Time for your cheat sheet on this week’s most important stories.
Canadian Real Estate
Money Laundering Provided 1 In 20 Dollars For BC Real Estate
The Government of BC found extensive money laundering is occurring across the province. A paper released by the province estimates $7.4 billion in laundered funds entered BC in 2018, with $5.3 billion entering the real estate market. For context, that is the equivalent size of all real estate transactions for the month of March in Toronto. It’s a lot of laundered funds, which the paper says is likely underestimated. You know, since it’s hard to track money being smuggled into a province in hockey bags.
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Canadian Housing Starts Rip Higher In April, But Fall Short YTD
New home building across Canada had a big April for starts, but fell short of last year’s numbers. There were an estimated 18,096 new homes started in April, up 13% when compared to the same month last year. Year-to-date however, this number falls short 8% compared to last year.
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Canadian Borrowing Rates Are Higher This Year, But Dropping Fast
Canadian borrowing rates are higher this year, but dropping fast. On April 26, the typical effective borrowing rate reached 3.88%, falling 2.26% from just a month before. Even with the drop, the rate is 6.88% higher than the same time last year. Borrowing is cheaper than a few weeks ago, but still significantly higher than last year.
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Toronto Condos Are Shrinking In Size Much Faster Than Vancouver
Toronto condos are shrinking faster than Vancouver, a city known for always embracing small spaces. From 1981 to 1990, Toronto condos were built with a median size of 1,070 sqft, 16.81% larger than Vancouver. From 2016 to 2017 however, the median condo in Toronto is now 15.86% smaller than Vancouver.
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Toronto Real Estate
What Stress Test? Toronto Real Estate Prices Make 4th Biggest Price Jump
Toronto real estate prices made a large jump in April, despite weak sales. The price of a typical home in Greater Toronto reached $789,100 in April, up 3.17% from last year. Sales of homes reached 9,042 units, up 16.8% from last year. In terms of pricing, this was the fourth biggest monthly jump for April ever. Only 2015 through 2017 had a bigger increase for April. As for sales, this was the third fewest for the month of April in the past decade.
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Vancouver Real Estate
Vancouver Real Estate Sales Fall To 19 Year Low, Losses Get Larger
Vancouver real estate prices are making significant declines, as sales fall to the lowest level in almost two decades. The price of a typical home fell to $1,008,400 in April, down 8.5% from last year. Sales of homes fell to 1,829, down 27.3% from last year. The number of sales were the fewest for April in 19 years.
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