Canada’s housing market is slowing dramatically in terms of both sales and construction, dragging down economic growth and putting some 150,000 jobs at risk in coming years, a mortgage industry association warns in its spring report.
The Canadian Association of Accredited Mortgage Professionals stops short of calling the ongoing slide that began about nine months ago a crash, but chief executive Jim Murphy says policy-makers should stop trying to tighten lending rules further and start thinking about helping for first-time purchasers.
“They’ve gone enough in terms of regulatory changes and we’re seeing a real slowdown in the overall housing market. The federal government wanted that to happen, but the question is how much … and what is that impact on the overall economy,” Murphy said Wednesday.
“Some people thought the market would come back(this spring). Well it hasn’t come back. It is a definite trend.”
Chosen excerpts by Job Market Monitor