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Economic Viewpoint

Will Canada’s Housing Market Lose Steam Any Time Soon?

June 10, 2021
Benoit P. Durocher, Senior Economist, and Hendrix Vachon, Senior Economist

In most parts of Canada, the housing market has been exceptionally strong for the last few months. A number of factors lie behind the upswing, with the pandemic creating numerous market distortions. As the lockdown lifts, however, we can expect the situation to slowly get back to normal. That said, some positive factors will persist. Under these conditions, our forecasts call for the housing market to stabilize soon in most parts of the country. The uptrend should moderate rapidly following the rapid price growth seen in the last few quarters. Substantial risks persist, however. On one hand, the housing market could surprise us again with vitality that lasts longer than anticipated. On the other, we cannot rule out the possibility that the housing market will correct more than expected in the coming quarters.

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