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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





30 January 2019

Housing market decline represents a strong threat to the entire economy

Following recent evidence of economic rebound, the report from the Canadian Real Estate Association (CREA) says the national home sales last year fell by 11.1% annually.

It’s the largest drop since the recession in 2008. Moreover, it follows a 4.64% decline in 2017, making it more possible to see further decrease threatening the economic stability.

According to CREA, such weakness could become more obvious soon, as each unsuccessful sale accounts for about $64,000 lost in a possible spin-off economic activity. In addition to it, only 3 transactions are already equivalent to the economic activity generated from just 1 new job.

“Spin-off activity includes general household purchases, furniture, housing appliances, moving costs, renovations, and professional services (financial, real estate, legal, etc.). The latter accounts for almost a half of the spin-off dollar value,” - Better Dwelling says.

This month, BMO senior economist Sal Guatieri warned that an excessive share of the real estate sector in the national economy (about 76% of the $11.415 trillion national wealth in the third quarter of 2018) could become a key problem in case of a significant house prices correction, with the current wealth effect on spending.

 

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