Time for your weekly cheat sheet on this week’s top stories.
Canadian Real Estate
Canadian Real Estate Price Growth Looks Absurd When Compared To Bubbly US Cities
Canadian real estate prices made such a large move since 2000, the growth dwarfs even the frothiest of US cities. Toronto, Montreal, and Vancouver have seen real estate prices rise 239.9%, 189.08%, and 315.58% respectively since 2000. To contrast, Los Angeles, New York City, San Francisco, and Seattle have increased 179.34%, 102.79%, 165.14%, and 148.99% respectively over the same period.
Read More
Canadian Mortgage Payments Top $91 Billion, Over Half Goes To Interest
The amount of mortgage interest Canadians are paying is jumping very quickly. The total of mortgage payments reached $91.42 billion in Q1 2019, up 7.30% from the same quarter last year. Breaking that down, $39.53 billion of those payments went towards Q1 2019, down 0.17% from last year. The portion that went to interest however jumped to $51.89 billion for the quarter, up 13.78% from last year. That’s right, Canadians are giving the banks around $1.30 for every $1 they put towards principal on their home.
Read More
Canadian Real Estate Sales Make Largest Increase In 2 Years, Still Below Normal
Canadian real estate sales make a big increase, but fell short of a typical May. CREA reported 54,599 sales in May, up 6.68% from last year. A large gain from last year, May sales still fell short of 9.89% from last year. The number of sales fell 4.02% short compared to the 5 year average for the month of May. Big improvement, but things aren’t quite back to normal. Although they seem great if you can only store 12 months worth of memory!
Read More
Canadian Real Estate Price Gains Decelerate, Vancouver Losses Get Larger
Canadian real estate prices advanced last month, but the rate of growth is now less than a point. Prices across Canada increased 0.47% in May, when compared to the month before. This works out to an increase of 0.69% from last year. The price of a typical home across Canada is down about 1.31% from the peak reached in September 2018. Both the monthly and annual increase were the smallest for the month of May outside of recession.
Read More
Canadian HELOC Debt Pushes Past The $300 Billion Mark For The First-Time
Canadian HELOC debt is slowing in growth, but it’s still growing and just passed a new milestone. The balance of credit secured by real estate reached $300.93 billion in April, up 7.56% from last year. Other than 2017, no other April has seen a 12 month increase this large over the past seven years of filings available.
Read More
Like this post? Like us on Facebook for the next one in your feed.
