Canada’s oldest bank has a warning for homebuyers — prices don’t always rise. The uncharacteristic message came from BMO‘s chief economist Douglas Porter. Canada has seen few home price corrections, causing homebuyers to think of it as “risk-free.” Not just in Toronto or Vancouver, but virtually every market in the country, all simultaneously. BMO wants […]
Canada’s largest provincial real estate market is about to become more transparent. The Real Estate Council of Ontario (RECO) is looking for feedback on proposed rule changes. The proposal is to create more transparency, and includes allowing multiple-bid disclosure. Multiple bids get the most attention, but a less-known change is a bigger deal — eliminating […]
Most immigrants in Canada find themselves in just two major regions, and those regions also happen to pay them the worst. Statistics Canada (Stat Can) data shows the median annual income for immigrants in 2019 was much lower in major hubs. Immigrants that arrived 10 years ago are paid much lower in places like Southern […]
Greater Toronto real estate prices are moving at one of the fastest rates in history. Toronto Regional Real Estate Board (TRREB) data shows home prices hit a new record in November. The result was home prices soared by tens of thousands, printing a fifth of annual gains in just 30 days. Excess demand, driven by […]
It doesn’t matter if your city just saw massive price gains; they might see another year of excessive growth, interest rates be damned. That’s essentially the take from Re/max, one of Canada’s largest estate brokerages. The firm is forecasting massive growth across the country next year, with markets rising up to 20% over the next […]
Canadian housing is far outpacing the growth of its economy, shows government stats. That’s what 2020 home assessment values show, provided to us by Statistics Canada (Stat Can). Home prices added billions in value last year, as you might have guessed. What you may not know is Canadian homes have added so much value it’s […]
Great news! The odds of a housing correction are soaring and people might lose a lot of cash — but the banks will be fine. That was a key takeaway from Bank of Canada (BoC) deputy governor Paul Beaudry today. Seriously. In a speech to the OSC, the central bank warned Canadian real estate has […]
Time for your weekly cheat sheet on this week’s top stories. Canadian Real Estate Canada Goes All-In On Real Estate With “Excess” Home Sales Hitting 6% Of GDP: BMO Canada went all in on home sales to the point where excess home sales are now 6% of its GDP. Existing-home sales reached $500 billion in […]
Exuberant Canadian real estate buyers sent home prices soaring during the pandemic. Now some provinces have severely overvalued housing markets, according to Moody’s. The credit rating giant’s provincial models show severe overvaluations in provinces like Ontario. Analysts from the firm forecast this will result in slow price growth over the next few years. Not all […]
Canadian real estate prices have once again turned into a runaway freight train. The Canadian Real Estate Association (CREA) October Home Price Index (HPI) made a big jump. Home prices across the country are now rising at the fastest annual rate since June. This has almost entirely reversed the pre-election slowing of growth. Canadian Home […]
