The managing director of CBRE in Canada says that the commercial market has been mixed in Vancouver during 2016 with strong downtown office activity but lower industrial deals due to a lack of supply.
Paul Morassutti told the Vancouver Sun that for 2017 the biggest threat is the housing market which he notes was already slowing before the recent regulation changes.
He warned that if the market continues to slow, the impact on the construction sector would spread to the wider economy and “the impact on consumers of having their houses now be worth less is there’s going to be a knock-on effect to the economy. If the housing market were to really unravel in a real way, that sends up a huge red flag for me.”
Paul Morassutti told the Vancouver Sun that for 2017 the biggest threat is the housing market which he notes was already slowing before the recent regulation changes.
He warned that if the market continues to slow, the impact on the construction sector would spread to the wider economy and “the impact on consumers of having their houses now be worth less is there’s going to be a knock-on effect to the economy. If the housing market were to really unravel in a real way, that sends up a huge red flag for me.”
