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 […]
Canadian real estate is significantly overvalued, according to a giant institutional intelligence firm. Moody’s Analytics’ released their Q4 2021 assessment of home price valuation. They found home prices have continued to rise above trend, indicating overvaluation. Cities are now up to 108% overvalued, a problem particularly bad in Southern Ontario. Canadian Real Estate Is 23% […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canada’s Housing Agency Abruptly Halted Its Public Real Estate Warning System Canada’s national housing agency abruptly ended its warning system for housing. For nearly a decade, the agency warned home buyers when their local market became risky. In the September 2021 […]
Strap in because Toronto real estate will be on an even wilder than normal ride the next few months. Toronto Regional Real Estate Board (TRREB) data shows home prices jumped in March. Other price indicators fell, with the board noting prices “bucked” the seasonal trend. Home sales dropped at 3x the rate of new inventory, […]
Ontario’s non-resident speculation tax (NRST) is expanding in size and location. The NRST was a 15% tax on the purchase of residential real estate in the Golden Horseshoe (Greater Toronto). As of March 30, 2022, it’s now 20% and applies to the whole province. Low revenues might have some believing it hasn’t been very effective, […]
Canadian real estate prices are approaching a mile-long stretch of hurdles. Easy credit conditions are being rapidly reversed, and then some, according to BMO Capital Markets. The bank warned clients of a laundry list of measures designed to cool the market, all hitting at once. They’ll have a limited impact compared to the big market […]
Canadians are packing up and leaving at a fast rate, during a traditionally slow period. Statistics Canada (Stat Can) data shows emigration, the act of leaving permanently, jumped in 2021. The past year showed modest gains, rising to the highest level in half a decade. The fourth quarter is what sticks out though, showing a […]
One of the biggest red flags for Canada’s real estate bubble is that banks have become prominent critics. BMO chief economist Douglas Porter reminded clients this isn’t a supply issue. The bank warned last year that price growth would accelerate without demand measures. Instead of taking that advice, policymakers doubled down on the supply narrative. […]
Canadian real estate prices are surging like never before, but the market is cooling. Canadian Real Estate Association (CREA) data shows the inventory pressure eased in February. Despite big price gains, the SNLR revealed cooling conditions in 80% of major markets. Demand is forecast to cool further as rates rise and locked-in mortgages disappear. Sales […]
