How your rent payments can help build your credit history + MORE Oct 4th
CMHC reports annual pace of housing starts down in May compared with April Jun 17th
Scotiabank to buy small Dallas bank in mortgage-finance play + MORE May 30th
Three big banks cut mortgage rates this week, one drops 5-year fixed to 3.99% + MORE Mar 10th
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Making sense of the markets this week: June 23, 2024
– moneysense.ca
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
We’re building more houses—and prices are down!
On Monday, the Canada Mortgage and Housing Corporation announced housing starts rose from 241,111 units in April to 264,506 units in May: good for a 10% increase. The pace was highest in Montreal, where starts were up 104%, and in Toronto, they were notably up 47%. That’s a pretty good clip, considering how high interest rates are at the moment.
While it would be statistically correct to say that this level of housing starts is near historically high levels, that doesn’t quite tell the whole story.
Source: Statista.com
To get a more accurate historical perspective, we should consider the housing starts per capita over the years. After all, Canada’s higher population should mean more capital, carpenters, electricians and other factors of production that go into housing creation, right?
Source: Brent Bellamy on X
Perhaps we’re moving in the right direction, but we’ll need a major uptick in housing starts before we have proportionately the same housing creation numbers as we did back in the heyday of the 1970s…
Online mortgage lender Nesto acquires mortgage finance company CMLS Group
– canadianmortgagetrends.com
Are longer mortgage terms the solution to Canada’s payment shock challenges?
– canadianmortgagetrends.com
