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The Canadian residential mortgage market crossed the $1-trillion threshold for the first time this year as higher prices forced many to borrow heavily to finance their new homes and low interest rates encouraged many more to refinance.
Housing activity in the country is slowing down after a busy first half, especially in British Columbia, Alberta and Ontario where prices are expected to fall in the coming months.
The impact of the high-flying loonie, which broke above parity with the U.S. greenback on Friday, is expected to make its mark on Canadaâ€™s trade figures this coming Wednesday.
The value of Canadian building permits issued in September soared 15.3 percent from August, well above market expectations, on both residential and nonresidential building intentions, Statistics Canada data showed on Friday.
Vancouver has been â€œbumpedâ€ from its spot as Canadaâ€™s top real estate market, but that does not mean it is in a slump.
Greater Vancouver home sales have remained steady over the past four months, indicating stability in the residential housing market. With the MLS® sales to active listing inventory ratio indicating a buyersâ€™ market, properties appropriately priced are selling.
It is no secret that Bank of Canada governor Mark Carney is concerned about a potential decline in home prices. However, cycles of declining home prices are far from unusual in Canada.