Is The International Student Boom Over?
Good Morning,
Welcome to Padder’s weekly real estate news. A newsletter for brokers, mortgage agents, operators & investors. Want to wake up to the best weekly real estate brief in Canada? Become one of our 1,000+ subscribers by clicking below.
Market Highlights
VTB’s, otherwise known as seller financing, mentions are appearing more & more in Listings comments.
Stat central
🏠 60%
Of Canadian Mortgages Are Set To Renew In The Next 3 Years
💸 $1,441,000
Vancouver’s benchmark house price is $1,441,000, and only those in the top 1% can afford a home there.
🧔♂️ 40-49 year olds
the most heavily indebted age category in Canada, with nearly $648,000 in total debt. HELOCs played a big role, with the average balance exceeding $102,000 for those drawn on their lines of credit.
Headlines
Canada’s International Student Boom Is Ending As Indian Applications Plummet Immigration, Refugees and Citizenship Canada (IRCC) data shows new study permits sharply dropped in August 2023. The decline can be attributed almost entirely to falling applications from India, a market that represented nearly half of all permits in 2022
Canada Just Saw The Fewest Business Openings Since March 2020 Stat Can data shows a sharp reduction in business openings in July. The unusually large decline saw new businesses form at the slowest pace since the start of the pandemic. This is the latest data point to show fading economic growth as Canada leaves entrepreneurs high and dry in favour of doubling down on a housing economy.
Calgary Real Estate Board reports a 17 percent increase in home sales for October The city saw 2,171 home sales in October, marking a 17 percent increase compared with the same month last year and among the highest levels it has ever reported for October.
Tweets & Charts
More motivation these days,
Remember, an interest rate take about 12 months to work its way through the economy
GDP contraction
What we’re reading
The Leaky Bucket A new report from the Institute for Canadian Citizenship (ICC), The Leaky Bucket, finds that growing numbers of immigrants to Canada are deciding to leave rather than stay.
RLB Crane Index There is a slight decline in crane numbers in the second half of 2023 as many projects approach completion. As interest rates continue to rise, private-sector construction shows signs of slowing down.
Want your brand or deal in front of real estate professionals? Reply to this email to learn more.
Catch ya next week!
-Padder