Housing correction happening but not where you think

Fears of a housing correction in Canada’s two hottest markets are unlikely to be realized according to one mortgage lender’s experts. Robert Kavcic of Bank of Montreal says that he expects homes in Toronto and Vancouver to continue to appreciate during 2016. He says that a larger number of people will move to the cities from Alberta and Saskatchewan looking for work and opportunities. Economic growth in Ontario and BC with better job prospects, together with continued low mortgage rates, will make a move more attractive. The oil price rout and its knock-on effects will exacerbate price declines in the oil regions though “The real estate correction is already happening – just not where most expected,” Kavcic told GlobalNews.

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