Tuesday, 24 November, 2020

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Author: Daniel Wong


Canadian real estate saw prices surge across the country, but not in all segments. Canadian Real Estate Association (CREA) data show the national index saw price growth speed up in October. A breakdown of the index reveals a different picture though. Since the beginning of the pandemic, single-family home prices experienced a price surge. Meanwhile, condo apartments have seen markets Read more…


Canadian real estate is still booming, but slowing faster than seasonally expected. Canadian Real Estate Association (CREA) data shows sales made a small decline in October. The decline only shows in the board’s seasonally adjusted numbers. Unadjusted sales still show large growth, but the rate decelerated for the first time since the pandemic. Canadian Real Estate Sales “Edged Back” 0.7% Read more…


Hundreds of thousands of Canadians are seeing their payment deferrals expire. Canadian Bankers Association (CBA) data shows over half of people on deferrals have resumed payments by September 30. While most have resumed, there’s still hundreds of thousands of mortgages that haven’t yet. Mortgage Payment Deferrals When the pandemic kicked off, Canada’s bank regulators allowed “special treatment” of mortgages. Starting Read more…


Canada’s largest real estate markets are seeing unemployment fall from peak. Statistics Canada (Stat Can) data shows October saw the rate drop in Toronto, Vancouver, and Montreal. These markets all saw improvements, but they’re still far from pre-pandemic levels. Toronto Has One of The Highest Unemployment Rates In Canada Toronto has one of the highest unemployment rates of any city Read more…


Canada is pulling all of the measures to make sure households and businesses don’t go bust, but it’s just time for some. Office of the Superintendent of Bankruptcy (OSB) data shows insolvencies increased in Q3 from the previous quarter. The quarterly increase is somewhat surprising, considering the number of lender support programs. Canadian Insolvencies Rise 7.9% In Q3 Insolvencies are Read more…


Canadian consumers are running out of cash, according to a Big Three credit agency. TransUnion’s latest household survey on October 4th, shows a rise in consumers who are seeing the shortfall to cover bills. The gap between what they can pay and payment obligations, is now surging higher. Despite the bad news, consumers now have a little extra savings to Read more…


Canada’s mortgage debt binge is accelerating to the fastest pace in years. Bank of Canada (BoC) data shows mortgage debt reached an all-time high in September. The record high came with abrupt, accelerated growth, due to pent up demand. Canadian Mortgage Debt Tops $1.71 Trillion Canadian mortgage debt held by institutional lenders surged to a new high. The balance outstanding Read more…


Greater Toronto and Vancouver real estate was still popular with non-resident buyers, according to ownership data. Statistics Canada (Stat Can) data shows non-resident ownership increased in 2019. For the most part, it scaled higher with new supply. However, a breakdown shows ownership is becoming more concentrated in newer condos. In Vancouver, over 1 in 10 newly completed condo apartments were Read more…


The world’s largest central bank is seeing the warning signals for Canadian real estate get brighter. US Federal Reserve (US Fed) updated their exuberance indicators for Q2 2020. Their measures for Canada show recent acceleration over the past two quarters. There was a brief period in the data where it appears Canada almost came back to reality. In the first Read more…


Canadians are suddenly not so hot on borrowing their home equity these days. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured by home equity, like HELOCs, made a very small increase in August. Growth has been falling due to the personal loan segment seeing slow growth. Business debt secured by home equity is Read more…


Canada’s population is growing at the slowest pace in years, but buyers are facing a busy market. Canadian Real Estate Association (CREA) data shows record home sales for September. The increase in home sales is largely due to a seasonal shift, after the lockdown.  Canadian Real Estate Sales Are Up 46% Canadian real estate sales set a new record for Read more…


Canadian mortgage debt is slowing in growth, after a surge at the beginning of the pandemic. Bank of Canada (BoC) data shows outstanding mortgage credit reached a new high in August. At the beginning of the pandemic, the rate of growth had accelerated due to payment deferrals. Deferrals are beginning to expire now, sending growth back down to pre-pandemic levels. Read more…


Whether Canadian real estate owners needed it or not, a lot took a break from paying their mortgages. Statistics Canada (Stat Can) data shows mortgage payments fell in Q2 2020, as many took deferrals. While lenders collected a lot less in payments, almost all of it was principal payments. Payments towards interest continued to rise, even as total payments fell. Read more…


Canadian real estate hasn’t been this busy in a long time, yet condo apartment prices are sliding. Canadian Real Estate Association (CREA) data shows condo apartment prices have fallen during the pandemic. While prices are still up in August, compared to last year – they generally peaked in April. Only three markets have been able to push to a new Read more…


More Canadian real estate markets are seeing increased levels of vulnerability. Canada Mortgage and Housing Corporation (CMHC) released the September edition of the Housing Market Assessment (HMA). The assessment shows almost half of Canada’s major real estate markets have moderate levels of risk now. Many markets are also benefiting from government pandemic supports. That means they may be worse off Read more…