Time for your weekly cheat sheet on this week’s most important stories.
Canadian Real Estate
Canadian Household Credit Growth Barely Moves, Annual Growth Falls To 1983 Levels
Canadian debt reached a new record high, but barely. The balance of household debt reached $2.16 trillion in February, up 0.01% from the month before. The annual pace of growth is now just 3.2%, the slowest it has been since 1983.
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Canadian Borrowing Rates Hit The Highest Level Since 2009… Then Collapse
Borrowing rates hit a new multi-year high, before lenders began slashing them. On March 8th, the effective borrowing rate reached 4.02%, the highest level since the same week in 2009. By March 29th, it fell to 3.97% – still 9.67% higher than the previous year, but slashed from a few weeks before.
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Canadian Mortgage Growth Slows To Levels Not Seen Since The 1983 Recession
Mortgage growth wasn’t immune to slowing credit conditions. The balance of outstanding mortgage credit reached $1.55 trillion in February, up 3.2% from last year. The 3.2% annual pace of growth is 37.25% lower than last year, and the slowest pace since June 1983.
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Canada’s Money Supply Growth Is Pointing To A Slower Economy
One measure of Canada’s money supply is pointing to a slower pace of economic productivity. February’s M1+, a narrow measure of Canadian “cash,” grew 3.7% from last year. The annual pace of growth is 45% slower than the same month last year, and makes this past Feb the slowest since 1995. Considering the economy was recovering from a recession in 1995, this isn’t a level we want to see.
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Toronto Real Estate
Toronto Real Estate Sales Fall To Lowest Level Since 2009 Recession
Toronto real estate prices moved higher, but relative demand keeps slipping from highs. The price of a typical home reached $779,100 in March, up 2.6% from last year. The number of sales however, fell to 7,187 – 0.01% lower than last year, making it the slowest March since 2009. Inventory on the other hand reached 15,576, down 2.47% from last year. Even though inventory is down, it’s actually up in the city – and TREB’s second highest level since 2014.
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Vancouver Real Estate
Vancouver Real Estate Sales Fall To 1986 Levels, Inventory Rises Over 50%
After an epic run, Vancouver real estate is being slaughtered on the three big indicators. The price of a typical home fell to $1,011,200 in March, down 7.7% from last year. Sales dropped to 1,727 sales, down 31.4% – making it the fewest since 1986. Inventory increased to 12,774 active listings, up 52.4% from last year. Lower prices, fewer sales, and higher inventory.
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