According to a Scotia Economics report released today, Canada’s housing market is looking strong and stands out globally because of it.
The report said that the Canadian housing market is notable for its “resilience and longevity” and has a resilience that few other countries have been able to maintain.
Oh Scotia Economics, you sure know how to flatter a housing market… Well, they don’t call us the True North strong and free for nothing, right?
Economic uncertainty and less than stellar consumer confidence could keep new buyers out of the market, but to read Scotia Economics explain this prediction, you’d think it was actually pretty good news.
Real estate prices started to level off in July and August following a 5 per cent year-over-year rise in the April to June period, but according to Adrienne Warren, a senior economist with Scotiabank, the slowing and softening of prices likely reflects that “the housing market itself has become balanced between the number of buyers and sellers out there.”
In an article published by the Canadian Press, Warren noted that “the cooling off in prices is positive for longer-term affordability for buyers.”
The report also noted that of the nine housing markets it tracks, Canada, France and Switzerland were the only countries that showed housing price increases year-over-year. That’s some good company for us Canucks!