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Time for your cheat sheet on this week’s key stories.
Canadian real estate
Canadian mortgage loan growth is accelerating rapidly, while consumer credit is slowing
Canadian household debt growth is accelerating again, but only in one segment. Debt reached $ 2.27 trillion in December, up 4.2% year over year. Mortgage debt is behind the acceleration and accounts for $ 1.63 trillion in debt – an increase of 4.9% year over year. Consumer debt is $ 641 billion, up just 2.4% year over year. Adjusted for inflation, consumer debt is approaching zero annual growth. Mortgage debt is solely responsible for accelerating household debt growth.
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Canada’s first home buyers incentive receives cold reception
The Canadian First-Time Home Buyer Incentive (FTHBI) is very well received. The program delivered only $ 51.3 million in funding from September 2 to December 9, 2019. Quebec residents used it the most, which is equivalent to $ 18.74 million of this. Alberta had the second largest user segment at $ 16.30 million. These two provinces alone accounted for more than half of all funds disbursed.
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Canadian mortgage credit has achieved the highest growth in almost two years
Canadian mortgage lending is growing fastest in almost three years. The outstanding balance in December was $ 1.63 trillion, an increase of 4.9% over the previous year. Not only is this a new all-time high, the growth rate of 12 months is also great. Mortgage loan growth is growing almost as fast as before the B-20 guidelines.
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Only a third of the applications for Canada’s incentive for first-time buyers were made in major cities
The FTHBI should help make life cheaper, but it could have the opposite effect. Very few applications for the program are available in Canada’s largest markets. Only a third of the total population actually lives in these cities, although more than half of the population lives in these cities.
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Toronto real estate
Real estate sales in Toronto and price growth are back above pre-B-20 levels
Real estate sales in Toronto are growing rapidly at a time when stocks are scarce. TRREB reported 4,581 sales in January, an increase of 14.27% over the previous year. The number of active entries fell to 7,772 in the same month, a decrease of 35.03% compared to the previous year. Sales are 6.09% higher than the 5-year median of the month. Active listings are 33% below the 5-year median of the month. The winter months are prone to warping, so inventory improvements can occur over the course of the year. Last month, however, the market was very tense – also in historical comparison.
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Vancouver real estate
Real estate prices in Vancouver are stabilizing as inventories decrease
Real estate prices in Vancouver are experiencing slow losses as inventories fall sharply. REBGV reports that the price of a typical home reached $ 1,008,700 in January, down 1.2% from a year earlier. There were 8,617 active listings a month, a 20.3% decrease from the previous year. Inventories were 13.7% below the 10-year average for January, which explains why prices are gradually picking up. The 12-month decline rate was the lowest since November 2018.
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