The pandemic has cooled down most Canadian real estate markets, and not just sales volumes. Canadian Real Estate Association (CREA) data shows the sales to new listings ratio (SNLR) is deteriorating in most major markets. Since February to May, all but three large markets saw inventory rise faster than sales. This trend appears to accelerate […]
Greater Toronto new home sales dropped to one of the lowest levels in history. Altus Group and developer association BILD data shows it was the slowest May for sales on record. The decline in sales has slowed new project launches, helping to push inventory lower. Declining inventory isn’t that big of a deal right now […]
Already unaffordable Canadian real estate became a little less affordable during the pandemic. RBC, Canada’s largest banks, updated their housing affordability data for Q1 2020. The bank observed worsening affordability, meaning housing required more income last quarter. This was due almost entirely to Ontario, as other regions saw affordability improve. Canadian Affordability Is Still Getting […]
Canada’s state-owned mortgage insurer sees prices dropping in major real estate markets. The Canada Mortgage and Housing Corporation (CMHC), is forecasting price declines across Canada. This week they provided additional data, showing the expected impact to major markets. The agency sees Toronto and Vancouver falling from last month’s prices, even in a best case. As […]
The pandemic didn’t slow down Canadians looking for a new province in the beginning of this year. Statistics Canada (Stat Can) data shows interprovincial migration is up in Q1 2020. Ontario was one of the biggest losers, seeing more Canadians leave than arrive in the quarter. BC and Quebec continued to attract more Canadians from […]
The Canadian real estate market is starting to see sellers return, especially in post-lockdown regions. Canadian Real Estate Association (CREA) data shows the sales to new listings ratio (SNLR) fell across Canada in May. The entire drop was due to inventory rising much faster than sales, in regions where the lockdown has been mostly lifted. […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Real Estate Prices Peaked Says Canada’s Largest Bank, Revises Forecast Lower RBC, Canada’s largest bank, thinks Canadian real estate prices may have peaked for the year. Economists from the bank note the relatively flat movement compared to April, and expect […]
Canadian banks have been divided on where the market will head, but they’re all seeing the same thing – inventory rising faster than sales. Four of the Big Six commented on May sales across Canada. All four banks stated the rise in sales last month sounded more impressive than it was. The bigger common concern […]
Canada’s largest bank is calling the top for real estate prices in the near term. RBC economists took a dive through the latest Canadian real estate sales for May 2020. In addition to noting prices have stalled, they believe the bounce in sales is overstated. Combine this with an observation on supply outpacing demand, and […]
Canada’s immigration has slowed due to the pandemic, at least for a few months. Immigration, Refugees and Citizenship Canada (IRCC) data shows a steep decline in the number of new permanent residents in April. The drop is one of the sharpest in recent history, with large real estate markets most impacted. Fewer Permanent Residents Admitted […]
