Time for your cheat sheet on this week\u2019s top stories.<\/p>\n
Canadian Real Estate<\/p>\n
Canadian Banks See Mortgage Arrears Surge 89% From Record Lows<\/a><\/p>\n Canada\u2019s banks are seeing mortgage arrears climb at an unusual pace. The arrears rate reached 0.28% in February, up 5 basis points from last year and driven by the volume of past due loans. Mortgage arrear volumes have climbed 89% since the August 2022 record low, and now sit at an 11-year high. A dramatic surge, but mortgage market changes mean this volume is likely understated.\u00a0<\/p>\n Continue Reading\u2026<\/a><\/p>\n Canadian Household Debt Outpacing Wages (Again), Structural Trap Deepens<\/a><\/p>\n Canadian wages have once again fallen behind household debt. The balance of household debt hit $3.23 trillion in February, up 4.5% from last year. Wages have grown just 3.4% over the same period, once again falling behind as low rates returned. Household debt has nearly doubled annual worker compensation, creating structural concerns.<\/p>\n Continue Reading\u2026<\/a><\/p>\n Canadian Real Estate Crash Overstated, Nova Scotia Up $13k In A Month<\/a><\/p>\n Canadian real estate prices have crashed 21% from their March 2022 peak. However, a provincial breakdown shows the correction is mostly in BC and Ontario. Other provinces have barely corrected, with some at record highs and the rest less than 5% lower. With provinces like Nova Scotia soaring 3.2% (+$13,500) just last month, more record highs may be hit this year. This is an odd move considering that weaker sales and higher inventory are a national story.<\/p>\n Continue Reading\u2026<\/a><\/p>\n Canadian Businesses Brace For 5 Years of High Inflation: BoC Survey<\/a><\/p>\n Just as trade war and recession fears pass, inflation concerns have returned. The latest Bank of Canada (BoC) survey shows businesses expect inflation to hit 3.0% by next year. That forecast has since climbed to 3.8% after the Iran War kicked off, nearly double the BoC\u2019s target rate. It\u2019s not a short-lived fear either\u2014businesses see elevated inflation for the next 5 years. The fears will dampen investment, while serving as an indirect sign of fading confidence in the BoC.\u00a0<\/p>\n Continue Reading\u2026<\/a><\/p>\n Canadian Housing Starts Fall As Vancouver Slumps, Toronto Still Lags<\/a><\/p>\n Canadian housing starts are falling as the country\u2019s biggest cities see a pullback. The CMHC reported a 6% drop to 235,852 housing starts at the seasonally adjusted annual rate (SAAR). The monthly SAAR showed a surge in Montreal (+128%) and Toronto (+33%), while Vancouver saw a 23% drop over the same period. Toronto\u2019s jump is less impressive when you realize it\u2019s a much larger region with fewer new builds than the other two.\u00a0<\/p>\n Continue Reading\u2026<\/a><\/p>\n