bravo festival condos for sale.House prices in Canada are expected to cool down.Canadian house prices are expected to cool significantly next year as stricter mortgage rules take effect and interest rates are expected to rise further,hitting the housing market,which was previously driven by easy credit.Please Visit:bravo festival condos for sale to Get Your VVIP Registration Today!
Although prices in Toronto and Vancouver are also expected to slow as a result of recent efforts by local governments to curb the housing market,they are still expected to be stronger than national prices.
Canada’s stricter new mortgage rules will come into effect early next year,and the central bank is expected to raise interest rates further,and economic analysts are closely watching how debt-laden consumers adapt.
Canadian house prices are expected to rise just 1.9%next year,less than the 8.5%increase expected this year,according to a Reuters poll of analysts.After that,house price increases are expected to expand slightly,to 2.6%in 2019.
Analysts say the new mortgage rules introduced by Canada’s financial regulator are likely to have the biggest impact on some of the markets with the highest house prices.
“this rule change will have an important impact,but it is mainly concentrated in markets with higher house prices,such as Toronto and Vancouver,”said Michael Dolega,a senior analyst at TD Bank.
The impact of the rule on British Columbia is likely to be reduced,Dolega said,because the province has a large number of credit unions that are not affected by the rule changes.
Toronto house price growth is expected to slow to 2.0 per cent in 2018 and rise slightly to 3.0 per cent in 2019.
House prices in Toronto have fallen after rising more than 30 per cent year-on-year at the start of the year as the Ontario government announced a number of measures in April to cool demand,including a tax on foreign buyers.
Although Vancouver imposed a tax on foreign buyers last year,house prices are expected to rise 6.0 per cent next year and may slow to 4.6 per cent in 2019.