— The Mortgage Report : June 16 — Tiff on the Hot Seat: In his first news public hearing since being minted as BoC Governor, Tiff Macklem got pelted with questions from MPs. Among his notable statements: “The biggest risk to Canadians not being able to repay their mortgage is not having a job.” “…We’re in a deep hole and...
Mortgage Report – Weekend Edition Prices Tumble in April: The national average home price in Canada has plunged almost 10% in one month (April). That’s never happened before in CREA data going back to 1980. The next closest month-over-month drop was -7.6% in April 1989. The data was skewed partly by the GTA’s 11.8% nose-dive. Home Inventories Skyrocket: The total...
Daily Mortgage Report – May 7 A Record 4 million: That’s how many jobs disappeared in April, predict economists surveyed by Bloomberg. That’s a stunning one-fifth of the labour force, and only a portion of those jobs will return soon. How many of these families own homes? A meaningful minority. But the bigger question is, how many will continue paying...
Canada could see government interest rates below zero for the first time in history. That’s not a prediction, but it’s a real possibility. The probability of recession has surged from the coronavirus pandemic and oil market collapse. The Bank of Canada has just 125 basis points of rate-cutting left before it hits zero. That is insufficient ammunition to fight the...
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