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Canadian Real Estate Prices Will be Dictated by the Labour Market

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Published on Oct 5, 2019

It was a good week of engaging conversations at the annual Veritas Housing conference in Toronto. The overall view/ sentiment is that Toronto prices will continue to rise given the rate of immigration and population.

However, population growth is cyclical, and it remains highly susceptible to the strength of the economy and overall labour market. No jobs means people won't move here, prime example of this is Ireland and Spain, which had population growth hovering closer to 5% prior to their housing bust- then people left. This is certainly not a foregone conclusion to happen here in Canada, but it is a possibility.

In other words, we need to really focus on the jobs market and what is happening to the global economy to get a good picture as to the future health of the Canadian housing market in Canada's most populous cities.

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