credit & debt CANADIANS’ OVERALL DEBT LOAD IS GROWING and non-mortgage debt growth needs to be reined in. The low cost of borrowing has, however, yielded stable debt service ratios and declining credit delinquency rates. 03.
rates INFLATION REMAINS IN CHECK and the Bank of Canada is hitting pause on its rate-increasing regimen. A rate cut may even be in the cards for 2019, which would follow the already-established direction of change in government bond yields and fixed mortgage rates. 04.
residential NEW HOUSING SUPPLY IS SLOWING in Metro Vancouver. With continued population and labour market growth, more needs to be done to boost the supply of homes. Given the dearth of developable land, expect new development will increasingly be in multi-family formats. 05.
policy VANCOUVER’S HOUSING MARKET HAS BEEN BUFFETED BY POLICIES from various levels of government; these policy interventions have, however, been largely absorbed to this point. Lowering the height of the hurdle to buying a home presented by the OSFI’s so-called stress test would be a step in a positive direction. For now, the recent federal budget announcement of support for first-time home buyers should help affordability for that segment of the market. 06.
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