While Vancouver area home sales are still posting year-over-year declines, signs are appearing in the Greater Toronto Area that the worst of the housing correction is now over.
Experts say that likely won’t be enough to stave off a slowdown in national GDP growth, however, which in part will be impacted by the housing market’s weak performance over the first half of the year.
Is the Housing Market Turning a Corner?
Following weak home sales activity for the first half of the year, recent data is suggesting the housing market may be adapting to new mortgage rules and higher rates and turning a corner for H2.
“Early data for the month of July reported this week was mixed, but overall suggest that the worst of the housing correction is in the rear-view mirror,” senior TD economist James Marple wrote in a research note.