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This Week’s Top Stories: Canada Loses 11,000 Construction Jobs, and Over 1 In 10 Canadians Fall Behind On Debt Payments

Time for your weekly cheat sheet on this week’s most important stories.

Canadian Real Estate

Canada Lost 16,000 Jobs In May, Over 11,000 Were In Construction
Canadian job numbers made an unusual decline in May, mostly due to a drop in construction. ADP employment numbers dropped to 16,519,461 jobs in May, down 0.10% from the month before. The largest declines were in the construction industry, which lost 11,223 jobs in the month. This was the first May to see declines in employment in seven years.
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Over 1 In 10 Canadian Households Are Late Or Skipping Debt Payments
A whole lot of Canadians are falling behind on debt payments. Eleven percent of Canadians missed or were late on non-mortgage debt payments. One percent were late or missed at least one debt payment. Over two percent of households have resorted to using payday loans in a three year window. The more debt a household holds, the more likely they were to have one of these issues. Oh yeah, and the government used data from before debt and interest rates jumped further.
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Vancouver Real Estate Demand Plummets, While Ottawa Rips Higher
Demand for real estate is cooling across the country, but a few markets are still moving higher. Ottawa’s sales to new listings ratio (SNLR) reached 73.8%, making it the tightest market in the country. On the other end of the spectrum is Vancouver, which fell to a SNLR 39.1%. Formerly one of the country’s hottest markets, Vancouver is now the coldest.
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Canadian Banks Are Trying To Stimulate Borrowing By Dropping Rates, Down 23 BPS
Canadian banks are dropping rates to attract new business. The typical effective household interest rate reached 3.79% on June 14, down 2.71% from last year. Rates are still slow, but the decline is 23 bps lower than the recent peak. That’s a huge drop considering no cut to the policy rate.
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Canadian Reverse Mortgage Debt Is Up Over 28%
Reverse mortgages are one of the fastest growing segments of debt in Canada. The balance outstanding reached $3.66 billion in April, up 1.24% from the month before. The balance is also 28.15% larger than the same month last year. The pace of growth is slower than it’s been over the past few years, but still very high.
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