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2180 Steeles Avenue West,
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ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
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27 November 2018

Canada’s real estate market will hardly support the GDP growth soon

This week, Canada’s GDP growth report for the third quarter will be released. Many economists believe that the real estate market hasn’t provided the necessary support for the national economy this time.

“Although the second quarter showed a certain growth increase, the pace has slowed since that moment”, - says CIBC economist Royce Mendes. “Household spending is already affected by interest rate hikes. In addition to it, the housing market is also influenced by the stricter mortgage rules”.

As you know, the central bank raised its key lending rate to 1.75% last month. Many expect another increase in 2018.

The rate hikes have been pushing certain potential buyers out of the market, decreasing home sales all over Canada.

Meanwhile, others couldn’t meet the new mortgage qualification standards, implemented in January.

According to Mendes, the real estate market will hardly boost the national economy in the fourth quarter of 2018, as the market activity is still quite weak.

BMO chief economist Douglas Porter shares this opinion, adding that low results may keep the Bank of Canada from raising rates again until 2019.

“Weaker results in the third quarter mean that the fourth one will not show better performance either”, - he says. “As a result, the BoC may step back until the next year”.

 

 

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