Canadian house prices will be flat this year, but will pick up in 2020, driven b...
BENGALURU - Canadian house prices will be flat this year, but will pick up in 2020, driven by lower mortgage rates and solid domestic economic conditions, according to economists and property market analysts polled by Reuters.
The latest poll of 18 contributors taken Aug. 13-21, including all the big five Canadian banks, showed average national house prices will rise 1.8% next year after a flat 2019. “There are views that the factors are in place for continued recovery, but then again it will be a slow recovery, not a sharp snapback,” he added.
But house prices in Vancouver will not start to modestly recover until next year, with the median from poll participants expecting a decline of 5.5% in 2019 compared to a 4% decline predicted in the May survey. “There is still a fundamental demand for housing, even if the GDP numbers look a bit weaker from things like exports and manufacturing,” said Robert Kavcic, senior economist at BMO Capital Markets.
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