This Week’s Top Stories: Canadian Real Estate Saw $150 Billion In Excess Sales and Lenders Warned About Prices

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

Canadian Real Estate

Canada Goes All-In On Real Estate With “Excess” Home Sales Hitting 6% Of GDP: BMO

Canada went all in on home sales to the point where excess home sales are now 6% of its GDP. Existing-home sales reached $500 billion in annualized sales in October. BMO estimates this is $150 billion worth of excess demand, driving prices higher. It should stop as soon as the central bank wants it to stop, said the Big Six bank.

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Ontario Real Estate Is The Most Overvalued In Canada, Slow Growth Expected: Moody’s

Canadian home prices are generally overpriced, according to a credit rating giant. Moody’s latest models show urban cities are 22.6% overvalued. After the massive climb this year, they don’t expect an encore to follow next year. Average annual growth is forecast to be just 1.3% over the next two years. Provinces that have seen slow growth (such as Alberta) are…

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