In October 2013, the Bank of Canada lowered its forecast for growth to 1.6% in 2013, 2.3% in 2014 and 2.6% in 2015 and announced that it was maintaining its target for the overnight rate at 1.0%. In its accompanying statement, the Bank highlighted that an uncertain domestic and global economy is delaying an expected rotation of growth toward exports and investment. This leaves the burden of economic growth on households at a time when most households are deleveraging and looking to slow consumption.
Real estate activity in 2014 will continue to be marked by low vacancies and strong development cycles in the central markets of Vancouver, Calgary, Toronto and Halifax, though some softening of demand conditions is anticipated.
Source : Cushman & Wakefield