This Week’s Top Stories: Canadian Mortgages Payments Hit A Record & A Mega Asset Manager Defaults

Time for your cheat sheet on this week’s top stories.

Canadian Real Estate

Canadian Real Estate Prices Climb For The First Time In Nearly A Year

Canadian real estate prices rose in February for the first time in nearly a year. CREA’s benchmark price showed the largest decline in annual growth in its history. The drop was due to a base effect however, with prices rising $7,100 in the month. It was the first increase in 11 months, as buyers relaxed after the Bank of Canada’s “pause.”

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Canadian Mortgage Rates May Drop If The Bond Yield Plunge Sticks

Canadian bond yields made a dramatic drop in the wake of US bank collapses. Canada’s Government 5-year bond yield made the biggest 2-day plunge in over 20 years. If this persists, the 5-year fixed rate mortgage can see a cut when it comes to the cost of rates. Emphasis on if, since yields are already climbing higher as the market panic subsides.

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Canadian Mortgage Payments Are Taking Up A Record Share of Income

Canadians are spending a record share of their disposable income on mortgage payments. Mortgage servicing payments consumed  7.66% of disposable income in Q4 2022. It was the largest share in Stat Can’s data set, even worse than the 90s bubble. It’s not a general debt problem though, as total debt service payments are lower than 2019. It’s strictly due to the recent surge in super-sized mortgage originations.

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Global Real Estate

Blackstone’s Real Estate Shopping Spree Is Now A Mortgage Default Crisis

Blackstone, the world’s largest alternative asset manager, is defaulting on some big mortgages. The firm has sent hundreds of millions in CMBS to special servicing. The defaults are unusual and concerning—especially with the halts on redemptions from its flagship $71 billion real estate fund. Risk happens fast, even for some of the world’s wealthiest funds.

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  • richard 1 year ago

    the public cannot tolerate central banks and the government bailing out failed institutions. do the banks bail out ordinary people that cannot pay their mortgage, of course not. if governments and central banks bailout these fraudsters there should be a general uprising to show them it is not acceptable.

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