Daniel Wong, Author at Better Dwelling

Canadian Job Vacancies Are Falling Sharply As Excess Labor Rises

Daniel Wong — Mon, 18 Dec 2023 18:10:45 +0000

Canada’s once tight labor market, a key driver of wages and shelter costs, is loosening. Statistics Canada (Stat Can) data reveals job vacancies declined further in Q3 2023. The drop is a double-edged sword: roles being filled is good news, but job creation is failing to keep up with population growth. Canada is adding roughly […]

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Canadian Real Estate Sellers Rush For The Exit, Softest Month Since 2008

Daniel Wong — Thu, 14 Dec 2023 18:06:23 +0000

Canadian real estate just put an end to any doubt the bubble still has a little life in it. Canadian Real Estate Association (CREA) data shows home prices fell further in November. Soft sales and rising inventory continue to apply downward pressure on values. Owners rushing to sell at an unusual time helped drive the […]

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Canadian Housing Affordability 2nd Worst In History, Recession To Follow: BMO

Daniel Wong — Wed, 13 Dec 2023 15:09:34 +0000

Canadian real estate is rarely this out of reach, and it’s always followed by recession. That was the take from BMO, noting further erosion in the Bank of Canada (BoC) Housing Affordability Index (HAI) in Q3 2023. Higher rates are finally slowing down the pace at which it worsens, but it hasn’t been this bad […]

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Canadian Mortgage Rates Peaked, Won’t Go Back To 2019 Levels: BMO

Daniel Wong — Mon, 11 Dec 2023 18:48:50 +0000

North American interest rate hikes are now largely out of the picture, and rate cuts are the new story. That was the take from BMO after the Bank of Canada (BoC) announced a hold on the 6th, with the US Federal Reserve expected to do the same on the 13th. Now the question on everyone’s […]

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Bank of Canada Is Pushing A False Real Estate Narrative To Divert Blame: BMO

Daniel Wong — Fri, 08 Dec 2023 16:50:41 +0000

Canadians briefly thought the country’s central bank was owning up to, and correcting its mistakes. That pipedream had a bucket of cold water poured on it Thursday, as Bank of Canada (BoC) deputy governor Gravelle’s speech referred to a “long standing housing supply issue.” Adopting a popular but false political narrative didn’t sit right with […]

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Canada To Limit International Students To Those With Deeper Pockets

Daniel Wong — Fri, 08 Dec 2023 02:17:26 +0000

Canadian policymakers are trying to get ahead of data that shows its fading appeal to international students. Today the Government of Canada (GoC) announced new measures to restrict the number of permits. Starting next year, applicants will have to show twice as much cash reserved for their cost of living. The Minister of Immigration fell […]

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Toronto Real Estate Prices Drop As Market Loosens At A Breakneck Speed

Daniel Wong — Tue, 05 Dec 2023 20:30:08 +0000

Greater Toronto real estate is unlikely to have a Christmas rally like some had hoped. Toronto Regional Real Estate Board (TRREB) data shows home prices fell further in November. Home sales continue to fall while inventory builds, easing market conditions. In fact, the erosion of market pressures is occurring at one of the fastest rates […]

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Canadian Unemployment Rises, Immigrants Sold On Non-Existent Opportunities

Daniel Wong — Fri, 01 Dec 2023 17:47:13 +0000

Canada’s labor market is stronger than expected, but most weren’t expecting much. Today’s Statistics Canada (Stat Can) Labor Force Survey (LFS) update shows the economy added more jobs than expected in November. However, the data also revealed more laborers were added than work, boosting unemployment. The trend is seen continuing near-term, with recent immigrants bearing […]

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Canadian Economy Narrowly Avoids Recession After Data Revision

Daniel Wong — Thu, 30 Nov 2023 17:41:45 +0000

The Canadian economy is slowing… or booming. It really depends on when you read the statistics, apparently. Statistics Canada (Stat Can) released real gross domestic product (GDP) data this morning, revealing a sharp contraction in the third quarter. However, it was accompanied by a massive second quarter revision, indicating the economy was performing much better […]

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Canadian Investors Look Abroad, Downside Risk To GDP: BMO

Daniel Wong — Wed, 29 Nov 2023 20:33:58 +0000

Canada’s latest trade data was an emotional rollercoaster, showing improvements rather than wiping them out. Statistics Canada (Stat Can) published data for the Q3 2023 current account, which shows the balance of goods and services trade. Some improvements were observed, but not enough to counter the rapid outflow of investment occurring. One of the country’s […]

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