Time for your weekly cheat sheet on this week’s most important stories.
Canadian Real Estate
Canadian Mortgage Growth Keeps Dropping, Prints New 17 Year Low
Canadian mortgage growth dropped to a multi-year low. The balance of outstanding mortgage credit reached $1.53 trillion in November, up 3.2% from last year. While the dollar amount is at a record high, the growth rate is strangely low. The last time the annual pace of growth fell this low, was May 2001.
Read More
Canadian Real Estate Prices Are The Fastest Falling In The G7, Just 1 Year After Leading
Just one year after Canadian real estate prices were the fastest rising in the G7, they’re now the fastest falling. Canadian home prices fell 1.1% in 2018 Q3, bringing prices 0.42% lower than last year. The 0.42% decline is the only negative growth in the G7, with Japan’s 0.3% increase being the closest in movement. Even with the drop, prices are only 4.24% lower than they were from the peak.
Read More
Canadian Household Credit Growth Has Only Been Lower One Other Period
Canadian households might be watching the budget, as credit growth started shrinking dramatically. The balance of household credit reached $2.159 trillion in November, up 3.24% from last year. The good news is we’re still seeing growth, but the bad news is it’s some of the slowest in Canadian history. Household credit last grew this slow from 1982 to 1983, during a recession.
Read More
Canada’s National Housing Agency CEO: Stress Tests Are Better Than Losing Your Home
One of the country’s top housing executives is defending mortgage stress testing to first-time homebuyers (FTHB). Evan Siddall, the CEO of the CMHC, tweeted out why FTHB should consider the stress test a blessing in disguise, while giving a brief example on risk. The lesson on risk was a little technical however, so we break it down into plain english.
Read More
Toronto Real Estate
Toronto Detached Real Estate Sales Fall To 2008 Levels, Prices Down 13% From Peak
Toronto detached real estate prices are down considerably from peak, and sales are still slowing down. TREB reported the benchmark reached $907,900 in December, up just 0.16% from last year. While positive on a year-over-year basis, prices are still down over 13% from peak. Meanwhile sales numbers printed the fewest sales for the month since 2008.
Read More
Vancouver Real Estate
Vancouver Detached Real Estate Wipes Out Almost 2 Years Of Price Gains
Vancouver’s real estate market is seeing price gains disappear quickly. REBGV reported the benchmark for a detached home fell to $1,479,000 in December, down 7.8% from last year. Prices are now 8.53% below peak, wiping out nearly 2 years of price gains in just a few months.
Read More
Like this post? Like us on Facebook for the next one in your feed.