Top Stories

This Week’s Top Stories: The Canadian Economy Grinds To A Halt, Insolvencies Rise, and Toronto Real Estate Prices Soar

Time for you cheat sheet on this week’s most important stories.

Canadian Real Estate

Canadian Insolvencies Rip Higher, With Ontario Seeing The Fastest Growth
Canadian insolvency filings have been rising very fast. There were 11,337 filings made in January, up 8.7% from a year before. The total amount filed in the 12-months ending in the January hit 141,930, up 9.6% from a year before. The total number of filings is the highest number since 2010.
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Canada’s GDP Per Capita Just Dropped For A Second Consecutive Quarter
Canada’s economy is showing cracks beneath the surface. GDP per capita reached $55,572 in Q4, down 0.47% from the previous quarter. It’s now virtually flat from a year ago. This is the second consecutive quarter to make a decline. Canada’s GDP per capita is now back to 2017 levels. Note, this is Q4 – preceding the global slowdown that began in January.
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Canadian Household HELOC Debt Is Barely Growing
Canadians slowed their home equity borrowing binge at the end of last year. The balance for loans secured by residential real estate hit $303.04 billion in December, up just 2.18% from the same month last year. This is the first time the monthly increase hasn’t set a new record in two years. Growth is also below inflation as well.
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Canadian Mortgage Credit Is Growing At The Fastest Rate In Almost 2 Years
Most segments of Canadian credit are seeing deceleration, but not mortgages. The outstanding balance of mortgage credit hit $1.63 trillion in January, up 5.1% from a year before. This is a record high for dollar amounts, and the highest 12-month rate of growth since February 2018. There’s at least one indicator that shows acceleration will persist in the near term.
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Toronto Real Estate

Toronto Real Estate Prices Return To Double Digit Growth, As Inventory Drops
Toronto real estate prices are back to double digit growth once again. The benchmark price of a typical home hit $846,100 in February, up 10.19% from a year before. The 12-month rate of growth has accelerated to the highest level since October 2017. This level of price growth was rarely seen prior to 2015.
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  • Jason 3 months ago

    It’s so obvious that the home buyers are not of the working Canadians.

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