Wednesday, 01 April, 2020

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Tag: Ontario Canada


Greater Toronto real estate buyers rushed into the market, even amongst pandemic warnings. Altus Group data shows new home sales more than doubled in February. The impact on prices was mixed, as new single-family homes continued to fall. Condo apartment prices rallied to a new all-time high. The gap between the two narrowed to the smallest level since 2014. In Read more…


Canadian real estate markets were busier than usual at the beginning of last month. This helped to push mortgage debt higher, even though the back half of the month was halted due to the pandemic. Bank of Canada (BoC) data shows outstanding mortgage credit reached a new high in February. The year-over-year growth is now the highest in two years… Read more…


Time for your cheat sheet on this week’s most important stories. Canadian Real Estate A Panicked Bank Of Canada Just Cut Interest Rates Back To Record LowsThe Bank of Canada (BoC) made another unscheduled rate cut last week. The central bank’s policy rate is now just 0.25%, down 150 bps form a month before. This is the third 50 bps Read more…


Canada’s central bank is flooding the credit market, and hoping nothing sinks. The Bank of Canada (BoC) made an unscheduled rate decision today, dropping the policy rate to just 0.25%. The decision is the third cut just this month, and marks a return to the lowest policy rate Canada has ever seen. Policy Interest Rate […] The post A Panicked Read more…


Canadian debt is becoming very cheap, very rapidly – and it’s not a great sign. Bank of Canada (BoC) data shows the effective interest rate paid by households fell to a monthly year low on March 20. The decline from a year ago is the fastest we’ve seen rates drop during this period, since the Financial Crisis. Canadian Household Effective Read more…


Canada’s economy was sputtering before COVID-19, but last week’s job losses are unprecedented. The Federal government now estimates 960,000 jobless claims were made just last week. The number of claims for the week is higher than any monthly tally in Canadian history. The weekly bump is around 5% of the workforce making the unemployment rate the highest in decades. Canadians Read more…


It was a slow holiday, but Canadian seniors are back to tapping their  home’s value for cash. Office of the Superintendent of Financial Institutions (OSFI) filings show reverse mortgage debt reached a new high in January. The new high came with a sharp acceleration in growth, but the rate is in line with historic numbers. Reverse Mortgages Reverse mortgages are Read more…


Canadian homeowners were buckling down on the spending ahead of the pandemic. Office of the Superintendent of Financial Institutions (OSFI) data shows the balance of loans secured by residential real estate, such as HELOCs, made a tiny move in January. The movement, the weakest in over half a decade, saw the balance fall from all-time highs. Canadians Secured Over $303 Read more…


Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Interest Rates Are Falling, But Fear Is Driving Mortgage Rates HigherCanadian interest rates are dropping, but many mortgage rates are rising. For example, RBC increased its 5-year fixed for conventional mortgages from 2.94% to 3.34% on March 18. TD increased its 5-year variable for conventional Read more…


Are falling interest rates going to push Canadian real estate prices even higher? That’s not exactly what’s happening right now. The Bank of Canada (BoC) has been rapidly lowering the overnight target for interest rates in response to COVID-19 economic slowdowns. Concerns about this overheating the market are starting to bubble up (no pun intended). However, so far the cuts Read more…


Canada’s national statistics agency is estimating monster growth for population. Statistics Canada (Stat Can) population estimates show fast growth in Q1 2020. The population is now estimated to be growing at the fastest pace in 3 years. Canada’s Population Estimate Grows At Fastest Rate Since 1990 Canada’s population is growing at the fastest pace in decades, according to estimates. The Read more…


Canadian real estate sales were BOOMING before the pandemic poured a bucket of ice water on it. Canadian Real Estate Association (CREA) data shows sales climbed the most in years. Part of the big numbers are due to the unusually slow start to last year, beefing up growth numbers. The growth was still expected to be large, before the coronavirus Read more…


Canadian restaurants were already getting crushed by soaring real estate prices, and now they’re facing pandemic fallout. Data from Open Table shows the big drop off in traffic for restaurants in Canada’s largest cities. Cities like Toronto were already facing weak traffic growth. However, this was capitulated after COVID-19 cases began to rise. Montreal had been bucking the trend until Read more…


Canadian bank regulators are jumping into action to contain economic risk. The Office of the Superintendent of Financial Institutions (OSFI) made emergency changes last week in response to COVID-19. These changes include dropping the update to the mortgage stress test, lowering domestic stability buffers, and asking banks to halt share buybacks and dividend hikes. Mortgage Stress Test Changes Suspended First Read more…


Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Reverse Mortgage Debt Tops $4 Billion For The First Time EverCanadian reverse mortgage debt hit a new milestone. OSFI regulated banks held $4 billion in reverse mortgage debt in December, up 13% from last year. This is the first time in history the number has Read more…