Weeks - Appartement de Ville

10/04/202410/04/2024

This Week’s Top Stories: Canadian Real Estate Has Never Been Less Affordable & Low Rates Don’t Help

Time for your cheat sheet on this week’s top stories.

Canadian Real Estate

Buying A House In Canada Has Never Been Harder, Years To Correct: RBC

Canada’s largest bank warns it’s never been more difficult to buy a home in the country. RBC warns a median household would need to spend up to 108% of their income to purchase a median home in cities across Canada. The erosion in affordability is like nothing seen in the country’s history. Even “affordable” markets now require close to half a household’s income just to carry the mortgage payments.

Canada Added 58k Workers But Lost 2k Jobs Last Month

The good news? Canada is rapidly adding to its workforce. The bad news? The country somehow lost jobs. The latest labor force survey shows 57.7k more workers added to the economy in just March. At the same time, those workers were chasing 2k

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07/03/2024

This Week’s Top Stories: Canadian Real Estate Prices Forecast To Fall Further & Immigration Slows

Time for your cheat sheet on this week’s top stories.

Canadian Real Estate

Canadian Real Estate Prices To Fall Even In Optimistic Scenario: Scotiabank

One of Canada’s largest banks doesn’t see rate cuts boosting home prices by next year. Scotiabank’s forecast, filed with its recent earnings report, shows prices falling by next year. Even in the bank’s most optimistic scenario, their team anticipates home prices will continue to fall over the next 12-months.

Canadian Immigration Slows Further As Permanent Resident Applications Crater

Canada has seen a big drop in the number of people that want to live there permanently. Applications for permanent residency fell 73% in December, continuing a trend that began earlier in the year. Rising tensions with Canada’s top sources of permanent residents is likely a contributor to the issue. However, the erosion in applications was broad—only 6 countries produced higher application counts, the largest of

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24/01/2024

This Week’s Top Stories: Canadian Real Estate Prices Absurd Compared To G7, Forecast To Fall

Time for your cheat sheet on this week’s top stories.

Canadian Real Estate

Canada’s Real Estate Bubble Is Batsh!t Crazy Compared To Other G7s

Canadian real estate prices are moving like nothing else in the developed world. New data from the US Federal Reserve shows Canadian home prices have risen much faster than any other G7 country. Despite recent growth being attributed to population, this issue pre-dates the recently adopted narrative. Since 2005, Canadian home prices have shown more than double the growth of any other G7 country.

Canadian Real Estate Markets Improved, But Prices Are Still Falling: BMO

Canadian real estate sales rose but not enough to stop prices from falling. Home sales showed monthly growth of 8.7% in December, while new listings fell. Despite the mild tightening, prices continue to fall—dropping another 0.8% in December. It was the fourth month that home prices fell, with at

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15/11/202315/11/2023

Mirvish Village developer Westbank faces lawsuits over unpaid bills and more of this week’s top real estate stories

Home of the Week, 29 Swanwick Ave., TorontoRaffi Tutundjian/Raffi Tutundijan/Jagged Lens

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.

Take The Globe’s business and investing news quiz

Property developer Westbank faces lawsuits over sprawling Mirvish Village redevelopment project

High-profile Canadian real estate developer Westbank Corp. is being sued by four construction companies for more than $25-million in unpaid work at the large Mirvish Village rental apartment project in Toronto, writes Shane Dingman and Rachelle Younglai. In a statement, Westbank said the issues stem from disruptions after it took over as its own construction manager on the site, and said that construction is “progressing” as it plans to finish the residential portion of the Mirvish project in 2024.

Westbank

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22/09/2023

This Week’s Top Stories: Canadian Real Estate & Labor Markets Are Weakening

Time for your cheat sheet on this week’s top stories.

Canadian Real Estate

Canadian Real Estate Balancing In A “Meaningful” Way, Pause Unlikely To Boost Market: BMO

The Canadian real estate market is back to cooling after a brief jump in activity post-rate pause. Existing home sales fell, and new listings have been climbing to the point the market is now considered “balanced.” Despite getting another rate pause a few days ago, BMO says it’s unlikely to reignite the market the way the January pause did. The economy is much weaker, record building will supply even more inventory, and most importantly—the mortgage market is much tighter, and won’t provide any relief.

If Canadian Unemployment Is So Low, Why All The Long Job Lines?

Canada’s unemployment is just off the record low, and by all technical measures—means we’re facing a very robust market. Yet social media is filled with

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