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Get email updates from your favourite authors. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Sign In or Create an Account or Thousands of Canadians may soon enter the housing market as the country’s real estate looks to be on the verge of getting out of correction territory, according to the Royal Bank of Canada.
RBC Economics estimates more than 400,000 potential households have been suppressed since 2019, many of whom have been renting for longer than they’d have hoped and so they may finally be ready to make the plunge. “Timing shouldn’t be underestimated because many would-be buyers have been working hard toward making a purchase with savings near a 25-year-high rate, and 25- to 34-year-olds employed at an above-average historical rate,” the report said. Breaking business news, incisive views, must-reads and market signals.
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Please try again “We see this influx of financially ready house hunters easily outweighing the lull in homebuyer demand from newcomers to Canada.” Despite the escalating trade war, prospective homebuyers are increasingly optimistic about the economy and thus more likely to come off the sidelines in the near future, RBC said. The labour market is expected to have a worker shortage next year as well, which will help job prospects. This positive mindset comes as Canada’s real estate market appears to be stabilizing.
The non-seasonally adjusted national average home price was $674,819 in July, up 0.2 per cent from a year ago, according to the Canadian Real Estate Association . Total sales climbed 0.6 per cent in the month to 205,388, which is 1.5 per cent more sales than the long-term average for July. “No matter where you are in Canada, more moderate housing market conditions can be expected to continue to bring buyers off the sidelines going forward,” CREA chair Garry Bhaura said in a statement last month.
RBC expects sales to keep picking up across the country in 2027, with Ontario and British Columbia — Canada’s most slumping markets — to be particular bright spots. The bank predicts transactions will climb by 8.2 per cent in Ontario and 7.8 per cent in B.C. “It will take longer for the condo market segment to turn around, however,” the report said.
“Abundant inventory in the Toronto and Vancouver areas and investor apathy are bound to keep condo prices downward possibly into 2027.” Overall, RBC expects the average home price to climb by 0.8 per cent next year. But the bank also said it won’t all be smooth sailing when it comes to the housing market’s recovery because Canada’s trade war with the U.S., immigration cuts and affordability issues are still presenting headwinds for buyers. Sign up here to get Posthaste delivered straight to your inbox.
With Tim Cook stepping down as Apple Inc.’s chief executive, incoming CEO John Ternus has big shoes to fill. Since taking over as chief executive in 2011, Cook has brought Apple from a market capitalization of less than US$350 billion to US$4.6 trillion. During his time as CEO, Cook has watched Apple shares climb more than 2,700 per cent, while the S&P 500 Index has climbed 757 per cent over the same time.
Ternus faces an early test next week at a company event, where it’s believed the tech giant will unveil its first foldable phone. 9:45 a.m.: Bank of Canada interest rate announcement Today’s Data: Monthly average retail prices for selected products Earnings: NorthStar Gaming Holdings Inc., Hewlett Packard Enterprise Co., Snowflake Inc. With housing prices making homeownership a stretch for many, Canadians, especially millennials, are finding ways to offset the cost. Find out how a growing pool of Canadians are paying off their mortgages.
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Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course). Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss.
Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily. Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more. Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff and Bloomberg.
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Source: Financial Post
