Genworth Regional Risk Report

Some great stats just came out in Genworth’s regional risk reports. Here are a few of the highlights.

As expected, Ontario’s housing market has been very healthy and active and has been picking up steam over the last 2 years.

Alberta’s economy has been hit hard over the past 3 years due to the inability to bring its biggest resource, oil and gas, to the market. We’ve all read and heard about the pipeline debacle. However, the housing market is rebounding as is shown in the stats. Let’s hope action is taken to get our western Canadians some positive changes.  

While Saskatchewan house prices spiked in September they have since fallen off. However, supply is low,  watch for healthy market results in 2020. 

Quebec is the beneficiary of many factors, first the BC foreign buyers tax, followed by the Ontario foreign buyers tax. Add in the SNC Lavelin tax breaks and other government perks and you have a housing market that is on fire.  

Manitoba has much more volatility but the end results were positive.  It will be interesting to see how the prices are affected by the increased number of listings. 

The Atlantic provinces provide a stable market with steady appreciation.  Many retirees and young families are looking to the east for affordable housing and living.  

British Columbia holds steady with a tight labour market. As buyers are warming back up, it looks like a return to a sellers’ market.  

Overall, we can expect the low-interest rates to support a struggling national economy.  The effects of the coronavirus are still unknown, but history has shown us, it keeps people in their homes, and that means less spending. There could be a silver lining in the post-virus economy.  History has also shown us economies bounce back as there is pent up demand. Stay tuned.

Check out the full report HERE

Your best interest is my only interest.

As always, I welcome your comments, calls and questions.

Steve Garganis 416 224 0114 steve@mortgagenow.ca

SOURCE: Statistics Canada, Canadian Real Estate Association. This information has been provided by the external sources listed above. Genworth Canada is not responsible for the accuracy, reliability or timeliness of the information supplied by these external sources. This information does not necessarily reflect the views or position of Genworth Canada. Anyone wishing to rely upon this information should consult directly with the source of the information.