Will 2024 be a mild recession?
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Market Highlights
Interest-rate-sensitive economies like Ontario and BC will feel those effects most deeply, contributing to more significant increases in those provinces’ unemployment rates. That said, we also continue to think that tight labour markets in most of the country should prevent the kinds of job losses normally associated with recessionary periods
Stat central
🏠 2,200
The average size of a newly constructed single-family detached home is now 2,600 square feet in the US and probably 2,200 in Canada. The average size of a new house in the US has doubled since 1960.
💸 $ $441,000
The median sale price for single detached homes in Edmonton edged up 1.4% on a year-over-year basis to $441,000 in the third quarter of 2023. The median sale price for apartment units edged up 1.4% on a year-over-year basis to $175,000 in the third quarter of 2023.
🧔♂️ 173,787
As of July 1, 2023, Prince Edward Island's population was estimated to be 173,787 - making it the least populated province in Canada.
Headlines
‘Constrained Supply’ To Give Multifamily, Industrial Real Estate A Boost In 2024
"As interest rates and inflation rates gradually decline, there is an anticipation of pent-up investment demand within the property sector," says Morguard's Senior Director of Research Keith Reading.
Calgary pauses applications for office-to-residential conversions due to 'tremendous' demand
Calgary’s office-to-residential conversion program is hitting pause as the city expects to hit its ceiling for available funding, a sign of the plan’s “tremendous uptake,” according to officials. With 13 projects approved and four under review, the program has reached its $153-million funding threshold, the city said Wednesday.
He’s accused of running a $300M Ponzi scheme. Now he’s vanished. Who — and where — is Greg Martel?
The B.C. mortgage broker denies it was a Ponzi scheme. Investors claim they are owed $312 million. A bankrupt Martel is now wanted on an arrest warrant and was last seen in Thailand.
Tweets & Charts
Deal of the Week
287 OSSINGTON AVE - $3,950,000
What we’re reading
The second round of Bank of Canada rate hikes may have ended well before November 2023, but its effects certainly haven’t. Initially, sales activity in the high-priced Toronto and Vancouver markets bore the brunt of higher borrowing costs. Yet at the time of writing, weakness is spreading more broadly, and national-level home purchases have given back three quarters of the torrid gains experienced between January and June of this year. Listings have also climbed nearly across the board in a sign that homeowners may be struggling with higher mortgage rates. So while supply–demand balances are still tighter in Alberta than in Ontario and BC, all major markets are loosening
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Catch ya next week!
-Padder