It’s Official: Canada Housing Market Slowing, But by How Much?
It’s official: Canada’s central bank has formally recognized that the country’s housing market is starting to cool.
Unfortunately, that doesn’t bring a lot of clarity to the key issue that’s keeping a lot of Canadians awake at night, namely how deep the correction will be.
Canada’s housing market has seen robust growth for several years both before and after the global financial crisis, with a fairly brief wobble in that period. That growth pushed prices to record highs, worrying both the central bank and the federal government. The government, all too aware of the housing implosion south of the border, responded by tightening mortgage rules four times in as many years, with the last measures taking effect in July.