Trudeau says "room to respond" as GDP report sparks recession fears

During a housing announcement in Ajax, Ont., on Thursday, Prime Minister Justin Trudeau said there was “room to respond” after a StatCan report on GDP growth placed Canada on the brink of a recession. He added this was possible because the federal government has been “so fiscally responsible.”

"The promise that every generation can reach higher than the generation before — as a government we are focused on securing that promise — and housing is at the centre of that work," he said. Trudeau added, "We need more homes that Canadians can buy and we need more homes Canadians can rent."

According to real estate experts, slowing housing markets in many parts of Canada are pushing some home sellers to make hard-fought concessions on price — or delay their plans to sell until next year — in the wake of higher rates.

October sales figures from the Canadian Real Estate Association (CREA) released this week showed a “sizable decline” in activity in most of the country’s biggest markets.

For more info, please go to https://globalnews.ca/news/10098594/canada-housing-market-home-sellers-fall-2023/

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