Canada Mortgage and Housing Corp expects real estate markets to simmer down in 2016 and 2017, with sales moderating and new-home construction slowing as builders focus on clearing out high levels of existing unsold inventory. House price growth is also expected to cool, CMHC said, projecting “sales will favour moderately priced homes.” Housing markets in provinces like Ontario and B.C. have benefited from declining energy prices, a weaker Canadian dollar and continued low mortgage rates, offsetting slowdowns in Alberta, noted CMHC chief economist Bob Dugan. But he expects the counterbalancing effect will begin to wane in 2016.
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