REPORT: 'STATE OF THE HOUSING MARKET' SHOULD CONCERN YOU

May 18, 2016

By Bob Komsic

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The attention grabbing headline comes from Ontario’s Financial Accountability Officer.
Stephen LeClair
Stephen LeClair says the ‘sharp run-up in housing prices,’ especially in Toronto is a worry.
The province’s fiscal watchdog says rising home prices combined with high levels of household debt could slow growth over the next several years.
”It’s not just whether there will be a housing market collapse.  We don’t know if that is going to happen.  Nobody knows.  At some point, consumers will have to start to manage their debt loads.”
LeClair adds if house prices keep rising, consumers will mostly likely start to cut spending.
That he says would mean ”less investment” in real estate.
In a just released report, LeClair identifies rising house prices, along with high levels of household debt, as a ”key risk” for the provincial economy.
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