Time for your cheat sheet on this week’s top stories.
Canadian Real Estate
Canadians Moving Abroad Hits A New Record As The Country Fails to Compete
Canadians continue to move abroad in record volumes. There were an estimated 120,000 emigrants in the 12 months ending Q2 2025, representing a 3% increase from the previous year. Excluding a break in 2020-2021, the volume of Canadians moving abroad has trended higher—it’s just been masked by the inflow of new residents. Combined with recent data showing record capital flight, falling business investment, and Canadian entrepreneurs choosing to build their businesses abroad—this is a strong sign that the country is failing to compete on the global stage.
Canadian Real Estate Bubble May Resume If BoC Cuts Too Fast: BMO
BMO applauds the Bank of Canada’s (BoC) decision to slash rates, as it’s needed for the economy. However, BMO’s economists warn that moving too fast may reignite housing exuberance. Frothy activity is expected to return if nominal interest rates fall to a 1-handle or inflation-adjusted rates fall to zero or lower. There’s just one problem: which inflation metric should be used? Real rates are positive using volatile headline inflation for now, but using the BoC’s preferred core inflation measures, we’re already near or below zero.
Canadian Real Estate Prices Near All-Time Highs, Except Ontario and BC
Canadian real estate prices have made a major correction at the national level, but provincial stats tell a different story. Only BC and Ontario home prices have seen significant corrections. The other 8 provinces have all hit new record highs within the past 9 months, with 6 of them doing so within the past quarter. With credit stimulus flooding into the market, the risk remains in favor of pushing the market even higher.
Toronto Real Estate’s Latest Record? Distressed Listings
Toronto real estate’s latest record is Power of Sale listings—lender-controlled sales of homes. Using data from Valery.ca, we identified 149 new Power of Sale listings in August, up 30% from last year and over 6x the volume in 2022. Year-to-date, new Power of Sale listings are up 52% in 2025, with this year already surpassing all of 2024. This year’s record volume is also likely just a drop in the bucket, as we’re only including new listings that identify the home as a Power of Sale, which is neither required nor a comprehensive count.
Toronto New Home Sales Plunge To New Low As Condo Demand Collapses
Greater Toronto new home sales continue to hit new lows for demand. Developers in the region reported just 300 new homes sold in August, down 42% from last year and 81% below the 10-year average. Despite being the high-rise construction crane capital in North America, condo sales have now fallen below single-family homes. The record low sales with elevated inventory may be a sign that demand is past its peak or the market is oversupplied with the wrong type of inventory.
Canadians Leaving To Create Startups Abroad—Real Estate Is A Big Reason
A new study is sounding the alarm on Canada’s startup scene, warning the country is losing its share. Back in 2015, Canada saw 1 new startup for every 11 created in the US. The already weak per capita ratio of 1:11 has since deteriorated to 1:45 in 2024, falling to crisis levels. It’s not for a lack of talent—Canadian founders are still building startups—they’re just choosing to build abroad. Considering startups represent roughly 50% of new jobs created in OECD economies, ignoring this problem can lead to much bigger problems down the road.
English (US) · 