Riding the wave of the Real Estate Outlook
The real estate market has been a great discussion for investors, homebuyers, and sellers. We have witness an upward path in home sales, an overal upbeat outlook in the industry, and some concerns around mortgages arrears. In this blog, we will inform you of the recent real estate market.
Upbeat Real Estate Outlook:
Canadians are feeling optimistic about real estate as an investment! The Real Estate Outlook Index has surged nearly 30 points since February, reflecting a positive shift in sentiment.
Steepest Rate Hike Cycle in Over 30 Years
As the Bank of Canada raises interest rates, reaching a cumulative 4.5% increase from the lows, we witness the most significant rate hike cycle since the 1980s.
Home Sales Continue to Rise
Mortgage Arrears Still Near Record Lows
Mortgage Arrears Still Near Record Lows
Impressive resilience in challenging times. Despite rising interest rates and the high cost of living, the share of mortgages in arrears remains near all-time lows, standing at just 0.15%. Homeowners are managing their mortgages effectively.
Long-Term Supply Crunch
A Growing Concern for Housing Markets Despite high interest rates curbing demand, the number of single-family homes for sale remains near decade-low levels in most metros. With housing starts declining, there's a potential for a prolonged supply crunch.
Source:
https://www.statcan.gc.ca/en/
We look forward to bringing you more insights and updates on Canada's ever-evolving housing market in the coming months.
