Torontonian Online Running in the fast lane! Real estate and more…
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Economists are beginning to arrive at a consensus in regards to the current real estate market status in Canada, particularly where Toronto and Vancouver are concerned. A price drop of 10 to 15 per cent over the next two to three years will be felt, according to ScotiaBank.
Although we won’t be experiencing a U.S. style crisis, economists are additionally predicting the market to remain relatively stagnate for the years to come.
“Historically, long cycles of rising home prices have been followed by extended periods of persistent softness, allowing affordability to be gradually restored and generating renewed pent-up demand. The downturns that followed Canada’s major housing booms of the 1970s and 1980s – defined by having flat or negative real price growth – lasted eight and nine years, respectively.” said the new report.
It is already becoming evident that the hot real estate market has been slowing down this quarter, notably in Toronto’s condo market.
