Canadian Home Prices Likely to Slip 10% Over Next Two Years, Report Suggests

Canadian Home Prices Likely to Slip 10% Over Next Two Years, Report SuggestsCanadian house prices are due for a 10 per cent correction — and likely even more in overheated Toronto and Vancouver — but will likely avoid a U.S.-style collapse, according to a Scotiabank report.

Economists from the chartered bank said in a report Wednesday that average Canadian house prices will likely experience a cumulative 10 per cent drop in the next two to three years as demand softens.

Toronto and Vancouver, where average prices are well above the national average, could suffer an even steeper decline as oversupply and affordability issues turn the cities into a buyer’s market.

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Authored By Julian Beltram – See the Full Story at Yahoo.com

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