Canadian housing markets could take a downturn according to report
Yellowknife, N.W.T. - In a report released by Scotiabank Wednesday, the housing market across the country is beginning to cool off, but that is not the case in the NWT.
According to Shane Clark of Homelife Real Estatem, this is common as often the trends seen in the markets across the country do not necessarily apply to the NWT.
Clark explained how certain factors that affect interest rates in other parts of Canada, but do not have the same consequence for the NWT.
"The interest rates are established by looking at different parts of the economy in Canada, one is the automotive sector. Which really we don’t have any manufacturing happening up here, however with something like that when it takes a downturn it helps to keep the interest rates low to try and stimulate the economy in the south and we only as Northerners we only benefit from that."
The report stated the new federal government mortgage laws may have contributed to the downturn, but Clarke believes they have created no major backlash.
"It’s a very small amount, and looking at the new rules like I said there is some effect but it is very very minimal."
Clarke said that the housing market will on continue to grow and develop more as some other markets become more stagnant.
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