REAL ESTATE

REAL ESTATE Canadian mortgage debt approaches $2 trillion

by Carlito Pablo

Anew Statistics Canada report shows how much debt Canadian households owe.

Overall, households are on the hook for $2.694 trillion as of March 2022. at’s 0.5 percent, or $14.4 billion, more debt compared to February of this year.

Statistics Canada reported that realestate secured debt, which is composed of mortgage debt and home-equity lines of credit, increased to $2.156 trillion in March this year. is represents a 0.6 percent monthover-month increase of $13.2 billion compared to February 2022.

In particular, household mortgage debt increased 0.6 percent in March to reach $1.989 trillion. at level marks a $12.7 billion increase from February 2022.

Mortgage debt increased 10.5 percent on a year-over-year basis, Statistics Canada noted. e May 20 report noted that the Bank of Canada raised its interest-setting rate in March 2022 to 0.5 percent, and again in April to one percent. e hikes have “impact on borrowing costs, especially those tied to variablerate loan products”. e central bank is expected to continue increasing its rate through the remainder of 2022 and into 2023 in order to tame in ation.

Statistics Canada explained that household borrowing takes two forms: nonmortgage loans, which are “funds principally for consumption”, and mortgage loans, which represent “debt acquired to nance the purchase of a property”.

Speaking of non-mortgage loan, this particular debt grew $1.7 billion, or 0.2 percent, month-over-month in March 2022, to $704.5 billion.

Home equity lines of credit rose 0.3 percent, or $510 million, to reach $167.3 billion.

Meanwhile, credit card debt with chartered banks increased 0.9 percent, or $727 million, in March. e information about ballooning debt levels came a er the Canadian Real Estate Association reported recently that home sales in April 2022 had dropped by 12.6 percent compared to March.

More importantly, CREA noted that the “decline placed monthly activity at the lowest level since the summer of 2020”.

Real estate prices are also trending down.

The home price index for all types of homes fell 0.6 percent month-overmonth in April. CREA stated that the drop was the “first month-over-month decline since April 2020”.

“Following a record-breaking couple of years, housing markets in many parts of Canada have cooled o pretty sharply over the last two months, in line with a jump in interest rates and buyer fatigue,” association chair Jill Oudil stated in the May 16 report. e sales decline follows the increase in mortgage rates. e drop in both sales and prices indicates that the Canadian housing market is settling down to its traditional level. e market set new records in 2021 and 2020 as the COVID-19 pandemic made housing a priority for many.

In its new report, CREA noted that the number of transactions in April 2022 “came in 25.7% below the record for that month set last year”.

“ at said, as has been the case since last summer, it was still the third-highest April sales gure ever, behind 2021 and 2016,” the association noted. e same trend can be said about of the home price index, a measure that is di erent from either average or median price.

CREA reported that although the index dropped 0.6 percent month-overmonth in April 2022, the gauge was “still up 23.8% year-over-year”. g

This West 33rd Avenue home sold on May 7 for $90,000 less than its list price of $3.98 million.

…housing markets in many parts of Canada have cooled off pretty sharply…

– CREA chair Jill Oudil

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FEATURE Circle of Eagles celebrates Indigenous comebacks

by Charlie Smith

In the documentary Circle of Eagles, Ron Laprise speaks bluntly about the impact of Indian residential school on his life. He reveals that as a result of his horri c experiences, he came to see everyone as a predator. His anger at the world led directly to a long list of criminal convictions.

Laprise, an articulate Vancouver artist, acknowledges in the film that he was locked up for years in some of the toughest jails in Canada. But then he offers a startling disclosure.

“I still have not found one institution that is comparable to what I have experienced in residential school,” Laprise declares. “In residential school, it was very personal.”

Laprise’s re ections on his pain, su ering, and ultimate path to redemption and service to the community is one of many inspiring stores in the lm, which was directed by Circle of Eagles Lodge Society CEO Merv omas.

