Economics
Cooler Housing Market Won’t Hurt Canada’s Recovery, CIBC Says
- Slowdown in home price growth shouldn’t affect jobs in sector
- Business investment to pick up as vaccine-led recovery goes on
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Canada’s hot housing market is showing early signs of a slowdown that may soften the industry’s contribution to the economy -- but not enough to be a major concern, according to one bank economist.
“Now that Canadians are leaving their homes more often, demand for housing is cooling off after a period of historic strength,” Canadian Imperial Bank of Commerce economist Royce Mendes said Friday in a report. “As a result, we do expect this component of GDP to come back down to earth.”