Canadian real estate and housing boom may be ending, Scotiabank warns
‘More subdued trajectory’ over coming years could impact jobs, renovation industry and consumer confidence, bank report warns.
Boom times are over for Canada’s housing sector and the impact of “a more subdued trajectory” will be felt everywhere from construction and home renovation sites to retail stores, a Scotiabank Economics report predicts.
Renovation spending, which totalled more than $47 billion in 2013, has reached record levels and become the fastest growing segment of real estate investment as more homeowners took advantage of their rising home values, low interest rates and government tax credits, to spruce up their nest rather than move to a new one.
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