Bloomberg News The outlook for Canadian home prices this year appears mixed, but new reports out Tuesday are on the same page about one thing: fears of a big housing-market crash are unwarranted. In their latest forecasts, Bank of America-Merrill Lynch and Canadian real estate brokerage Royal LePage agree that Canada’s housing market is currently in a state of correction, but a U.S.-styled housing crash, like the one seen in 2007 and 2008, isn’t in the cards for 2013. “The housing market is well into a cyclical correction,” Royal LePage said in its report, adding “fears of a sharp or drawn out collapse are unwarranted. Home prices have risen faster than salaries and wages for three years and the market requires time to adjust.” As for prices, the two have differing views. BofA-ML sees prices for homes in Canada falling by 5% over the next year, it said in its report . Canadian home prices are currently too high relative to economic fundamentals, with the long ...
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