This Week’s Top Stories: Canadian Real E (5150051)

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This Week’s Top Stories: Canadian Real E

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Time for your cheat sheet on this week’s top stories.

Canadian Real Estate

Canadian Real Estate Cooldown Is Just Getting Started: BMO

Slowing Canadian real estate sales are dragging renovation spending lower. An analysis from BMO Capital Markets shows renovation retail spending has begun to fall. Both segments are still elevated but rate hikes are expected to drop them lower. The deep dependence on housing means this will amplify the economic impact of a slowdown.

Canadians Borrowed $22 Billion More In Home Equity, A New Record For Growth

Canada’s real estate price boom has led to a significant debt binge secured by home equity. The balance of home equity line of credit (HELOC) debt reached $168.8 billion in April, up 1.8% from last year. Not huge growth, but a reversal of a negative trend and the highest growth since 2013. Including similar home equity-secured loans, the balance nearly doubles. The growth rate also rises 4x.

Canadians Permanently Leaving Was Unusually High For The First Quarter

Canadians are permanently leaving at an unusually fast rate, especially for Q1. Over 13,000 Canadians emigrated to other countries in Q1 2022. It was the biggest first quarter since 2017, reversing a half-decade declining trend. The surge doesn’t mean the population is shrinking, since immigration has made up for it. However, it might show more people see opportunities abroad.

Canadians Fleeing Ontario Is Accelerating, Alberta Becomes Top Destination

Canada has seen a big shift in where residents are seeing an opportunity (or not). The latest interprovincial migration data shows residents moving from one province to another. Ontario was the biggest loser, with a lot more residents leaving for other provinces. Alberta, Nova Scotia, and BC are the biggest winners, attracting significantly more people than left.

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Time for your cheat sheet on this week’s top stories.

Canadian Real Estate

Canadian Real Estate Cooldown Is Just Getting Started: BMO

Slowing Canadian real estate sales are dragging renovation spending lower. An analysis from BMO Capital Markets shows renovation retail spending has begun to fall. Both segments are still elevated but rate hikes are expected to drop them lower. The deep dependence on housing means this will amplify the economic impact of a slowdown.

Canadians Borrowed $22 Billion More In Home Equity, A New Record For Growth

Canada’s real estate price boom has led to a significant debt binge secured by home equity. The balance of home equity line of credit (HELOC) debt reached $168.8 billion in April, up 1.8% from last year. Not huge growth, but a reversal of a negative trend and the highest growth since 2013. Including similar home equity-secured loans, the balance nearly doubles. The growth rate also rises 4x.

Canadians Permanently Leaving Was Unusually High For The First Quarter

Canadians are permanently leaving at an unusually fast rate, especially for Q1. Over 13,000 Canadians emigrated to other countries in Q1 2022. It was the biggest first quarter since 2017, reversing a half-decade declining trend. The surge doesn’t mean the population is shrinking, since immigration has made up for it. However, it might show more people see opportunities abroad.

Canadians Fleeing Ontario Is Accelerating, Alberta Becomes Top Destination

Canada has seen a big shift in where residents are seeing an opportunity (or not). The latest interprovincial migration data shows residents moving from one province to another. Ontario was the biggest loser, with a lot more residents leaving for other provinces. Alberta, Nova Scotia, and BC are the biggest winners, attracting significantly more people than left.

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