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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

11 March 2019

Canada’s real estate market and other countries – what are the differences?

During the previous year, we’ve seen the Canadian housing market slowing down sharply, facing stricter mortgage stress test and growing interest rates.

It also affects the entire national economy, as Canada's GDP growth slowed to 0.4% annually in the fourth quarter of 2018, pushed by residential investment falling by 7.5% over just a year.

And we are not alone in this – real estate markets all over the world are slowing amid higher borrowing costs and often years of growing home prices.

Of course, there are also other factors, e.g. weaker activity from China's growing investor class, which has supported the demand for real estate all over the world, especially in Australia.

Today, Australia’s housing market is at a sharp correction stage, with prices in Sydney and Melbourne going down at the fastest pace in decades. Specialists warn about the possibility of the worst housing downturn in 130 years for the country.

There are no such pessimistic forecasts concerning Canada, but we already hit certain records, meaning it could be not just a short-term adjustment to the new rules.

For instance, we’ve seen fewer mortgages in Canada than a year ago for the first time at all. According to the Canadian Bankers Association, there were 4.756 million mortgages reported at Canada's 10 largest banks at the end of October, 2018. It’s 0.3% lower than a year earlier.

In other words, old mortgages end faster than new borrowers appear. It’s important to understand that those mortgages were registered decades ago, when Canada's population was smaller.

In addition to it, home construction went down by 13.6% last month to an annual pace of 173,000, says Canada Mortgage and Housing Corp. It’s the lowest number in more than three years.

Meanwhile, Canada's population growth is the fastest among the G7, and the fastest in the history of Canada since the 1980s. The population of the GTA grows by about 100,000 people annually, pushing rents and condo prices higher even amid the worst affordability in decades.

Experts say it’s almost impossible to predict the outcome of policies encouraging faster population growth and policies stimulating slower house price growth.





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