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Canada’s Big Banks React To Housing Market Report

Tom Ireland • Jun 16, 2016

The Canadian Real Estate Association (CREA) recently released its latest report on the real estate market which showed that sales were down from April to May. It’s interesting to see how the top economists from TD Bank, Royal Bank of Canada and Scotiabank responded to that. TD Bank: “While Canada’s hottest housing markets — BC […] The post Canada’s Big Banks React To Housing Market Report appeared first on Andy Schildhorn, PREC.

The Canadian Real Estate Association (CREA) recently released its latest report on the real estate market which showed that sales were down from April to May. It’s interesting to see how the top economists from TD Bank, Royal Bank of Canada and Scotiabank responded to that.

TD Bank:

“While Canada’s hottest housing markets — BC and Ontario — also have the best labour market outperformance in the country, employment gains aren’t the only factor driving the rapid housing price increases the two provinces have seen.”

Royal Bank of Scotland:

“The fall in home sales in May should be viewed as a positive development for the Canadian housing market, describing it as a “welcome tentative sign that that the heat may be on its way to a more tolerable degree” in Vancouver and Toronto.”

Scotiabank:

“With fewer homes available to buy, home sales have slowed in BC’s major markets and experienced “some levelling off” in the Greater Toronto Area. That suggests activity in those areas may be peaking; however, sales are likely to stay high for the time being.”

Get more details on this story here.

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