This Week’s Top Stories: Housing Bubble Puts Canadian-Born Wealth Behind, Toronto Prices Crash

Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian-Born Wealth Falls Behind Immigrants After Real Estate Bubble Immigrants in Canada are outperforming Canadian-born households on wealth. A new Statistics Canada (StatCan) study divided the two groups into wealth quartiles and found virtually no gap in the upper half, with established immigrants—those in the country at least 10 years—holding a slight edge. In the bottom half, established immigrants held an even wider edge. The catch? Home equity represented a much larger share of wealth for the immigrant groups, making their progress much more fragile and closely tied to the housing hurdles currently stalling young adults. Continue Reading… Canada’s Housing “Downturn”: East Coast Prices Jump Up To $28k In A Month The Canadian housing downturn may be one of the biggest home-price booms on record. The price of a typical home slipped 0.3% (-$1,900) to $665,600 in June, leaving it 20.9% (-$175,500) below its March 2022 peak. Break the data down by province, however, and most are setting fresh highs. Over in Atlantic Canada, PEI home prices surged 7.5% (+$28,833) in a single month. It was followed by equal...