Canadian real estate markets are on fire. Canadian Real Estate Association (CREA) data shows sales across the country jumped in October. The rise was actually so large, last month was the biggest for the industry in over a decade.
Canadian real estate sales were busier than last year, but fell from peak 2019 growth. Falling mortgage rates, and anticipation of policy drive market growth were behind some of the country’s largest rises.
Canadian real estate prices have been distorted by a massive overextension of credit. Just how bad has it become? The view is always tricky from inside the bubble, so let’s compare them to our neighbors down south.