Don’t look now Mr. Flaherty — here’s another shot in the arm for real estate

Gavin Young - Postmedia News files

Gavin Young – Postmedia News files

Reblogged from The Financial Post, Garry Marr

The Canadian real estate industry will get more good news today — not that it needs any more positive spin or Finance Minister Jim Flaherty even wants to hear it.

Canada won’t interfere in housing market — for now: Flaherty

The Canadian government has no plans for now to clamp down on the housing market even though prices are rising again, Finance Minister Jim Flaherty said on Monday, but he pledged to investigate whether the price uptick looks to be more than temporary.

Continue reading.
But a London-based group is now predicting construction output, led by housing, is set to grow by about 4% over the next year, despite the fact the industry faces labour shortages and financing concerns.

“It’s not stunning growth but it’s solid growth. Over the year, based on this survey, the construction industry will underpin the economy in Canada,” said Simon Rubinsohn, chief economist with the Royal Institute of Chartered Surveyors which interviewed dozens of senior managers in the largest construction firms in the country.

The news comes as Mr. Flaherty continues to keep a close watch on the Canadian housing industry which is showing signs of a recovery. The finance minister said he will be talking to developers about whether the housing sector needs more regulation as prices continue to rise in most markets and sales recover after a dismal 2012.

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