Canadian Real Estate Association Shares Market Data with Global Partners

Downers Grove, Mainstreet HQ – Mainstreet’s newest President Tim Ryan, CEO John Gormley and Past President John LeTourneau joined the Canadian Real Estate Association (CREA) to exchange information about market trends as part of a continuing effort to bring global partnerships to real estate professionals around the world.

The Mainstreet Commercial Leadership Forum participated in a market update with our neighbors to the north. The Canadian Real Estate Association hosted a webinar to share market reports with consumers all over the world; from Asia to South America listeners were tuned in for presenters.

Keynote speaker for the Canadian Real Estate Association was Director and Senior Economist, Shaun Cathcart. He addressed the multi-national audience about current Canadian residential and commercial market trends. Specifically, he reported on the housing data for all of Canada regarding new sales, inventory levels and home loan mortgage rates.

Overall, Canada is experiencing a difficult housing market. Affordability is low, interest rates will continue to climb, and the rental market is in crisis. Canada also has HUGE immigration numbers. Much work is being put into understanding how immigration can assist in the housing shortage through building single family and middle housing. While Canada has similar issue to the U.S., their "high" interest rates are around 3%.

Mainstreet's President, Tim Ryan, CEO, John Gormley and Past President, John LeTourneau spoke about our own housing and commercial markets. Notably, that residential price growth has slowed and we remain optimistic that rate increases will halt. In commercial markets, commercial debt is coming due. This means that many commercial properties will need to align with new underwriting standards, which could cost businesses greatly. Alternatively, it could open the door for new commercial businesses.

Click the video above to watch the full CREA market meet up recap.

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