A Canadian Housing Market This Bad Normally Means Recession: BMO

Housing market slumps like the one Canada is seeing usually happen in recessions, BMO says.Usually, when Canada's housing market is this badly in the dumps, the country is in a recession, according to a research note from the Bank of Montreal.

Residential investment, which includes building new homes and buying and/or renovating existing homes, has dropped 7.5 per cent over the past year, BMO senior economist Robert Kavcic said in a report earlier this week. Kavcic noted that 1995"was one false positive, but that wasn't exactly a jubilant time." That was the year of the second Quebec sovereignty referendum, and real estate markets in central Canada tend to be weak when Quebec talks separation.recent report from CIBC

market reflects several influences. Foreign buyers drove up prices in large cities causing a ripple effect. Builders over valuing their build causing higher than market value pricing with help of the real estate industry. Finally, cities which continue to want more tax $

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