Morguard Corporation says that early estimates show brisk activity in the second quarter with the office sector leading at $2 billion in closing volume followed by $1 billion each for industrial and retail.
"After a second consecutive quarter of stronger than expected economic output, projected growth for 2017 has now surpassed 2016 levels, with signs pointing to an early winding down of global monetary stimulus," said Keith Reading, Director of Research at Morguard. "Despite a perceived eagerness to raise interest rates, particularly in the United States, low inflation pressure should continue to act as a buffer against rapid monetary policy change in the near term."
In the housing market, Reading says that policy changes have made an impact but conditions are showing signs of bouncing back. However, he expects policy to have a long-term effect.
"Historically hot markets like British Columbia, Toronto and Montreal are already showing signs of reheating despite recent cooldown efforts," said Reading. "Long-term, however, the cumulative effect of increasing interest rates should act as a buffer against future housing market imbalance."
MBN
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