitely contributed to softer prices. However, inventory is still very tight compared to historic levels. More likely, the threat of rising rates deflated exuberance, driving prices […]
France has its catacombs, America has abandoned malls, and Canada has its vacant homes — all 1.3 million of them, according to the OECD. For decades, urban explorers have been touring abandoned buildings and sites. The activity of questionable legality has been a niche subculture for some time. However, the rise of TikTok (and YouTube […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate How Much Will Canadian Real Estate Crash? Stability Requires A Big Correction: BMO Canada’s oldest bank sees massive overvaluations across the country. BMO estimates home prices are 38% overvalued in Q1 2022, a level never before seen. Home prices are expected to […]
Canada’s Middle Class is seeing its shot at homeownership vaporize, but it wasn’t always this way. Not just in expensive cities where lofty expectations pushed ownership out of reach for all except high-income households. But now most cities across Canada are out of reach for the country’s Middle Class. A median household now needs to […]
You did it! You convinced your parents to gamble their retirement by pitching you a downpayment. Now all you need is to qualify to carry a mortgage, right? That might be a problem according to Q1 2022 data from National Bank of Canada (NBF). Carrying a mortgage on a typical home now requires a minimum […]
Toronto and Vancouver real estate prices are rising because of the growth — it’s the next New York City (NYC)! It’s not hard to come across a comment like that once or twice per day, and we’re sure you all have friends in those cities that say it. Politicians have candidly explained to us it’s […]
Canadian real estate prices are the most overvalued in decades, but not all markets are equal. Earlier this week, we shared BMO data showing Canadian homes were 38% overvalued. Today we’re sharing a regional breakdown, showing where the widest trend deviations are. Most regions are overvalued, but nowhere is even close to Greater Toronto. Canadian […]
Canadian real estate is so bubbly a large bank sees prices soaring in a downturn. Scotiabank (BNS) reported earnings today, filing the bank’s macroeconomic forecasts. These forecast scenarios help to determine outlook, and include a base case, optimistic case, and two pessimistic ones. Even in the bank’s worst case scenario, they forecast home prices will […]
Canada’s real estate bubble is finally beginning to unwind and everyone wants to know how low it goes. BMO Capital Markets tackled the subject for clients on the weekend, providing models and historical context. Rising interest rates are certain to cause a correction, as it purges excess leverage. Prices need to drop significantly just to […]
Canadian real estate prices have never been this overvalued, according to new analysis from BMO Capital Markets. In a research note to clients, the bank didn’t just explain home prices are overpriced. Since 2020, home prices have made the largest trend deviation in at least 40 years, and are likely to correct. Canadian Real Estate […]
