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- Advanced Mortgage Investment Corporation

Solutions for borrowers, brokers and investors

Canadian Housing Market More Stable Than Many Believe

Canadian Housing Market More Stable Than Many Believe

Date Posted: March 31, 2022

Canada’s housing market is a lot more stable than it looks, despite soaring prices. The average house price climbed by more than 20% year over year in February to a record $816,720, leaving many Canadians worrying about affording houses.

A report released Tuesday by Chief Economist Benjamin Tal from CIBC looked at various scenarios for housing over the next five years. If Bank of Canada raises interest rates at a reasonable schedule, price growth would end up flattening and gradual rate increases wouldn’t affect mortgage payments.

However, the housing report noted the risk of over-tightening. With inflation being at the highest level in three decades, having eight rate raises per year could lead to a recession.

Finally, the report examined what could happen if the federal government removed the principal residence exemption. Adding a capital gains tax on the sale of primary residence could be applied on a prorated basis and such a move could incentivize sellers and in the short-term increase inventory.

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