Ok, maybe it's Sunday, but my intentions were good.
Today we cover:
- 45,000 Real Estate Professionals leaving profession in Ontario
- January 2024 Inflation
- January 2024 National Real Estate Stats
- When will Canadian housing market crash?
The MillennialMoron Friday Updates are a brief weekly news digest with commentary on Canadian housing, real estate, and economics stories.
00:00 Intro
00:40 RE Industry Sheds 40k People
02:09 January Inflation
03:40 January CREA Stats
04:30 Where's the Crash?
06:52 1990s Crash
09:19 Debt Bubble
11:00 Inverse Wealth Effect
13:25 Outro
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Sources:
Toronto’s Downturn spurs an exodus of realtors (Toronto Star)
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Toronto’s 2023 home sales lowest in 23 years (Toronto Star)
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StatCan Daily, January Inflation Report (StatCan)
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Core inflation measures (Bank of Canada)
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Canada’s inflation drops more than expected (Reuters)
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Canada 5-Year Bond Yield (MarketWatch)
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BAX market implied interest rate expectations (m-x)
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Bank of Canada policy rate meeting dates (Bank of Canada)
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CREA national market stats (CREA)
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Canada’s housing market heating back up, are prices rising? (Global News)
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Betteridge’s Law of Headlines (Wikipedia)
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Canada historical house prices, nominal dollars (St Louis Federal Reserve)
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Canada historical house prices, real dollars (St Louis Federal Reserve)
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Rates for new and existing lending by chartered banks (Bank of Canada)
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Case-Shiller US home price index, inflation-adjusted (St Louis Federal Reserve)
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Gross Domestic Product by industry (StatCan)
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Household sector credit market summary (StatCan)
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House Prices and Consumer Spending (Bank of Canada)
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Credit Liabilities of Households (Statcan)
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24% of Canadians relying on their homes for retirement income (CBC)
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Household capital accounts and savings rates (StatCan)
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Inverse wealth effect may add to Canadians’ spending gloom (CBC)
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Bottom 60% of households had negative savings, Q3 2023 (RBC)
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Over half of restaurants losing money in Canada (CBC)
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Canadian households spending more on essentials, less discretionary spending (RBC)
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