Canada was building a lot of homes before the pandemic, and they’re arriving. Unfortunately, there’s not nearly as many people to fill them as expected. The number of homes completed was more than twice as high as the population growth in Q3 2020. The ratio is more than seven times higher than it was during […]
Greater Vancouver’s real estate market is on fire… or ice cold, depending on what you’re selling. Real Estate Board of Greater Vancouver (REBGV) data shows composite prices pushed higher in October. Further inspection shows two very different markets. Detached homes are scarce for the level of activity, while condo sellers are flooding the market. Vancouver […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate RBC Forecasts Canadian Mortgage Defaults Will Start Rising Next Year Canada’s largest bank is forecasting mortgage defaults are still coming, just a little later. RBC is forecasting rising defaults in Q3 or Q4 of 2021. The reason? Programs like EI, CERB, […]
Politicians are increasingly discussing broad upzoning as a housing affordability solution. Instead of one home on a property, you can now build two homes on the same amount of land. All across the city, in some cases. The assumption is if there’s two homes on a property, it’ll be half the price. Makes sense, right? […]
Greater Toronto and Vancouver real estate was still popular with non-resident buyers, according to ownership data. Statistics Canada (Stat Can) data shows non-resident ownership increased in 2019. For the most part, it scaled higher with new supply. However, a breakdown shows ownership is becoming more concentrated in newer condos. In Vancouver, over 1 in 10 […]
Canadian real estate prices made huge gains, and they may all be due to cheap financing. Bank of Canada (BoC) data shows mortgage interest rates fell sharply over the past year. This boosted homebuyer budgets significantly, without increasing the size of payments. Coincidentally, the amount those budgets rose is in line with how much home […]
Canadian real estate markets aren’t yet in the clear, despite the surge in buying activity. RBC Capital Markets, in a note to institutional clients, is forecasting mortgage defaults won’t rise until the second half of 2021. Analysts authoring the report said a combination of payment deferrals and government support, “kicked the can down the road.” […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Condo Buyers At The Beginning Of The Pandemic Now Nearly Underwater Canada’s state-owned mortgage insurer warned first-time buyers to be careful at the beginning of the pandemic. Now buyers that ignored the advice, are finding out what they were talking […]
First-time homebuyers were warned at the beginning of the pandemic, and a lot didn’t listen. Now some are seeing exactly what the Canada Mortgage and Housing Corporation (CMHC) warned. Canadian Real Estate Association (CREA) condo apartment price data shows a few markets have seen buyers lose a chunk of their down payment. There are some […]
Canada’s population is growing at the slowest pace in years, but buyers are facing a busy market. Canadian Real Estate Association (CREA) data shows record home sales for September. The increase in home sales is largely due to a seasonal shift, after the lockdown. Canadian Real Estate Sales Are Up 46% Canadian real estate sales […]
