Canada’s housing market has seen a continual growth since 2012. But is this expected to change and is the housing market going to plummet or soar?
Despite construction slowing down slightly and house prices predicted to increase moderately, the Canadian housing market will essentially remain unchanged. Strong employment and immigration has contributed towards strong housing market gains since 2012. This year home sales across Canada were up almost 1% according to Statistics Canada. The Bank of Canada’s decision to leave overnight lending rates stable at a low 1% has also been a good contribution to a steady market. Despite numerous predictions of the market slowing down or crashing, the Canadian housing market has consistently defied expectations and remains strong. Looking ahead to the upcoming year, a balanced housing market and continuation of low mortgage rates, should spell good news for homeowners and homebuyers.