REITs, housing, commercial property and financing conditions.
About 12% of outstanding mortgages still face the pandemic-vintage reset, with an average payment increase near 15%. National arrears remain low. The risk is concentrating rather than broadening.
By Hannah Kuan3 min read
Canadian mortgages renew every few years, not every thirty. That structural difference concentrates rate risk into renewal windows, and the arithmetic is more specific than the headlines suggest.
By Priya Sandhu4 min readRYTDBMOCM
A REIT distribution is safe until the debt behind it reprices. Here is how to read the payout ratio, the maturity ladder and the interest coverage covenant together rather than separately.
By Priya Sandhu4 min readREI.UNCAR.UN
Debt taken at pandemic-era rates matures into a higher-cost market. Interest coverage is the metric to watch.
By Marc Belzile4 min read
Canada's short mortgage terms mean rate increases hit household budgets in staggered waves rather than all at once, with the largest renewal wave still ahead. The piece explains why Canada differs from the US, how the drag shows up in consumer spending, and what could offset it.
By Élise Galarneau3 min read
A steady national housing-starts headline is masking a sharp split between resilient multi-unit construction and falling single-family building. This piece explains the financing mechanics behind the divergence and why materials investors should track the mix, not the total.
By Marc Belzile3 min read
