Is Canada’s Housing Correction Over? It Looks Like It Is.

The correction is in our rear-view mirror according to Robert Hogue, senior economist at Royal Bank of Canada

“The recovery is on,” Mr. Hogue says.

“The national market appears to be getting over the stress test and other cooling measures. A drop in interest rates this year has helped too. Overall activity in Canada was the strongest since December 2017.”

The Canadian Real Estate Association reported sales rose 3.5 per cent from June’s level. The benchmark MLS Home Price Index price gained a 0.2-per-cent increase in July from the same month last year to mark the first rise in six months. July also saw the fifth consecutive month of rising sales, now 15 per cent above the six-year low of February.

Reference: https://www.theglobeandmail.com/real-estate/toronto/article-rbc-economist-says-correction-in-canadas-housing-market-is-over