Although low mortgage rates will continue to fuel sales this year with prices increasing accordingly, the bank's economist Diana Petramala says “it is hard to point to a catalyst for a further acceleration in housing market activity.”
Cuts in the interest rate and consequently in mortgage rates has made 2015 a record-breaking year, the report says, and the collapse in oil prices has had less of an impact that expected.
“Edmonton, Calgary, Regina and Saskatoon have weakened considerably so far this year, but to a lesser degree than was originally anticipated,” said Petramala.
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Home prices will slow to just 1% in 2016, TD Bank says in a new report.