Time for your cheat sheet on this week’s top stories.
Canadian Real Estate
Canadian Real Estate Most Affordable In Years, Still Near 90s Bubble Peak: RBC
Canadian real estate is the most affordable in 3 years, but it remains at one of the worst levels in history. A new report from RBC shows that a median household needs to dedicate 55% of its income to carry the mortgage on a home in Q1 2025. While it’s the lowest share of income needed in 3 years, it’s only a slight improvement from the peak of the 90s bubble, when affordability was previously at its worst.
Toronto Real Estate Industry Blames Crime For Weak Sales, But Historically It Helps
Greater Toronto real estate’s rut continues, and the industry has shifted blame to crime. TRREB data shows the fewest sales for June in 25 years, along with record inventory. Despite only a minor reduction in prices, and data showing a clear demand imbalance persists, the board attributed weak sales to crime, especially home invasions and car thefts. There’s just one problem—the data shows that crime has actually boosted sales, with the country’s anti-money laundering watchdog specifically noting that the proceeds of car thefts were being washed in housing.
Toronto New Home Sales Fall To Record Low, Just 42 Condos Sold In The City
Greater Toronto new home sales continue to fall as demand softens for the region. Prices have only made a minor change, but sales have fallen sharply and the market now has a staggering 17 months of inventory. Just a handful of condos were sold in the city, where tens of thousands of units are planned.
Most Canadians Permanently Leaving Are Fleeing Ontario and BC
Canadians are fleeing in some of the highest volumes on record, most from Ontario. The province represented more than half of all emigrants—Canadian citizens or permanent residents who left to live in another country. Combined with BC, Ontario and BC accounted for nearly 70% of the record outflows. Considering these are the two most expensive regions, the cost of living might be a major red flag as talent flees.
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