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Government policy on housing poses greatest risk to economy, say mortgage brokers
Highlights of the report:
- Homeownership in Canada is at 67.8 per cent; “a substantial drop from 69 per cent in 2011”
- Ownership rates fell sharply for the youngest (first-time buyers) age groups – by more than four per cent
- Six to 7.5 per cent of all potential buyers, insured and uninsured, will be unable to purchase a home because of the stress tests
- In 2018, housing activity in Canada may fall by 12-15 per cent compared to 2016, which could dampen economic growth
- Over the past 12 years, mortgage credit growth has averaged 7.3 per cent per year. The growth rate has slowed to a current 5.9 per cent and projected to be 5.5 per cent for 2018.
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