Over the phone, omas tells the Straight that the discovery of unmarked graves at residential schools last year was tough on the men who appear in the lm. ey had already endured so much trauma and hurt. Like Laprise, several felt a great deal of anger toward society as young men.

“A lot of them ended up in Canada’s prisons,” omas says. “So there’s a direct correlation between what happened to them, historically.

“ at’s what I really wanted to point out,”

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Artist Ron Laprise urges Indigenous people to never give up in a film called Circle of Eagles. he continues. “Yes, they’ve made some horri c choices in terms of what they’ve done. But you can’t raise children in the way that they were raised and expect a great outcome.” e Vancouver-based Circle of Eagles Lodge Society operates healing lodges for Indigenous male and female ex-inmates as well as a sweat lodge in the inner city. In addition, the society runs the Circle of Eagles Trading Post retail and online store and a pre-employment program, o ers free food to homeless Indigenous people, and takes former inmates on the Tsetsusem healing journey at Camp Potlatch overlooking Howe Sound. e lm shows how these ex-inmates have transformed their outlook on the world and self-esteem while gaining empathy for others by reconnecting to the land, water, and their Indigenous traditions.

Laprise is one of several Indigenous Circle of Eagles Lodge “brothers” and “elders” in the lm who are eager to help others heal. Others include Anthony Milton, Rob Bain, Terrance Machiskinic, Joe Fossella, Tony Niles, Michael Chief, Giuseppe Centis, and Stephan McKay.

“You get very close to them and you try to steer them in the right way,” omas says. “One of the main foundation of Circle of Eagles is we treat the brothers with respect. All of us treat each other with respect and we expect that throughout all our organization from the board, the sta , and those that we serve.”

At one point in the documentary, Laprise beseeches anyone who’s watching to never give up, no matter how awful their situation might be. omas is keen to reinforce this idea. “Our main message is there’s hope,” the director says. “You never give up hope no matter what you’re going through.” omas says that the society initially planned to launch Circle of Eagles to coincide with the organization’s 50th anniversary, in

We, as Indigenous people, have experienced a lot of stigma and discrimination.

– Circle of Eagles director Merv Thomas

May of 2020. But the pandemic delayed the release. is o ered more time for the team to cra a more polished lm, which was lmed and edited by Darko Sikman and features an original soundtrack to go with gorgeous imagery. e lm pays homage to the society’s founder and long-time executive director, Marge White, whose vision set the stage for all that followed. It began with a house at Clark Drive and East 12th Avenue, which was opened to three Indigenous men who had been released into the community.

“We, as Indigenous people, have experienced a lot of stigma and discrimination,” omas says. “ e system is still very racist and very stigmatizing. It’s very di cult for Indigenous people when they get in the system to get out.”

As an example, he cites Section 84 of the Corrections and Conditional Release Act. It states that if inmates express an interest in being released into an Indigenous community, Corrections Canada shall give an Indigenous governing body adequate notice of an upcoming parole review or statutory-release date. It also states that these Indigenous governing bodies should receive an opportunity to propose a plan for the inmates release and integration into the community.

In reality, omas, says, there aren’t suf cient services in many Indigenous communities to do this. As a result, he points out that many Indigenous ex-inmates can’t visit their home communities, despite the society’s long-standing advocacy for this.

“It seems like sometimes you’re pushing that big old boulder up the hill,” omas says.

Others who appear in the lm include the vice president of the society’s board, Rick Lavallee, a veteran Vancouver police o cer of Cree Métis heritage; the society’s director of operations, Barb Ellis; and parole o cer Jessica Baird.

According to omas, Lavallee hopes that the lm will eventually be seen by members of all police departments. “He wants to turn this into an educational forum,” omas added. g

The Circle of Eagles Lodge Society will screen Circle of Eagles on Friday (May 27) as part of its 50th-anniversary celebration from 5 to 9 p.m. on Friday (May 27) at the York Theatre. Circle of Eagles will also be available online at that time.