credit & debt CANADIANS ARE TAKING ON LESS NEW DEBT, as high interest rates continue to weigh on housing market activity, though Canadians are paying far more interest on their current debts than in the recent past. The mortgage debt-service ratio is at its highest level ever, but is offset slightly by the non-mortgage DSR. The most expensive housing markets in Canada have the highest per-capita mortgage debt. demographics CANADA IS WELCOMING EVEN MORE INTERNATIONAL IMMIGRANTS IN 2023, with the number of work and study permits issued on pace for (another) record-breaking year. Compared to the pre-pandemic years, a greater proportion of new permanent residents to Canada already live in the country, while the spatial distribution of where they're choosing to live in BC is changing. housing REAL ESTATE MARKETS ARE ACCRUING UNMET DEMAND, as the pace of per capita sales trails historical averages. Mortgage-free equity plays an outsized role in major markets in British Columbia, due in part to higher home values. Condo prices have been steadily rising this year, and are almost back to peak values in spite of high mortgage rates. The distribution of asking rents sheds light on where the bulk of rental listings are priced. policy THE FOCUS IS ON SUPPLY, as the provincial government is setting municipal housing targets in an effort to ensure cities throughout British Columbia accommodate their fair share of growth. The federal government is removing GST for new purpose-built rental housing as a way to spur new construction of rental homes.
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