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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