While some say Canada is experiencing a bubble (Vancouver/ Toronto) others are stating that Canada is now finding her footing. Asian money ...

Canada's Housing Situation

While some say Canada is experiencing a bubble (Vancouver/ Toronto) others are stating that Canada is now finding her footing. Asian money is flowing in clearly to BC and global money - from Iran to Russia - is said to be flooding Toronto. The house take is: this has been happening for a while for many reasons. One is that Canada is a safe haven. Two is that Canada is a liberal trade focused, commodity country. The latter generally follows free flowing money and commerce, but not always liberal freedom. Canada is unique for that and a great place to be in North America - one which provides a safe real estate asset. It serves as a second America for citzens who need access to a stable market coming from China, Iran, Russia and other countries. In reality Canada has been heating up in multiple markets and urban areas for a while (years and years) and there is a chance the market can become mature and level out. - Chaganomics

Montreal Is Making The Move!

The Teranet-National Bank Composite House Price Index - which measures repeat sales of single-family homes - rose another 1.2% in April, including a whopping 2.6% in Toronto. With April's gain, home prices in Toronto are now up 26.3% Y/Y; in nearby Hamilton, they're higher by 22.9%. In Vancouver, where the local government has taken steps to cool things, prices were lower by 0.1%. Meanwhile, mortgage lender Home Capital Group (OTC:HMCBF) is down more than 10% as it warns on funding. @SeekingAlpha

Canada’s home prices rise for 15th month straight on hefty gains in Toronto, Hamilton. @FinancialPost

Home Capital has plunged by about 60 percent in the past five weeks after a Canadian regulator accused it of misleading investors over an internal probe of fraudulent mortgage loan applications. That sell-off sparked concern it could deflate a soaring housing market that has seen prices soar more than 30 percent in Toronto and Vancouver. @Bloomberg

“There is not evidence that fraud is a widespread problem within the industry but we know it happens. It’s very hard to find and incentives exist for frauding the system so we need to be vigilant,” Evan Siddall, chief executive of Canada Mortgage and Housing Corp (CMHC) told reporters. @FinancialPost



















Copyright 2008 - 2023

2020 - 2022. (C) Beekman Publications / ZMI