This Week’s Top Stories: Canadian Real Estate Prices Forecast To Fall Further & Immigration Slows

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

Canadian Real Estate

Canadian Real Estate Prices To Fall Even In Optimistic Scenario: Scotiabank 

One of Canada’s largest banks doesn’t see rate cuts boosting home prices by next year. Scotiabank’s forecast, filed with its recent earnings report, shows prices falling by next year. Even in the bank’s most optimistic scenario, their team anticipates home prices will continue to fall over the next 12-months. 

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Canadian Immigration Slows Further As Permanent Resident Applications Crater

Canada has seen a big drop in the number of people that want to live there permanently. Applications for permanent residency fell 73% in December, continuing a trend that began earlier in the year. Rising tensions with Canada’s top sources of permanent residents is likely a contributor to the issue. However, the erosion in applications was broad—only 6 countries produced higher application counts, the largest of which was 9 people.

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Canadians Are Saving A Lot More Than Americans—It’s Not Good News

Canadian households are saving a lot more than they did pre-2020, and Americans a lot less. Saving money is generally a good thing, but an uptick in savings typically indicates rising concerns about the economy. As Canadians save more, they’re diverting more from consumption and slowing the economy further. At the same time, the opposite is happening in the US—households are saving a lot less, propelling the American economy to defy expectations. 

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Canadian GDP Outperforming Expectations, No Rate Cut Urgency: BMO

The Canadian economy is slow but faring better than most had anticipated. Real GDP managed to squeeze out some growth in 2023 despite a negative Q3. It wasn’t major growth, especially when considering the record population boom. However, BMO thinks it was enough that the country’s central bank won’t be in a rush to cut rates. 

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Canadian Businesses Continue To Contract As Closures Outpace Startups

Canadian businesses continue to shutter and fewer people are ready to replace them. According to the country’s national statistics agency, roughly 4k more businesses shuttered than opened in November. The slowdown is becoming more pronounced, with five of the past twelve months seeing more closures than new startups. This data comes just days after it was revealed the country is struggling to attract more domestic and international investment. Both of which are fleeing the country for greener pastures. 

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  • Doreen Shepherd 2 months ago

    We are seniors, only have government pensions and still have a mortgage if $85,000.. We are frightened of losing our home in August when our mortgage comes due because of the interest rates. Is there any help for us. The government has all kinds of help for refugees, what about pensioners that have lived and worked all their lives in Ontario?

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