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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

2 April 2019

Real estate sector is showing signs of recovery

As Canada’s economy is recovering, the real estate sector also shows signs of a rebound, following four consecutive months of decrease.

In January, Canadian GDP reported its best results in eight months, showing a 0.3% monthly growth and exceeding economists’ forecast of 0.1%. The annual increase reached 1.6%.

“A more optimistic than expected start of the first quarter, following almost zero growth rate in Q4, is a good reason for the central bank to reassure us that the decline was only temporary,” - CIBC Capital Markets chief economist Avery Shenfeld noted.

According to Statistics Canada, gains were reported in 18 of 20 industrial sectors surveyed in January.

In case of the real estate and brokerages, the growth reached 4.1%, but the number is expected to be lower in February.

The construction sector showed a 1.9% increase, with the residential activity being the main driver (3.1%). It’s the first growth of this sector in eight months and the largest one in almost 6 years.

Last month, Finance Minister Bill Morneau dispelled fears about Canada moving towards recession or even facing it already. This statement followed several observers who warned that the latest decreases in the housing sector could affect the entire economy in the end.

“This is not true”, - Morneau said after the release of the latest federal budget. “It’s technically wrong and it definitely doesn’t coincide with our projections”.

Meanwhile, Gluskin Sheff chief economist David Rosenberg earlier warned that if we’re not there yet, the recession is only one step away from us. In addition to it, Fidelity Investments portfolio manager and former BoC advisor David Wolf believes Canada is already deep in recession, based on the economic performance in the fourth quarter of 2018.



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