Time for your weekly cheat sheet on this week’s most important stories.
Canadian Real Estate
Toronto And Vancouver Are Placing Absurd Price Premiums On Condos
Toronto and Vancouver property assessments place a huge premium on condo apartments. Toronto apartments have a median assessment value of $457 per square foot (PSF) in 2018, 32% higher than the median of all housing in the city. In Vancouver, the median condo value reached $659 PSF, an 11.13% premium compared to all homes in the city. The gap in values is even larger when comparing new builds, with condos double the norm.
Read More
Canadian Mortgage Debt Prints Slowest Growth For The Month Since 1983
Canadian real estate sales are still slowing, and it is putting a drag on mortgage credit growth. The balance of mortgage debt hit $1.552 trillion in March, up 3.2% when compared to the same month last year. That sounds like a decent haul, but the annual pace of growth is the slowest for the month of March in 36 years.
Read More
Canadian Household Credit Sees Slowest March Growth Since 1983
Mortgage debt isn’t the only type of credit seeing slowing growth, the total of debt is slowing as well. Outstanding household debt reached $2.172 trillion in March, up 3.26% from last year. The annual pace of growth is the slowest for March since 1983, and has never been this low outside of a recession.
Read More
Canada’s Money Supply Growth Is Slowing, And That’s Bad For Economic Activity
The growth of the Canadian money supply is slowing – a major warning flag for the economy. The annual pace of growth fell to 3.5% in March, down 45% when compared to last year. October 2013 is the last time such a weak print was made, and 1995 was the last March to print such a weak number. Typically a slowdown in the M1+ precedes a slowdown of economic activity.
Read More
Toronto Real Estate
Toronto New Condo Sales Plummet, While Suburban Detached Homes Sales Rise
New condo sales are dropping in the City of Toronto, while detached sales are on the rise in the 905. March saw 2,314 new home sales, up 19.58% from last year. Breaking that down, 1,428 of those sales were condo apartments – down 12.92% from last year. The trend of rising detached sales and falling condo sales are amplified in the city proper.
Read More
Vancouver Real Estate
New Condo Sales In Vancouver Drop, But Buyer Incentives And Realtor Bonuses Rise
Vancouver condo sales are falling, but fewer new units are being released. March saw 227 presale condos sold, down 75.9% from last year. There were an estimated 811 units released that month, down 48% from last year. Developers appear to be releasing fewer units to market, as sales drop and inventory sits a little longer.
Read More
Like this post? Like us on Facebook for the next one in your feed.
