Time for your cheat sheet on this week’s top stories.
Canadian Real Estate
Canadian Real Estate Sales See Biggest January Since 2008
Canadian real estate sales had a really big January – one of the biggest in years. CREA reported 27,195 unadjusted sales in the month, up 11.5% from a year before. This was the largest 12-month increase for January since 2010. It was also the highest sales volume for the month since 2008.
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Half Of Canada’s Urban Population Growth Was In Just 3 Cities
Just 3 cities were the recipient of half of Canada’s population growth. Toronto’s population estimate reached 6,471,850 people in 2019, up 127,575 people from a year before. This was the highest increase in the number of people in the country. Montreal followed with 4,318,505 people, up 65,205 people from a year before. Vancouver was in third with 2,691,351 people, adding 39,045 people from a year before. Despite this concentrated growth, the vast majority of cities in the country saw growth from a year before.
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Canadian Insolvencies Rise To The Highest Level Since The Great Recession
Canadian insolvencies are rising, and quickly. There were 10,427 insolvency filings in December, up 13% from the same month last year. During the 12-months ending in December, the country saw 140,858 filings, up 9.3% from a year before. All provinces are seeing substantial growth, with Ontario taking the lead from Quebec.
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Canada Sees Large Rise In Non-Permanent Residents, But Fewer Move To Ontario
Non-permanent residents (NPRs) are a big part of Canada’s swelling population. The country gained 82,438 non-permanent residents in Q3 2019, up 6.63% from the same quarter a year before. Over the past 12-months, Canada saw an increase of 176,662 non-permanent residents. This is the biggest quarter since at least 1980. Ontario, which is normally home to the bulk of NPRs, has begun to fall.
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Toronto Real Estate
Toronto Households Are Going Broke – Fast. Insolvencies Rise 18%
Toronto insolvencies are rising very quickly these days. There were 4,385 insolvency filings in Q4 2019, up 19% from a year before. The region’s insolvency filings hit 17,162 in 2019, up 18.8% from a year before. The rate of growth has been rising quickly across the province, but this is even faster than the average.
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Vancouver Real Estate
Vancouver Consumer Insolvencies Rise Over 10%
Vancouver insolvencies are making a double digit climb. The region saw 1,284 insolvency filings in Q4 2019, up 12.2% from a year before. There were 5,089 insolvency filings made in 2019, up 10.1% from a year before. Growth was higher in Q4 than the annual average, possibly indicating acceleration.
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