Latest News Kim Stenberg 15 Oct
Today’s release of September housing data by the Canadian Real Estate Association (CREA) shows national home sales rose 0.9% on a month-over-month (m-o-m) (see chart below). This continues the rebound in housing that began five months ago amid record-tight market conditions. “Along with historic supply shortages in a number of regions, fierce competition among buyers […]
Read MoreLatest News Kim Stenberg 23 Sep
Throne Speech: Canada’s Response to COVID-19 Prorogation on August 18, following the resignation of Finance Minister Morneau, a new session of Parliament, and a new speech from the throne was meant to allow the government to hit the reset button. And for Prime Minister Justin Trudeau, to try and move past the summer of controversy […]
Read MoreLatest News Kim Stenberg 15 Sep
Today’s release of August housing data by the Canadian Real Estate Association (CREA) showed a blockbuster August with both sales and new listings hitting their highest levels in 40 years of data–exceeding the record July activity levels. This continues the rebound in housing that began four months ago. National home sales rose a further 6.2% on […]
Read MoreLatest News Kim Stenberg 4 Sep
Canada Has Recouped Two-Thirds Of Pandemic Job Losses The August Labour Force Survey, released this morning by Statistics Canada, reflects labour market conditions as of the week of August 9 to 15, five months after the onset of the COVID-19 economic shutdown. By mid-August, public health restrictions had substantially eased across the country and more businesses and […]
Read MoreLatest News Kim Stenberg 28 Aug
Canadian Economy Took a Record Nosedive in Q2 Canadian real GDP plunged 11.5% in the second quarter, or -38.7% at an annualized rate, the worst quarterly decline on record (see chart below). This followed an 8.2% plunge in Q1. The worst of the contraction occurred early in the quarter as the lockdown in March and […]
Read MoreLatest News Kim Stenberg 17 Aug
Today’s release of July housing data by the Canadian Real Estate Association (CREA) showed a blockbuster July with both sales and new listings hitting their highest levels in 40 years of data. This continues the rebound in housing that began three months ago. National home sales rose 26% month-over-month (m-o-m) in July, which translates to […]
Read MoreLatest News Kim Stenberg 12 Aug
Pandemic Triggers Red-Hot Summer Housing Market We will get the full story on July housing in Canada when the Canadian Real Estate Association releases its July data in the next few days, but local real estate boards have reported a robust July market. Even in Calgary, year-over-year sales have jumped by double digits. Sales in […]
Read MoreLatest News Kim Stenberg 31 Jul
The Canadian economy bounced back sharply in May and June as Canadian provinces eased lockdown measures. GDP expanded 4.5% in May, and activity in June was even more robust at an estimated 5% rise. Cumulatively, GDP rose 10% in May and June, after plummeting more than 18% in March and April. These figures are calculated […]
Read MoreLatest News Kim Stenberg 15 Jun
THERE WAS GOOD NEWS TODAY ON THE HOUSING FRONT. Home sales surged by a record 56.9% in May from April’s unprecedented collapse. Data released this morning from the Canadian Real Estate Association (CREA) showed national home sales recovered roughly one-third of the COVID-induced loss between February and April (see chart below). On a year-over-year (y-o-y) […]
Read MoreLatest News Kim Stenberg 5 Jun
CMHC Makes It Harder To Qualify For An Insured Mortgage Once again, the Canadian Mortgage and Housing Corporation (CMHC) is tightening the criteria to get a mortgage with less than a 20% down payment. Any potential home buyer with less than a 20% down payment must purchase default insurance on their loan and have a […]
Read More