Canada's Housing Market Finally Showing Signs of Recovery
A new report from RBC Economics suggests that Canada's housing market is finally on the mend, but the recovery may not be smooth or uniform. The country has experienced prolonged market corrections in Ontario and British Columbia, which have had lasting effects on sentiment.
According to Robert Hogue, an assistant chief economist at RBC, the turnaround has come too late to prevent declines in home resales and prices this year. However, he anticipates a more visible recovery by next year, with sales expected to grow 6.7% to 483,600 units and benchmark home values to rise 0.8% to $800,700.
Hogue notes that the recovery is not guaranteed due to certain risks to the Canadian economy, including recent escalations in the US trade war and conflict in the Middle East, which could undermine confidence.