Time for your weekly cheat sheet on this week’s most important stories.
Canadian Real Estate
Canada’s Major Cities Saw Condo Prices Rise Over 3x Faster Than Houses
Canadian condo prices increased at a faster pace than the general market. Home prices in Canada’s six hottest markets, increased 0.19% from a year before, and are up 9.22% from Q1 2017. Condo prices in these markets increased 2.11% from a year before, and are up 18.89% from Q1 2017. That’s twice the pace of the general market, and 3x if you remove condo prices from the general market’s index.
Canadians Holding Multiple Jobs Is On The Rise
Canadians with multiple jobs is rising very quickly. There were 1.14 million Canadians with multiple jobs in October, up 5.15% from the same month last year. This past October is just 3,000 jobs lower than the all-time record set in June 2018. This is the second highest number of Canadians working a second job, in the history of Canada.
Ontario And Alberta Households Are Seeing The Fastest Rise In Insolvencies
Canadians are seeing consumer insolvencies climb very fast. There were 11,935 insolvencies filed in September, up 19.3% from last year. Consumer proposals represent 7,222 of the filings, up 30.6% from last year. Bankruptcies represent the other 4,713 insolvencies, up 5.3% from last year. The increase for insolvencies came largely from two regions – Alberta and Ontario.
Canada’s Cash Strapped Boomers Are Racking Up Reverse Mortgage Debt Very Fast
Canadian seniors are turning to reverse mortgages as a way to extract home equity. Filings show $3.83 billion in reverse mortgage debt in August, up 26.23% from a year before. In dollar terms, reverse mortgage debt increased $50.63 million in the month, and $796.11 million over the year.
Toronto Real Estate
Toronto Condo Prices Increased 4x The Pace Of House Prices
Toronto condo prices have increased much faster than home prices. Home prices increase 2.75% from the year before, and 9.76% from Q1 2017. Condo prices increased 4.68% from a year before, and a massive 22.03% from Q1 2017. Toronto must be running out of condos, faster than it’s running out of land.
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