The Canadian Mortgage and Housing Corporation just released a report this week on national home construction.
According to the report, the annualized rate of home construction starts was 187,276, which was significantly higher than the experts’ prediction of 178,000.
Meanwhile, experts are predicting a gradual slowdown in the housing sector this year into 2016 as a result of markets affected by the downturn of the energy sector and slump in oil prices. But many believe that this may be in part offset by the Bank of Canada’s recent surprise reduction in interest rate makes, which makes borrowing costs more affordable, thereby helping to support both the housing market and the economy as a whole.
David Tulk, the chief Canada macro-strategist at TD, stated that “the impact of lower rates across the rest of the country may inspire greater demand, which will provide a partial positive offset and speak to the theme of a better regional balance across the country.”
Are you looking to get more information about the local, provincial or national housing market? Are you contemplating selling or buying a home? Speak to an experience and knowledgeable Century 21 King’s Quay real estate representative today to learn more.