A housing market outlook from RBC Economics is calling for a decline in resales for 2017 and 2018 and a deceleration of price rises.
The report from senior economist Robert Hogue forecasts a 3.7% decline in home resales for 2017 to 515,500; with a further 5.3% decline in 2018.
The price benchmark is projected to show an annual increase of 9.8% for 2017, up from the 7.8% advance RBC forecast in June; and then a sharp slowdown in price increases to just 1.2% in 2018.
Meanwhile, TD’s senior economist Michael Dolega says that further interest rate rises are expected to “begin to more forcefully impinge on Canadian housing activity, which may be further affected by new B-20 rules from OSFI.”
He adds that strong growth for jobs and wages should support continued fundamental demand for housing.
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