Time for your cheat sheet on this week’s top stories.
Canadian Real Estate
Canadians Pull Back On Real Estate, Set Record Investment In US Stocks
Canadians may talk tough on the U.S., but they won’t put their money where their mouth is. In May, Canadians spent $34.2 billion on residential real estate, sliding steadily to 27% lower than the May 2021 record. However, it wasn’t due to a lack of cash—Canadians increased their holdings of US stocks by $14.2 billion, setting a new May record. Canada’s record human capital flight is now being matched by traditional capital flight.
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Canadian Real Estate to Remain Slow, Mortgage Rates Rising: BMO
Canada’s oldest bank doesn’t see a near-term recovery for real estate. A new report from BMO warned investors that there’s little credit stimulus on the horizon, as rising bond yields are trending higher—dragging mortgage rates with them. At the same time, prices remain out of reach for end users and with a flood of units still in the pipeline—the market will remain slow in the coming months.
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Canadian Migration To The U.S. Hits A High, With Rising Capital Flight
Canadian migration to the US has been on the upswing, but will it continue with recent trade tensions? Last year 18,590 Canadians became permanent residents in the US, up 34% from 2024 and the highest volume since 2016. Migration to the US had been generally on the decline since the Great Recession, but it’s begun to reverse course in recent years. While rising tensions and the public narrative may show this trend is fading, the record outflows to US stocks indicate Canadians still see more opportunity south of the border. There’s been a big (and detrimental) shift post-pandemic, whether policymakers noticed is anyone’s guess.
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Canadian Real Estate Building Costs Surge On Tariffs & Labour Crunch
Canadian real estate developers are facing much higher building costs. Residential construction costs rose 1.0% in Q2 2025 and are up 3.7% from last year. Cost growth is accelerating, which Statistics Canada attributes to tariffs and an apparent labour shortage. It’s not just a homebuilder problem—it adds to the Bank of Canada’s inflationary headache.
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Canadian Real Estate Prices Hit New Record Highs In Most Provinces
Canadian real estate prices fell at the national level, but modeling skews suggest more relief than reality. The national benchmark continued to slide from peak, but only Ontario (-24%) and BC (-10.1%) showed significant declines at the provincial level. The majority of provinces have seen typical home prices hit new record highs in June. Slow sales cast doubt on how long this will last, but for now the handful of buyers likely have no idea the market is quiet.
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