RBC economist Robert Hogue on where housing prices are heading - and why affordability won't make a quick return [Globe and Mail, The (Toronto, Canada)]
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Source: Globe and Mail, The
shelter costs representing a significant and rising expense for many households. The latest inflation report showed mortgage interest costs increased 25.4 per cent year-over-year in March, while rent prices jumped 8.5 per cent year-over-year. The state of the housing market has a multiplier effect, affecting economic growth, consumer spending, businesses – even internal migration to cities that offer affordable housing. To unpack the latest housing trends, The Globe and Mail recently spoke with Robert Hogue, assistant chief economist at Royal Bank of Canada . He shared his perspectives on the housing market and ways to address housing affordability. What's your outlook for home prices? We expect them to rise but very modestly at first. We're not in the camp of expecting a big pop in either home resale activity or prices because affordability is still such a big issue that is going to keep so many potential buyers on the sidelines for some time. We do expect the recovery to con
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