This Week’s Top Stories: Canadian Real Estate Sales Drop As Borrowing Rates Continue To Rise

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

Canadian Real Estate

Canadian Real Estate Sales Drop Over $38 Billion In Business Last Year
Canadian real estate sales made a huge drop in dollar volume. Sales through the MLS racked up to $224.04 billion in 2018, down 17.78% from the year before. Toronto and Vancouver represented a significant portion of that decline, but they weren’t alone. Only 6 Canadian markets with over $1 billion in sales saw a rise in dollar volume last year.
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US Federal Reserve: Exuberance For Canadian Real Estate Plummets, But Still Elevated
Canadians are still exuberant for real estate, but it’s died down considerably. The US Federal Reserve’s exuberance index dropped 32.72% for Canada in Q3 2018, down to its lowest level since Q1 2015. The decline is significant, but still above the “critical threshold.”
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Canadian Banks See Mortgage Growth Drop To Multi-Year Lows
Canada’s chartered banks are seeing mortgage growth stall. The outstanding balance of mortgages reached $1.25 trillion in Q3 2018, up 4.32% from last year. This was one of the slowest paces of growth years.
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More Interest, And Less Equity? Canadian Variable Rate Mortgages Rise Over 13%
The typical variable rate for Canadian mortgages made a considerable climb. The rate reached 2.77% on Jan 24, 2019, up 13.06% from a year ago. This represents a 17.87% rise in rates from the all-time low hit on July 05, 2018. That’s going to have a big impact on existing holderrs.
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Canadian Household Borrowing Rates Resume Rise, After 6 Weeks Of Stalling
The typical household borrowing rate made its first climb in a few weeks. The rate of a typical consumer loan climbed 3.99%, up 28.7% from last year. This is the largest annual climb we’ve seen in over 5 years.
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