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Housing Market Uptick Spurs Better Economic Growth, But Slowdown Still To Come

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Housing Market Uptick Spurs Better Economic Growth, But Slowdown Still To Come
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Following an unexpectedly frenzied spring housing market, some provinces will be spared from the impending economic slowdown. At least, for now. DesjardinsGroup | realestate realestatenews housingmarket economy

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. But in Ontario and British Columbia — where affordability is already stretched — the “robustness of gains…has been striking.”

Meanwhile, the less severe market downturn seen in Quebec over the last several years has been followed by a similarly less pronounced bounce back, leading Desormeaux and Bégin to believe the province will experience more modest real GDP growth of 0.4% this year. Ontario and BC have welcomed a record number of non-permanent residents, but if the economy slows, then the number of temporary foreign workers admitted to Canada could fall.

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