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USMCA will positively impact market in Q4:

 

Now that the United States-Mexico-Canada Trade Agreement is settled, expect the real estate market to receive a boost.

According to Royal LePage, the USMCA will function as a double-edged sword, but it will mainly be positive and the country’s real estate should bear witness to a 1.5% price gain.

“On the positive side, if you look at the underlying economy in 2018, it was a buoyant place—the best we’ve seen in 40 years,” said Phil Soper, Royal LePage’s CEO. “GDP growth has been strong, household formation is marching along, and yet for large purchases in particular in the housing industry, the number of transactions were down considerably. Our feeling is that the trade friction that existed between Canada and the United States—some of the very unstatesmanlike, aggressive attacks from the American administration aimed directly at Canada, Canadian leaders and business sectors were worrying people considerably to the point where there was actual job insecurity.”

Indeed, President Donald Trump threatened auto tariffs at one point, which could have decimated the industry north of the board. While the new trade agreement has allayed those fears, the psychological impact on the market was real.

“When consumer confidence wanes and there are employment concerns—people worrying about their jobs—it has a direct negative impact on large asset purchases such a buying a home,” said Soper. “That impediment, that drag on the market, was lifted with the US-Mexico-Canada Agreement, therefore, it should be a positive stimulus to consumer confidence and people’s willingness to engage in real estate transactions.”

Employment concerns may have subsided, but the Bank of Canada will almost certainly raise the interest rate—probably by 25 basis points, as it usually does—on Wednesday now that the USMCA has been established.  That could result in a temporal decline in activity.

“With the agreement, it clears a path for the Bank of Canada to raise interest rates, which will be a drag on the market. On balance, the two things work against each other. A significant increase in consumer confidence and the drag from a quarter point increase in the interest rate will have a positive impact on the Canadian and American real estate industries. Overall, it’s a good thing, but not without its qualification.”

Contact us today for all your Real Estate needs.  Kathy & Dave – “Strength in Teamwork”.  See our blog for other interesting articles:  www.kathyanddave.ca

If you’re interested in learning more about the current housing market in the Niagara region, we would be happy to have a chat with you and answer any questions you may have. Come in for a visit or give us a call! It would be our pleasure to show you how selling your home in the current market could increase your financial gain.

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Fall Market Update Niagara-Hamilton-Haldimand

 

 

Contact us today for all your Real Estate needs.  Kathy & Dave – “Strength in Teamwork”.  See our blog for other interesting articles:  www.kathyanddave.ca

If you’re interested in learning more about the current housing market in the Niagara region, we would be happy to have a chat with you and answer any questions you may have. Come in for a visit or give us a call! It would be our pleasure to show you how selling your home in the current market could increase your financial gain.

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Q3 2018 House Price Survey and Market Forecast

 

 

The Q3 2018 Royal LePage House Price Survey and Market Forecast Survey was released to media. Below you will find highlights from the release, links to social media assets available for you to share and select media coverage.

Key highlights from the national release include:

• The price of a home in Canada increased 2.2 % year-over-year to $625,499 in the third quarter of 2018 and is forecasted to make a 1.5% price gain in the fourth quarter
• Year-over-year home prices made modest gains in many regions across Canada in the third quarter of 2018, largely influenced by price appreciation in Greater Vancouver. During the same period, property in the Greater Toronto Area experienced continued year-over-year price declines, with modest gains in value when compared to the previous quarter.
• The United States-Mexico-Canada Agreement (USMCA) is expected to increase demand as many Canadians regain confidence in job market and consider large purchases
• Greater Montreal Area witnesses highest year-over-year appreciation rate among Canada’s three largest metropolitan areas, posting a healthy 5.4% price increase in the third quarter
• Greater Toronto Area (GTA) recovers from housing correction on a quarter-over-quarter basis while nearly all suburban regions studied post year-over-year price declines.

Contact us today for all your Real Estate needs.  Kathy & Dave – “Strength in Teamwork”.  See our blog for other interesting articles:  www.kathyanddave.ca

If you’re interested in learning more about the current housing market in the Niagara region, we would be happy to have a chat with you and answer any questions you may have. Come in for a visit or give us a call! It would be our pleasure to show you how selling your home in the current market could increase your financial gain.

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