The oil shock and the recent hit to the economy aside, Canada’s housing markets are going to continue their winning ways this year, new studies suggest.
But next year is a question mark.
Indeed, the latest study from Royal Bank of Canada projected 2015 could be one of the best years ever.
Home sales should rise 5 per cent this year to more than 505,000, with prices up 4.6 per cent, RBC said in today’s study.
“Canada’s housing market is poised to post one of its best years on record in 2015 despite the Canadian economy being hit by a significant negative shock (plunge in oil prices) and a spike in condo completions in some markets,” said RBC economists Craig Wright, Dawn Desjardins, Paul Ferley and Nathan Janzen.
“That said, strong momentum is not equally shared across the country, with home resale activity plummeting in oil industry-sensitive markets (Alberta and Saskatchewan) and soaring in the non-energy-intensive exporting provincves, Ontario and British Columbia,” they added.
Next year will bring a “slight easing,” however, RBC said.
Canada’s housing market is, of course, driven by the hot cities of Toronto and Vancouver.
While RBC projected a mild pullback, Toronto-Dominion Bank forecast a “mild correction in the housing market in 2016/2017.”
The Globe And Mail
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