Canadian Housing Market remains solid as ecomomy continues to improve says Genworth Canada...
While housing starts have slowed since their burst from 2010 to 2012, there is still room for future growth and the Canadian residential market remains solid, according to the Conference Board of Canada Autumn Metropolitan Housing Outlook commissioned by Genworth Canada (the report).
This stability is due in part to housing supply continuing to be in line with demographic requirements, which will allow average new and resale prices to continue to grow, albeit moderately, in the foreseeable future.
"The housing market has transitioned back to a more sustainable pace and data suggests that it will remain stable," said Brian Hurley, Chairman and CEO of Genworth Canada. "This means a healthy market with reasonable growth, which will enable Canadians to have more confidence in both home ownership and its relative affordability."
The report confirms Canada's continuing economic recovery, with GDP and employment both forecast to grow in all regions across the country over this year and next.
While the Conference Board predicts mortgage rates to rise gradually, employment and personal income gains should allow consumers to adapt to the anticipated increases.
To find out what this means to your mortgage, please contact My Better Mortgage with any of your questions, we’d be happy to help.