Applications For Personal Use Evictions up 77% & Increased Affordability Pressures
Good Morning,
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Market Highlights
It’s not just Toronto & Vancouver feeling the pain. Sales were down in most major markets across the country.
Stat central
🏠 73%
Per CMHC - 73% of outstanding residential mortgages were uninsured across chartered banks in 2023 Q2. This proportion is much higher than in 2016, when only 45% of mortgages were uninsured.
💸 $2,178
National Average rent, up nearly 10% from last year.
🧔♂️ 367,500
Out of 40 million Canadians, approximately 367,500 high-new-worth individuals (HNWI) call Canada home. That puts Canada in eighth among the world's wealthiest.
Headlines
Mortgage insurers ordered to set aside more money for defaults as negative amortizations pile up
The Office of the Superintendent of Financial Institutions (OSFI), Canada’s financial regulator’s decision to demand mortgage insurers set aside more capital as negative amortizations pile up, is a prudent measure in the face of high interest rates and economic uncertainty.
Applications for personal use eviction are up 77% in Toronto, worrying advocates
In Ontario, landlords can use an N12 eviction notice to force tenants to move out of an apartment if the owner, a member of their immediate family, or a caregiver wants to move in. Data shows more N12 evictions in the first nine months of 2023 than in 2022.
Canadian Mortgage Rates May Fall As Soft Inflation Lowers Yields
Canadians looking for some mortgage relief might get some in the coming months, at least for those looking for a fixed-rate term. This morning, Government of Canada (GoC) 5-year bond yields fell sharply in response to soft American inflation data. Falling yields are part of a broad trend currently driving down mortgage costs.
Tweets & Charts
What we’re reading
Emerging Trends In Canadian Real Estate
This in-depth report produced by PWC & ULI gives a comprehensive outlook into Canadians' challenges in 2024. Looking at the importance of disruptors in the Real Estate industry & creative solutions for pursuing growth in troubling economic times.
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Catch ya next week!
-Padder