Time for your cheat sheet on this week’s top stories.
Canadian Real Estate
Canada Is Now Building 2 Homes Per Person Added To The Population
Canada’s housing supply shortage may be resolved a lot faster than policymakers anticipate. The country started construction on more than 2 homes per person added to the population in Q1 2025. While housing starts have recently dropped, they haven’t slowed nearly as much as population growth. If the current pace persists, the country’s average household size should drop to the lowest level ever recorded by next year. Despite this, the country’s state-owned mortgage insurer is urging policymakers to double peak construction to restore 2019-like affordability by 2035.
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Canadian Population Growth Stalls, BC and Ontario Make Rare Contraction
Canada’s population is growing but at such a slow pace it may as well be a rounding error. The country’s population added just over 20,000 people in Q1 2025, showing flat growth in the context of its 41 million person population. Not all provinces were lucky enough to even see flat growth—Ontario and BC both shrank, marking a rare quarterly contraction for the provinces that typically lead growth.
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Canadian Condo Prices Drop For 19th Straight Month, Lowest Since 2021
The Canadian condo rut continued last month, though price declines remain modest for now. The price of a typical condo apartment marked its 19th consecutive decline in May, with prices now 12.3% below the record high. Prices are now at the lowest level since 2021, though that isn’t particularly low.
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Canadian Real Estate Prices To Remain Sluggish, Bear Markets Last Years: BMO
A new report from BMO Capital Markets warns the real estate correction is far from over. Despite prices having fallen 17.5% from the peak, the sales-to-new listings ratio (SNLR) suggests even further losses are likely. In addition, the bank reiterated a previously made point—real estate corrections are measured in years, not just a few months. Past research indicates a period of exuberance is followed by a correction lasting 2 to 15 years, depending on how extreme the movement was before the correction.
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Canadian Real Estate Prices Fall To Lowest Level In 4 Years
Canadian real estate prices slipped to a 4-year low in May. After hitting a record high in 2022, home prices have dropped 17.5%. A significant correction, though prices are still significantly higher than they were prior to the 2020 low-rate surge. However, weak sales and strong inventory persist, and are likely to continue wearing at those gains.
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