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Shelly Hagan
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Canadaâs hot housing market is showing early signs of a slowdown that may soften the industryâs contribution to the economy â but not enough to be a major concern, according to one bank economist.
âNow that Canadians are leaving their homes more often, demand for housing is cooling off after a period of historic strength,â Canadian Imperial Bank of Commerce economist Royce Mendes said in a report. âAs a result, we do expect this component of GDP to come back down to earth.â
Lockdowns prompted an exodus of Canadians from apartments and condos in city centres to homes with more space.Â
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But it will still remain a fairly robust mortgage market in Canada, for sure, over the next little while.
Johannson made the comments as BMO beat expectations, reporting its second-quarter profit nearly doubled compared with a year ago when the amount it set aside for bad loans soared at the start of the pandemic.
The new mortgage stress rules come into effect on June 1. They will set the qualifying rate on uninsured mortgages at either two percentage points above the contract rate, or 5.25 per cent, whichever is greater.
The change is aimed at taking the heat off real estate markets like Toronto and Vancouver, where bidding wars, soaring prices and a flurry of sales were the norm during the COVID-19 pandemic.