Canada

This Week’s Top Stories: Canadian Real Estate Price Growth Slows, While Borrowing Rates Rise

Time for your weekly cheat sheet on this week’s most important stories.

Canadian Real Estate

Canadian Borrowing Rates Are Up 32% From All-Time Lows Hit 2 Years Ago
Canadians are seeing the cost of borrowing rise quickly. The typical household loan now has an effective borrowing rate of 3.96% as of last Friday, up 3.39% from just the month before. Rates are up 15.78% from last year, and have increased a massive 32% over the past two years. The cost is still close to historic lows, but the drastic change is going to shift consumer behaviour.
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Canada’s HELOC Debt Is Growing Just As Fast As Last Year, Even With Higher Rates
Canadian home equity line of credit borrowers aren’t being slowed down by the higher borrowing rates. The balance of outstanding loans secured by home equity reached  $292.3 billion in September, up 4.53% from last year. Personal loans represented $263.3 billion of that number, up 6.19% from last year. The segment of personal loans increased at a nearly identical rate as the year before.
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Canadian Real Estate Prices Are Up Over 44% Over The Past 5 Years
Canadian real estate prices made a massive run over the past few years. Even though prices have only increased 2.33% from last year, they’re up an absurd 44% from 5 years ago. The aggregate number is adjusted for volume by region and housing type as well. This isn’t just Toronto or Vancouver, Canadian’s everywhere went ham on those mortgages.
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Only 2 Canadian Real Estate Markets Are Seeing Improved Demand
Only two Canadian real estate markets are seeing improved demand compared to last year – Montreal and Ottawa. Montreal real estate saw the sales to new listings ratio (SNLR) rise to 68.7 in October, up 12.25% from last year. Ottawa’s SNLR reached 69.4, up 10.16% from last year. Both markets had previously lagged the general market, so they’re playing a little catch up.
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Toronto Real Estate

Toronto Condo Prices Print A New All-Time High, Inventory Drops
Toronto’s detached market may be in the dumper, but the condo market continues to print new highs. The price of a typical condo apartment reached $507,700 across TREB, up 9.56% from last year. There were some footnotes to add to that rise, so you’ll have to read the whole report for context.
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Vancouver Real Estate

Vancouver Condo Prices See Lowest Price Growth Since 2015, Inventory Rises 105%
Vancouver condo prices have been in a slump recently. REBGV reported the price of a typical condo reached $683,500 in October, up 5.8% from last year. The increase is still very high for any other market, but prices have fallen 3.1% over the past three months. The rapid deceleration could mean we’ll see price contraction in the not so distant future.
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