Housing market appears to have achieved soft landing: Scotiabank report

TORONTO – A new report by Scotiabank says the Canadian housing market so far appears to have achieved a soft landing.

It found sales have been cooler this fall, but remained fairly steady and prices have also held ground.

Nationally, sales in October were down about 10 per cent from the spring, but only marginally below the average pace of the past decade.

Scotiabank economist Adrienne Warren says the moderation mirrors a modest softening in the job market over the summer and follows repeated warnings to Canadians to be careful about the amount of money they borrow.

The easing also follows a tightening of mortgage lending rules in July.

The report noted that globally there is still more weakness than strength in housing markets around the world.