{"id":10540,"date":"2018-10-15T10:10:49","date_gmt":"2018-10-15T17:10:49","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10540"},"modified":"2018-10-05T12:54:39","modified_gmt":"2018-10-05T19:54:39","slug":"canadas-lacklustre-housing-market-is-starting-to-impact-economic-growth","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/10\/canadas-lacklustre-housing-market-is-starting-to-impact-economic-growth\/","title":{"rendered":"Canada&#8217;s Lacklustre Housing Market is Starting to Impact Economic Growth"},"content":{"rendered":"<p style=\"text-align: justify;\">The Canadian housing market has propped up the country\u2019s economy for years, with red hot markets like Toronto and Vancouver providing a serious boost to its GDP. But according to one economist, that\u2019s no longer the case.<\/p>\n<p style=\"text-align: justify;\">\u201cAs we slow housing with gradual rate hikes and tighter mortgage rules, and adjust to softer workforce increases, economic growth in Canada will ease to less than 2% next year,\u201d writes CIBC economist Avery Shenfeld, in a recent note.<\/p>\n<p style=\"text-align: justify;\">Shenfeld is referring to the current rising interest rate environment. The Bank of Canada hiked the overnight rate to 1.50% in July, and is widely predicted to continue to raise rates well into next year.<\/p>\n<p style=\"text-align: justify;\">Higher rates cause mortgage rates to rise, deterring some would-be buyers from entering the market, and causing activity to cool.<\/p>\n<p style=\"text-align: justify;\">\u201cOn their own &#8230;.. higher interest rates\u2026would likely have achieved the intended effects of keeping the Canadian economy from overheating and gradually reducing some of the risks posed by over-indebted households and sky-high housing prices,\u201d writes Shenfeld. \u201cBut, an expected slowdown in the US economy come 2020, driven by a turn in fiscal policy, will drag many provinces back below full employment.\u201d<\/p>\n<p style=\"text-align: justify;\">One province that could be impacted more than others? BC, which Shenfeld notes has relied heavily on its housing market to boost its economy for years.<\/p>\n<p style=\"text-align: justify;\">\u201cThe BC economy, often head-and-shoulders above the rest in recent years, may be running slightly cooler than we\u2019d previously anticipated this year,\u201d he writes. \u201cWe were well aware that growth there had been more dependent on housing than even the Ontario economy. However, the slowdown in housing activity has not only been more pronounced than that seen in Ontario, but has also failed to see much of a rebound following the initial policy-driven hit.\u201d<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/10\/canadas-lacklustre-housing-market-starting-impact-economic-growth-cibc.html\" target=\"_blank\" rel=\"noopener\">CIBC : Canada&#8217;s Lacklustre Housing Market is Starting to Impact Economic Growth<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian housing market has propped up the country\u2019s economy for years, with red hot markets like Toronto and Vancouver providing a serious boost to its GDP. But according to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/10\/canadas-lacklustre-housing-market-is-starting-to-impact-economic-growth\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10540","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canada&#039;s Lacklustre Housing Market is Starting to Impact Economic Growth &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/10\/canadas-lacklustre-housing-market-is-starting-to-impact-economic-growth\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canada&#039;s Lacklustre Housing Market is Starting to Impact Economic Growth &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Canadian housing market has propped up the country\u2019s economy for years, with red hot markets like Toronto and Vancouver providing a serious boost to its GDP. 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