Canada's housing market has turned the corner and prices will increase mode...
BENGALURU - Canada’s housing market has turned the corner and prices will increase modestly faster over the coming few years, a Reuters poll of economists and property market analysts predicted, but with no return to boom times any time soon.
But a strong domestic economy, rising immigration and lower mortgage rates have helped the housing market make a comeback in the second half of this year. Over 80% of poll respondents who answered an additional question, 14 of 17, said housing market activity was more likely to rebound than slow down over the coming year.
House prices in Vancouver, which were expected to decline 6.3% this year, were forecast to rise 2.0% in 2020 and 3.0% in 2021. “You’ve got some markets that were previously undergoing a correction that have now turned around, whereas the greater Toronto area - now it’s even arguably a seller’s market - so there is pressure starting to build on prices already.”
A slight majority - 10 of 18 - said an interest rate cut by the Bank of Canada would not do much to stimulate housing market activity and prices.
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