Commercial real estate foreclosures jumped 117% in March as trouble looms

Commercial real estate foreclosures jumped 117% in March as trouble looms

The commercial real estate market is starting to buckle under the weight of higher interest rates and remote work. 

There were 625 commercial real estate foreclosures in March, up 6% from February and 117% from the same time last year, according to a new report published by real estate data provider ATTOM. 

The figure is calculated based on commercial properties with at least one foreclosure filing — including default notices, scheduled auctions and bank repossessions — entered into the ATTOM Data Warehouse during the month.

California had the highest number of commercial foreclosures in March, with 187 properties. While that marked an 8% decrease from the previous month, it is a stunning 405% jump from the previous year. 

INTEREST RATE CUT ODDS DWINDLE AS INFLATION PROGRESS STALLS

“California

Trudeau announces support for renters and the Home of the Week: Canadian real estate news for March 30

Trudeau announces support for renters and the Home of the Week: Canadian real estate news for March 30
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The four-bedroom loft is situated in The Merchandise Building, a live/work complex renovated from the shell of a 1910 brick warehouse in Toronto.Michael Peart Photography

Here are The Globe and Mail’s top housing and real estate stories this week and one home worth a look.

Try The Globe’s business and investing news quiz

Trudeau announces renter-focused measures ahead of 2024 budget

Prime Minister Justin Trudeau announced a series of measures to help renters in Canada, including a $15-million tenant protection fund and a Canadian renters’ bill of rights, write Bill Curry and Marieke Walsh. A third measure is to amend the Canadian Mortgage Charter, so that it calls on landlords, banks, credit bureaus and fintech companies to take rental history into account when assessing credit worthiness. The government hopes that by dropping budget details in advance, it will be able to garner more attention

Investor dominance in Ontario real estate and the Home of the Week: Canadian real estate news for March 23

Investor dominance in Ontario real estate and the Home of the Week: Canadian real estate news for March 23
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Home of the Week, 79 Amelia St., HamiltonMichael Goencz Photography

Here are The Globe and Mail’s top housing and real estate stories this week and one home worth a look.

Try The Globe’s business and investing news quiz

Banks to face new limits on mortgage loans above 4.5 times a homebuyer’s annual income

The Office of the Superintendent of Financial Institutions is capping the number of highly leveraged loans in the banks’ residential mortgage portfolios, instructing lenders they will have to limit the number of mortgages that exceed 4.5 times the borrower’s annual income, write James Bradshaw, Rachelle Younglai and Stefanie Marotta. The new income limit, which is expected to take effect in the first quarter of next year, comes on top of existing mortgage qualification rules. In markets like Toronto and Vancouver, prospective homebuyers often have to borrow more than 4.5 times their

Allied REIT buys out Westbank on two condo projects: Canadian real estate news for March 16

Allied REIT buys out Westbank on two condo projects: Canadian real estate news for March 16
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Home of the Week, 80 John St., Upper Penthouse 1, TorontoJohn Lee/John Lee/Soare Productions

Here are The Globe and Mail’s top housing and real estate stories this week and one home worth a look.

Take The Globe’s business and investing news quiz

Canadians’ wealth is bolstered by stock rally amid housing slump, Statscan says

In the fourth quarter, households saw their net worth rise by $290-billion, or 1.8 per cent, to roughly $16.4-trillion, Statistics Canada said in a report Wednesday. But many homeowners have yet to face the full brunt of higher interest rates until they renew their mortgages, writes Matt Lundy. Others have variable-rate mortgages with fixed payments, which means that as rates have increased, more of their bill is going toward the interest portion rather than paying down the principal. The looming renewals, among other factors, led Canadians to stay cautious about

How renting impacts retirement, and March home prices on the rise: Canadian real estate news for April 22

How renting impacts retirement, and March home prices on the rise: Canadian real estate news for April 22

Home of the Week: 33 Lombard St., No. 4304, Toronto.Michael Peart Photography

Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look.

Does owning a home give you a retirement advantage over lifetime renters?

If you’re a millennial or member of Gen Z, the biggest financial non-event of the decade is the housing market correction. In his weekly column, Rob Carrick writes about what happens when young adults in this country cannot afford to buy and own homes.

In an expensive housing market, both owners and renters are going to have a hard time saving for retirement. Owners do have a retirement saving advantage in being able to access their equity by downsizing to a cheaper home, but many owners don’t want to. And while