As our work in the Canadian housing space continues to evolve into a bi-annual themes presentation, we will be hosting an update in order to re-calibrate our existing thesis in accordance with a systematic review of the major housing-related developments of the last 12 months and a look at some of the potential catalysts over the horizon.
***If you are an institutional investor interested in accessing this call email sales@hedgeye.com
Key Points of Discussion
- A review of the prevailing set of financial system instabilities borne out of the unprecedented interdependence between housing-related industries and the sustenance of the broader Canadian economy
- An updated summary and analysis of the major Canadian housing finance policies and regulatory measures enacted over the last 12 months, paired with a contextualized review of regional housing data pertaining to Canada's four largest markets: Toronto, Vancouver, Calgary, and Montreal
- A review of emerging themes and potential catalysts, including:
- The dampened outlook for an economy losing the thrust of its two historically dominant engines, housing and commodities, in addition to a diminished competitive position from an improved and increasingly friendly U.S. business climate
- A deterioration in household finances under the growing weight of burdensome debt loads, reflected in slowing consumer credit growth and rising insolvencies
- The increasing state of housing supply fueled by developer bets on enduring foreign and speculative demand in cities like Vancouver and Toronto
- The pro-cyclical nature of the main drivers of Canada's vaunted population growth
- Growing alarm and public scrutiny over relaxed money laundering laws, and the enabled flow of dirty money into real estate, giving rise to an emboldened regulatory response
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