The Canadian Real Estate Association (CREA) released a new report indicating that home prices will stabilize, and remain stable for some time.
This means that Canadian homeowners are unlikely to experience a US-style decline in the value of their homes.“The relationship between average price and income has recently been cited as portending a US-style correction in Canadian home prices,” said Gregory Klump, Chief Economist, CREA. “However, such warnings ignore the longer-term relationship between prices and income, and disregard typical Canadian housing market cycle dynamics.”
Click here to read the CREA report.
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