The building, buying and selling of houses in Canada is set to cool at a modest pace next year with activity in the once-hot real estate market calming down as debt-strapped consumers find it tougher to get a mortgage.
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Signs of a slowdown are everywhere as a string of data reports suggest moves by Ottawa to clamp down on mortgage lending rules this summer is filtering through the system. Whether it’s a soft landing or a collapse is still being debated, but people on the ground or those crunching numbers are seeing the same thing.
It’s like we had a sale on real estate for the past 10 years and people scurried. Just like at a department store the shelves started to get empty. I think now we’re entering into a period where this is just a new norm
People just aren’t crazed about moving real estate as they were back in 2007
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