Canada’s housing stock to return to balance says PBO

The independent watchdog which oversees Ottawa’s finances says that it expects Canada’s housing stock to balance with demand in the medium term.

The Parliamentary Budget Officer published a report Tuesday which forecasts that there will be 198,800 homes completed in 2017 and will moderate to an average of 170,900 by 2019 to 2021.

Household formation is forecast by the PBO to be 188,500 in 2016 and slowing to 172,500 by 2021 while the vacancy rate will be around 5.2 per cent through 2018 before easing to 5 per cent – its long-term historic average - by 2021.

In terms of Canada’s economy, the report highlights that the residential real estate sector will contribute less to GDP and will become a negative influence by 2018.
 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Should government update pot rules to prohibit growing in rentals?