It’s that time of the week again! Friday is here and the weekend draws nigh!
So lets do our regular end of the week news round up and open topic discussion thread for the weekend.
Here are a few recent links to kick off the chat:
–19,000 Listings Party!
–Vancouver home sales hit 10 year low
–Updated inventory graph, next leg up!
–OSFI Relent on tougher rules
–Your own private BC island?
–Investors shy away from Genworth
–US prices down 42% from peak?
–Sales great in interior says BCREA
–The moving-to-America experiment
–Boomers double-down on real estate
–Canadas mobility problem
–VCI comment signal to noise graph
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend.
Also! For a short time we tried opening up registration on the VancouverPeak forums, but were immediately inundated with spam registrations. So we’re back to invite only for now. There are ten invite codes at the end of this post if you’re interested in registering for an account there. The main advantages of a VancouverPeak account are that you can upload images, xls files, etc to share data or analysis.
Here are those codes, you can use them at this registration link, first come first served.
Used codes removed and replaced with fresh codes Saturday Morning 9:19 am:
It’s the end of another work week and the start of another month! Hope you paid your rent and your mortgage bills and still have money in the bank.
The month of May wrapped up with higher than normal listings and lower than normal sales. We’ll have to wait to see what the official word is, but it sounds like we may see a bit of softening in some detached prices and little bump up in condo prices.
Let’s do our regular end of the week news round-up and open topic discussion thread for the weekend! Here are a few recent links to kick off the chat:
–MOI 6.66, the MOI of the beast
–Inventory graph back into record high
–Teranet sales pair dries up
–Will bloggers ruin the perfect market?
–Okanagon sees huge foreclosure spike
–How much is your commute?
–Building jobs boom
–Van Commercial RE booms
–RBC: Ownership costs climbing
–Rising prices means confidence for Toronto
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
A new report issued by US ratings agency Fitch says that fast-rising home prices and record levels of household debt pose a threat to the credit portfolios of Canadian banks.
The agency examined the exposure of Canada’s six largest banks to mortgage risk and found that household debt fuelled by mortgage credit expansion in Canada is the largest threat to credit profiles.
“These are quite high levels of debt for households and the movement in house prices, we don’t think this is sustainable in the long term,” said report author Fabrice Toka, senior director at Fitch.
The six banks have a combined $730-billion in mortgage exposure and an additional $182-billion in home equity loan exposure, the report noted.
High unemployment or interest rate shock “could aversely affect the ability of leveraged homeowners to meet their mortgage obligations,” the report said.
The risk testing scenario looked at drops of 1 to 10% and sees CIBC and RBC as the most exposed to mortgage value risks. The debt-to-income ratio in Canada is currently higher than it was in pre-recession US, but Fitch points out that there are structural differences in our housing market.
Here’s the full article in the Financial Post.