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Canada’s Largest Real Estate Markets See A Big Drop In New Permanent Residents

Canada’s immigration has slowed due to the pandemic, at least for a few months. Immigration, Refugees and Citizenship Canada (IRCC) data shows a steep decline in the number of new permanent residents in April. The drop is one of the sharpest in recent history, with large real estate markets most impacted. Fewer Permanent Residents Admitted […]

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Canadian Home Sales Fall Over 39%, With Toronto Leading The Market Lower

Canadian real estate sales aren’t falling as much as the month before, but remain substantially lower. Canadian Real Estate Association (CREA) data shows home sales fell in every major market in May. The decline in sales was smaller than the month before, but still remains at one of the lowest volumes in decades. Even CREA […]

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This Week’s Top Stories: A Big Canadian Bank Forecasts The Largest Real Estate Price Drop In History, And Canadians Max Out HELOCs

Time for your cheat sheet on this week’s most important stories. Canadian Real Estate National Bank Of Canada Forecasts Sharpest Real Estate Price Decline Ever One of Canada’s Big Six banks sees this real estate correction being the largest correction ever. National Bank of Canada is forecasting prices will decline 9.8% from late 2020 to […]

The post This Week’s Top Stories: A Big Canadian Bank Forecasts The Largest Real Estate Price Drop In History, And Canadians Max Out HELOCs appeared first on Better Dwelling.

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World Bank Expects The Largest Globally Synchronized Recession In History

The pandemic turned a global slowdown into a global downturn, and it’s just getting started. World Bank analysts have noted a rapid revision of economic indicators around the world. The organization is now forecasting a synchronized downturn, spread over 90% of economies. This would be the largest global recession in history, surpassing the previous record […]

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One In Five Canadian Households Only Have 2 Months of Mortgage Payments Saved

Canada’s banks scrambled to issue hundreds of thousands of mortgage deferrals, and new data shows why. Bank of Canada (BoC) staff calculations show a significant number of households would struggle to cover just a few months of mortgage payments without income. Nearly a quarter of households don’t have enough liquid to pay their mortgage for […]

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Almost 20% of Canadian Homeowners Nearly Maxed Out HELOCs Before The Pandemic

Canadian homeowners love spending their home equity, but how much is left for an emergency? Bank of Canada (BoC) data shows homeowners have drawn a little over a third of available HELOC credit in Q4 2019. That doesn’t sound bad, until you realize what the distribution looks like. A significant number of homeowners were already […]

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The US Gets Fastest Recession Declaration In History

An elite group of US economists are declaring a recession with just one quarter worth of data. National Bureau of Economic Research (NBER), a private organization of top economists is the pseudo authority on the US business cycle. The organization has declared the US economy began a recession in February. This marks the end of […]

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National Bank of Canada Forecasts Sharpest Real Estate Price Decline Ever

One of Canada’s Big Six banks is joining the CMHC and credit risk agencies in forecasting lower prices. National Bank of Canada (NBC) economists expect real estate prices to make a sharp drop this year. The bank is calling what would be the largest price drop in Canada’s history, with Toronto and Vancouver hit hardest. […]

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Job Losses Climb In Toronto and Vancouver, While Unemployment Rate Hits Record

Canadian employment numbers climbed, but not all regions were so lucky. The Statistics Canada (Stat Can)  Labour Force Survey (LFS) shows the number of people employed made the first post-pandemic increase in May. Despite the increase in jobs, the rate of unemployment climbed even higher as more people began searching for work. This trend was […]

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This Week’s Top Stories: Canada’s State-Owned Mortgage Insurer Warns Home Buyers To Remain Skeptical of Higher Prices, and Tightens Borrowing

Time for your cheat sheet on this week’s most important stories. Canadian Real Estate CMHC Head Warns Homebuyers To Question Motives Of Those Saying Prices Will Rise The head of the CMHC is warning home buyers to be skeptical of anyone saying real estate prices will rise. He followed the warning with a series of […]

The post This Week’s Top Stories: Canada’s State-Owned Mortgage Insurer Warns Home Buyers To Remain Skeptical of Higher Prices, and Tightens Borrowing appeared first on Better Dwelling.

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