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This Week’s Top Stories: Canadian Mortgage Debt Explodes In Growth, and So Do Insolvencies

Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Households And Businesses Are Going Broke Faster Than Last Year Insolvencies in Canada are seeing a big increase these days.  There were 13,512 insolvency filings in October, up 11% from a month before. The monthly number is up 13% when […]

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Vancouver Condo Sales Activity Normalizes in November

This is an excerpt from The monthly Saretsky Report. You can subscribe for Free Here. Condo sales increased 50% from November 2018 levels, once again, weak base effects played a huge roll. Condo sales remain well below the frenzied levels during 2015-2017, but are just slightly above ten year averages. What we are seeing is […]

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Vancouver Sun Headline – ‘Five more Metro Vancouver homeowners hosed in a falling market’


“A recent report from Central 1 Credit Union suggests a rebound in Metro Vancouver’s housing market is coming. However, at the moment there are property owners losing hundreds-of-thousands of dollars on their investments.”
There follow examples of homeowners losing money, care of @mortimer_1:
1. Burnaby. Bought $1.9M May 2016, Sold 2019 $1.495M, Loss $405K + expenses (over 21%)
2. Burnaby. Bought $3.11M 2016, Sold $2.1M 2019, Loss $1.01M + expenses (over 32.5%)
3. Vancouver Westside. Bought $2.7M Feb 2016, Sold $2M 2019, Loss $700K + expenses (over 25.9%)
4. North Vancouver. Bought $2.36M Mar 2017, Sold $2.05 2019, Loss $310K + expenses (over 13.1%)
– from David Carrigg, Vancouver Sun, 5 Dec 2019 (image: Anselm Kiefer)

Seeing terms like “homeowners hosed” and “falling market” in top-of-the-page Vancouver Sun headlines is certainly worthy of note – particularly for those of us who have been following this long enough to have endured years and years of local media entranced with rising prices. (Anybody remember the well-known local TV anchor exclaiming “I love Real Estate!” ?)
However, note that the Sun still talks about homes as “investments” – perhaps that will have to change before we’re done.
Here and elsewhere, some discussion of ‘soft landings’ that is clearly based more on hope than observation.
As noted previously, our target prices should be determined by utility value of properties, not on imagined future sale prices. Current prices are still far above those levels.
It ain’t over.
– vreaa

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Greater Vancouver Households Are Going Broke Mega Fast

Having trouble keeping up with your bills? So are a lot of people in Greater Vancouver these days. Office of the Superintendent of Bankruptcy Canada (OSB) filings show more people are becoming insolvent in Q3 2019. Greater Vancouver has seen a trend of growth for insolvencies over the past year, but the most recent quarter […]

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Toronto Household Debt Problems Surface, Insolvencies Rise Over 26%

Greater Toronto households are starting to show a few cracks, after a big debt binge. Office of the Superintendent of Bankruptcy Canada (OSB) filings show insolvencies jumped in Q3 2019. The Greater Toronto region isn’t just showing a large climb for insolvencies. It’s been accelerating recently as well. Insolvencies Vs. Bankruptcies Insolvencies come in two […]

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Canadian Mortgage Credit Is Seeing Explosive Growth… Again

B-20 what? Never heard of him. Canadians are in a rush to take out mortgage credit once again. Bank of Canada (BoC) data shows a major jump in borrowing. The increase is some of the highest growth for mortgage debt, and is primed to explode even higher. Canadian Mortgage Debt Grows At The Fastest Rate […]

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Residential Mortgage Credit is Growing Faster than Before the Mortgage Stress Test

There’s been lots of talk about a bounce in Canadian housing and certainly recent data suggests that is the case. That doesn’t mean risks have disappeared, merely it seems a recent easing in global monetary policy has provided a lift to many asset classes, including housing. The plunge in bond yields has spurred an increase […]

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Greater Vancouver Real Estate Prices Stop Falling, As Sales Jump

Greater Vancouver real estate market is seeing a big return from buyers. Real Estate Board of Greater Vancouver (REBGV) numbers show sales surged in November. Higher sales were accompanied by less inventory, helping to bring prices up for a second month. Despite the 2 months of rising, annual price growth remains negative. Although the gap […]

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Toronto Real Estate Prices Make Second Largest November Jump Ever – Tops 2017 High

The Toronto real estate market is on fire again, as buyers send prices on a very large monthly climb. Toronto Real Estate Board (TREB) numbers show the composite price index reached a new high in November. The increase in prices for November is one of the biggest in history for the month. Greater Toronto Real […]

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Vancouver Detached Sales Rise 60% on Weak Base Effects

This is an excerpt from The Saretsky Report. Sign up to receive full report Here.  Greater Vancouver detached sales increased 60% year-over-year in November. Again, weak base effects are responsible for the head turning increase, as November 2018 recorded the fewest detached sales since November 2008. What we can see in the chart below is […]

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