10 July 2018

In Soper’s opinion, housing activity in most Canadian markets will rebound as people had the time to adjust.

Nevertheless, he says the cost of borrowing may go up on Wednesday, when the central bank announces its rate decision. Moreover, potential buyers who are directly affected by the uncertainty over the NAFTA and growing trade war with the U.S. are also becoming more cautious.

Royal LePage predicts a 1.8% prices increase in the hot Great Montreal market to $398,220 for the third quarter.

Although properties in British Columbia are still most expensive in Canada, Royal LePage points to a certain softening in the Vancouver area, caused by the new lending rules and a foreign buyers tax.

At the same time, prices in the southern Ontario cities outside the GTA are expected to show the largest growth in the entire province, because more buyers are looking for affordable homes.