Canada’s mortgage growth has fallen to the lowest in nearly two decades as interest rates rise and after new mortgage rules took effect at the start of the year. Total residential mortgage credit grew just 0.3 percent on average over the last three months, the slowest since 2001, Bank of Canada data show. That’s down […]

Canada’s housing market remains a large risk for the seventh consecutive quarter according to the latest report from the CMHC. Its Housing Market Assessment for the three months to the end of March 2018 highlights evidence of overvaluation and price acceleration, especially in Toronto, Vancouver, Victoria, and Hamilton. “Our market assessment continues to show a […]

OTTAWA — For the Bank of Canada these days, it’s all about timing. The central bank stuck with its benchmark interest rate of 1.25 per cent Wednesday as it continued along a careful process of determining the appropriate juncture for its next hike. “Governing council has agreed that, over time, the economy would appear to […]

A recent study elucidated how badly homeowners got burned when Toronto’s housing market plunged about a year ago. The report, published by Move Smartly, determined that hundreds of homeowners lost an average of $140,000 because of closing defaults, and according to John Pasalis of Realosophy, that totaled $121mln in lost market value. “It tells you […]

Canada’s banking industry is facing increased competition from growth in the fintech sector as mortgage demand weakens according to a new report. The Conference Board of Canada says that despite these challenges, banks will manage to increase their pre-tax profits to more than $95 billion in 2018 and will see output grow by an average […]

Statistics Canada announced this morning that employment increased by a stronger-than-expected 32,300 in March, driven by full-time job gains. The unemployment rate was unchanged at a four-decade low of 5.8% indicating that the economy is at or near full employment. In the first quarter of 2018, employment edged down (-40,000 or -0.2%) reflecting a decrease […]

The housing measures set out in the Quebec provincial budget have been given the thumbs up by a local real estate board. The Greater Montreal Real Estate Board says that all of the real estate and housing measures tabled by the finance minister are positive, especially those relating to homeownership. Among the province’s proposals are […]

Foreign buyers of real estate in Quebec are putting “marginal” pressure on prices while still accounting for a tiny sliver of the market relative to Vancouver and Toronto, according to new data released by the French-speaking province. Non-Canadian residents generated 1,307 property transactions in Quebec last year, representing 1 percent of all deals, finance ministry […]

Affordability in Canada’s housing markets is generally very good but interest rate increases could start to change that. BMO’s Spring Housing Affordability Report also reveals the influence that Millennials have on the markets in Toronto and Vancouver, but also in those outside these hot markets as they seek more affordable options. However, this influence is […]

The Federal Open Market Committee (FOMC) met this week for the first time under the chairmanship of Jerome Powell. In a unanimous decision, the Committee hiked the target range for the federal funds rate by 25 basis points to 1-1/2 to 1-3/4 percent. Unlike the Bank of Canada, which has a single objective of targeting […]