USMCA Deal Has Been Struck
Adding to consumer uneasiness was Canada’s difficult negotiations with the U.S. to renew the North American Free Trade Agreement. After more than a year of intense negotiations, the federal government reached an agreement with the U.S. and Mexico on regional trade. Widely seen as a good outcome for the Canadian economy, the USMCA is expected to be signed into law before year end. It seems many consumers have been patiently waiting on the sidelines in anticipation of a deal being reached.
“Positive economic fundamentals, supported by a new agreement on trade, should bolster consumer confidence across Canada and stoke demand in the nation’s real estate market,” said Phil Soper, President and CEO, Royal LePage. “Dangerously overheated regions have cooled considerably this year, while home prices have remained remarkably resilient. This is the soft landing that policy makers were hoping for.”