{"id":10450,"date":"2018-09-28T10:10:05","date_gmt":"2018-09-28T17:10:05","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10450"},"modified":"2018-09-24T11:37:59","modified_gmt":"2018-09-24T18:37:59","slug":"td-the-canadian-housing-market-will-add-upside-growth-to-the-economy-this-fall","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/09\/td-the-canadian-housing-market-will-add-upside-growth-to-the-economy-this-fall\/","title":{"rendered":"TD The Canadian Housing Market will Add Upside Growth to the Economy This Fall"},"content":{"rendered":"

After reliably propping up the Canadian economy for years, home sales took a drastic dip in January, taking a chunk of the country\u2019s GDP with them.<\/p>\n

But now that the housing market seems to finally be adjusting to the cooling effects of new mortgage rules earlier this year, that could be about to change.<\/p>\n

\u201cReleases this week solidify our view that macroeconomic fundamentals remain strong in Canada,\u201d writes the TD Economics team, in a recent note. \u201cOur 2018 and 2019 GDP forecasts were modestly revised upward to allow for\u2026some slight additional upside in housing market momentum.\u201d<\/p>\n

That momentum looked like a 0.9 month-over-month jump in national home sales in August, a trend that TD predicts will continue in the coming months.<\/p>\n

\u201cEspecially notable were gains in some of British Columbia\u2019s markets, the hardest-hit by a combination of federal and provincial regulations,\u201d writes the team. \u201cOnce again, the release adds more evidence that housing markets are recovering [from spring 2017\u2019s slump], and are on track to add some modest upside to growth.\u201d<\/p>\n

But not everyone is as optimistic about where the market is headed. In its latest data release, the Canadian Real Estate Association cautioned that rising interest rates could keep activity relatively cool for the foreseeable future.<\/p>\n

\u201cEconomic and demographic fundamentals remain supportive for housing demand in many parts of the country; however, policy headwinds have impacted homebuyer sentiment and access to mortgage financing in many housing markets,\u201d reads the release. \u201cFurther expected interest rate increases ….. are expected to continue to keep home sales activity in check over the rest of the year and into 2019.\u201d<\/p>\n

National sales could decline by 9.8% in 2018, according to the CREA release, while the national average price is projected to fall to $494,900, down 2.8% year-over-year.<\/p>\n

This Bank Says The Canadian Housing Market will Add Upside Growth to the Economy This Fall<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

After reliably propping up the Canadian economy for years, home sales took a drastic dip in January, taking a chunk of the country\u2019s GDP with them. 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