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I think the critical point is when summer result comes out and the housing market activity by then (since we are discussing on Van's RE). If there is no good news on 2Q performance and housing market is not performing as it should, (it supposed to be the best season for RE) this will change RE investors' mood greatly as it means they would have take on a full half year until the market will come to life again in Spring 2016. Whether or not they want to take the risk between that entire period....
BoC revised its forecasts yesterday along with its rate cut. But I think they might be overly optimistic because it's most likely we will see GDP contraction on a seasonally adjusted YoY basis or something more. There must have been something really bad going on with BoC's data to justify such a drastic move. Sure interest rate effects take time, but usually central banks take that into consideration too.
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Nothing for now
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