Time for your cheat sheet on this week’s most important stories.
Canadian Real Estate
Canadian Real Estate Prices Grew Over 29x The Rate Of US Home Prices
Canadian real estate prices have been growing at an unprecedented rate, especially in contrast to the US. The inflation adjusted price of a home in Canada is up 88% from 2005, almost doubling in just 15 years. To contrast, US home prices have increased just 2.9% over the same period. In other words, Canadian home prices have grown almost 29x faster than in the US.
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Immigration To Canada’s Largest Real Estate Markets Is Down Over 60%
Canadian real estate markets have been driven by immigration, but that’s suddenly changed with a slowdown. Toronto, Vancouver, and Montreal have all experienced declines in new permanent residents, all dropping over 60%. The trend in Toronto and Vancouver lines up with the pandemic, having only seen declines since March. This is part of a more long-term trend in Montreal, which has been seeing year-over-year declines for a while now.
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CREA: Only 3 Real Estate Markets Saw Price Declines, Including Toronto And Vancouver
Canadian real estate prices have been swelling into the pandemic, just not in the markets you would think. The seasonally adjusted benchmark price for a home across Canada reached $623,000 in June, up 5.65% from last year. This is about 88% of the price increase seen over the past 3 years. Prices have increased over the past month in all but three markets – Toronto, Vancouver, and Calgary.
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Overstimulated? Canadian Real Estate Sales Rise Over 15% Higher Than Last Year
Canadian real estate sales are actually higher than last year’s pandemic free year. CREA reported 54,928 unadjusted sales in June, up 15.2% from the same month last year. While the increase is substantial, the industry warned things aren’t close to normal. April and May combined were down 48% compared to last year. This likely means the surge in sales was a short-term bump from buyers delayed by the pandemic.
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Over 1 In 5 Canadians Are On CERB, The Country’s Emergency Income Benefit
A large segment of the Canadian population is currently dependent on the country’s emergency pandemic benefit. There were 8,245,910 unique applications on July 5, 2020, up 16% from when it started in April. Ontario leads by volume, representing 3.30 million of the CERB applications. Alberta is the highest user as a percentage of population, with 22.41% of the province’s estimated population using the benefit. Things may be improving on paper, but it’s tough to say things are better when one in five Canadians are dependent on an emergency benefit.
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