This Week’s Top Stories: Canadian Real Estate Sales Reach Multi-Year Record, As Insolvencies and Population Booms

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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