The good news is that Canadian home prices appear to have hit bottom<\/p>\n
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The good news is that Canadian home prices appear to have hit bottom. The not so great news is that a full recovery of the housing market could still be years away.<\/p>\n
Numbers released by the Canadian Real Estate Association this week showed that home sales rose 0.5 per cent in July from the month before, the fourth month of gains in a row.<\/p>\n
At the same time the national benchmark home price rose 0.1 per cent, its first monthly increase in more than a year and a half.<\/p>\n
These green shoots are giving economists\u2019 more confidence that a recovery is underway, but no one thinks it will be quick.<\/p>\n
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\u201cVolumes and prices have likely bottomed in the hardest-hit markets, but the recovery is going to be flat with little in the pipeline to trigger a forceful rebound,\u201d said Robert Kavcic, senior economist at BMO Capital Markets.<\/p>\n
\u201cEven so, going from a deep correction to a flat and stable resale market is incremental progress, and likely removes what was a persistent drag from Canadian economic growth.\u201d<\/p>\n