This Week’s Top Stories: Vancouver Real Estate Falls From Top Spot, and Canadian Credit Delinquencies Soar

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

Canadian Real Estate

Vancouver Real Estate Is No Longer The Country’s Most Expensive Market
The price of a typical home across Canada is getting cheaper for the first time in years. The benchmark price across the country fell to $624,400 in May, down 0.64% from last year. The decline is small, but still the 4th consecutive and the largest since 2009.

Vancouver was hit notably hard, with the benchmark falling to $1,006,400, down 8.88% from last year. It was both the largest drop in the country, and it knocked Vancouver out of the spot as the country’s most expensive market. Oakville, a distant suburb of Toronto, is now the most expensive market in Canada.
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Canadian Residential Investment Drops For A Fifth Quarter, Signaling Recession
Residential investment is still a massive part of Canadian GDP, but is on the decline. GDP numbers show its contribution fell to $134.30 in Q1 2019, down 5.08% from the same quarter last year. This is the 5th consecutive quarterly decline, and the largest since 2009. All of Canada’s previous recessions have kicked off with a decline in this segment.
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Equifax: Canadian Credit Delinquencies Are Spiking, Seniors See Largest Increase
Equifax observed precursors to rising delinquencies last year, and the rate is now climbing. Toronto saw 1.16% of consumers turn delinquent in Q1 2019, up 3.6% from last year. Vancouver hit 0.74%, up 9.9% from last year. Montreal reached 1.22%, up 1.0% from last year. Overall the total rate is relatively low, but delinquencies are a lagging indicator. The growth rate is what is most concerning here. Especially with those aged 65+ who reached a demographic delinquency rate of 0.9%, up a massive 9.4% from last year.
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Canada Has Never Had More Homes Under Construction At The Same Time
Canadian real estate is undergoing a large building boom. There were 228,984 homes under construction in May, up 3.58% from last year. Toronto, the largest market, is just one month under its all-time peak. Vancouver and Montreal have both hit new all-time highs for construction. This is the largest  number of homes under construction in Canadian history.
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Toronto Real Estate

Toronto Detached Real Estate Prices Still Down Over 10% After Two Years
Toronto detached real estate is warming up, but last year’s steep drop in sentiment means it’s far from hot. The price of a typical detached home reached $939,300 in May, up 1.09% from last year. While up, prices are still down 10.48% from the peak reached just two years ago. Sales ripped to 4,649 units, up 25.10% from last year. It’s a really big climb, but still one of the smallest May sales numbers in recent history.
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Vancouver Detached Real Estate Is Now Cheaper Than It Was 3 Years Ago
Vancouver real estate is being hit hard, especially detached homes. The price of a typical detached home fell to $1,421,900 in May, down 11.5% from last year. In pricey West Vancouver, the typical loss over the past year is almost at half a million dollars. Prices for detached homes across Greater Vancouver are now lower than they were 3 years ago.
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  • Chester Pape 5 years ago

    Can someone explain how a country like Canada, which has 170 billion barrels of oil equivalent reserves have people living in third world conditions, such as Jane & Finch apartments which rent for a whopping $1,900 a month, while real purchasing power net wages are stagnant?

    170 billion barrels plus an estimated 65 billion barrels of light crude in Newfoundland alone, with 10 billion estimated offshore Nova Scotia.

    Canada also has a very large supply of uranium, phosphate, wheat, hydrocarbons and land, yet certain cities in Canada feel like it’s an overpopulated Malthusian experiment.

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