Time for your weekly cheat sheet on this week’s most important stories.
Canadian Real Estate
Canadians Used Over $298 Billion In Home Equity To Secure Loans
Canadians are still using their homes as ATMs. Filings from regulated banks show over $298 billion in loans were secured by homes in February, up 5.4% from last year. This makes February the second largest for annual growth since at least 2012, with only last year printing bigger numbers.
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Canadian Real Estate Sales Print Longest Losing Streak Since 2008
Canadian real estate sales are still sliding lower. CREA reported 41,964 sales in March, down 4.59% from last year. Over the past 10 years, only 2013 printed fewer sales for the month of March.
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The Canadian Real Estate Industry Is Also Seeing National Price Declines
It’s not just your market, the price of real estate is slipping across Canada. CREA reported a typical Canadian home now costs $617,200 in March, down 0.47% from last year. This is the second month to print negative annual gains. It’s also the largest decline since August 2009.
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Toronto Real Estate
Toronto Condo Sales Reach 6 Year Low, Inventory Pops To 3 Year High
Toronto condo sales are falling, and inventory is starting to rise. TREB reported 1,965 sales in March, down 9.98% from last year. The total number of condos for sales hit 3,223 active listings, up 7% from last year. The increase in inventory has relieved some of the pressure on prices to move higher, but hasn’t quite dropped prices.
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Vancouver Real Estate
Vancouver Condos See Fewest Sales Since 2009, Inventory Pops 131% Higher
Vancouver condo sales are falling, inventory is rising, and prices are adjusting to the new reality. REBGV reported 873 sales in March, down 35.3% from last year. Listings for condo apartments reached 5,076, up 131% from last year. The sudden drop in sales, combined with a rise in inventory sent prices tumbling 5.9% lower than last year.
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Lots of news on lower sales volumes but no one is truly speaking about drop in prices. Yet sales volumes are available right at the end of the month when it takes a lot longer to produce data. Real Estate reporting only small price corrections in single digits if that, but why the panic then? Why all the lobbying for the Feds to increase amortization or drop the stress test. Regardless of what CREA or the RE boards report, the truth about the true market conditions is being overlooked or misleading. Do journalists actually investigate things or just report what they are told. Perhaps this is part of the problem as well. I guess advertising revenue from Real Estate is more of a priority.