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The hour of your weekly cheat sheet on this week's most important stories.
Canadian Real Estate
UBS ranks Toronto and Vancouver among the top five global real estate bubbles
The Swiss mega-bank UBS has updated its Bubble Index, with Toronto and Vancouver on the list. In fact, they not only made the list – they were in the top 5. Toronto was third, and Vancouver was just behind in fourth. The bank added that higher rates and reduced affordability limited the rise in the medium and long term.
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Reverse mortgage debt on real estate in Canada up more than 45%
Reverse mortgages, where seniors reduce their equity, broke a debt record in July. Deposits show that reverse mortgage debt reached $ 2.99 billion in July, up $ 29.74 million from the previous month. This represents an increase of 45.32% over the same period last year, which represents considerable growth. The trend of annual growth continues, making it a new segment to watch closely for real estate debt.
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Real estate markets in Greater Toronto and Vancouver are the fastest cooling in Canada
The Toronto and Vancouver real estate markets are the two fastest-growing markets in Canada. Vancouver's SNLR dropped to 52.8%, down 18.01% from the same month last year. The Toronto ratio fell to 48.8%, down 17.71% from the previous year. When the SNLR is below 40%, prices generally start to fall very quickly. Currently, no Canadian real estate market is present in this territory.
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Real estate price growth in Canada is on the rise again
Canadian real estate prices are rising again, but not much. The overall benchmark for major Canadian cities reached $ 625,400 in August, up 2.54% from last year. The annual gain of 2.54% is slightly improved compared to the previous month, but far from the 10.55% recorded last year. Has anyone else considered that these cities had borrowed future growth?
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Toronto real estate
Sales of new condominiums in Toronto drop by more than 14% and inventories rise again
Sales of new condos in Toronto hit a record high for prices, but sales are falling as inventories rise. Altus Group reported 803 new condominium sales in the Greater Toronto Area in August, down 1.1% from the previous month. The City of Toronto accounted for 521 of these sales, down 14.59% from last year. Meanwhile, inventories reached 8,842 new units, up 33.8% from the previous year.
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