According to economists, the key drivers of prices are looking increasingly weaker and are warning Canadians not to expect any sort of significant growth in house prices for the next few years. The Scotiabank report came a week after TD's economic announced that it expects home prices to grow at 2% per year for the next decade.
The fallout from the tougher lending rules is continuing through February as sales and prices decline on the national scale. After a lacluster second half in 2012, the Canadian Real Estate Association (CREA) adjusted its forcast for 2013. Total sales for the Canadian housing market are projected to fall 2.9% to 441,500 with the national average home price slipping by 0.2 per cent to $362,600.
Well, its official... Toronto's real estate market has shifted into negative territory in its average price. The October market marked the first month to month price decline (0.6%) since late last year. Toronto's real estate market has continued to soften since the new mortgage rules went into