5°c Partly cloudy
16°c Isolated showers
Winnipeg Free Press - PRINT EDITION
Home prices could fall in big cities
TORONTO -- Vancouver and Toronto home prices will probably experience a relatively mild downturn -- of about 15 per cent -- in two to three years, but not the dramatic drop that hit the United States a few years ago, according to a report by the Toronto-Dominion banking group.
TD said Monday the 15 per cent decline in Canada's two most expensive cities is likely in a few years but it will be gradual, rather than the sudden drop of 30 per cent seen in the U.S. real estate market after it peaked in late 2007.
The bank's analysis is consistent with other warnings that Vancouver and Toronto real estate is generally overpriced, but supported by low interest rates and a stable economy.
That's not likely to change this year unless there's a major economic shock from outside the country, the TD report said. In the meantime, TD says Vancouver's real estate market is stabilizing after soaring last year and Toronto prices appear poised for a robust increase.
"Some observers might point to the recent data in Vancouver as evidence that housing activity is going through a long-awaited correction. But the jury remains out," wrote TD economists Derek Burleton and Leslie Preston.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition June 12, 2012 B6
More Business
- Back to Top
- Return to Business
More Business
(1 of 16 articles for today)
Taiwan lowers 2013 growth forecast to 2.4 per cent as global demand remains subdued
4:49 AM 0TAIPEI, Taiwan - Taiwan has lowered its economic growth forecast for 2013 to a muted 2.4 per cent as global ...
Poll
Most Popular Business
- New owner for lumber stores
- Skyline-altering project will happen: developer
- Ottawa threatens 'retaliatory measures' over new U.S. meat labelling regulations
- New downtown tower could be 42 storeys tall: developers
- She's got entrepreneurial spirit
- The Galapagos to be just a click away: Google photographs famous islands for Street View
- Wealth survey indicates average person has $6.6K
- Creative industries can fuel a city's economic engine
- Hobby Lobby appeal tests limits of federal birth-control coverage mandate
- Target exceeds sales goal at Canadian stores
- New owner for lumber stores
- Mounties say crooks passing fake polymer bank notes in British Columbia
- 2 men arrested in killing of Las Vegas teen who refused to give up his iPad
- New downtown tower could be 42 storeys tall: developers
- Creative industries can fuel a city's economic engine
- Microsoft reveals Xbox One as all-in-1 entertainment console, last of 3 major systems unveiled
- Skyline-altering project will happen: developer
- Housing slowdown to worsen, cost 150,000 jobs, says mortgage group
- Bridging the gap
- Ottawa threatens 'retaliatory measures' over new U.S. meat labelling regulations
- Target opens its first Manitoba stores Tuesday
- New structure to be king of downtown?
- Transcona transformation
- Target opens Manitoba stores
- New owner for lumber stores
- Mounties say crooks passing fake polymer bank notes in British Columbia
- City to get a touch of glass
- Canad Inns property has personal meaning for owner
- Holiday pump jump debated
- Local boy leads Great-West
- New owner for lumber stores
- Skyline-altering project will happen: developer
- She's got entrepreneurial spirit
- US new home sales rise 2.3 per cent in April while median home prices hit record high
- Bell invests in 'TV everywhere'
- Bridgwater site to resemble Osborne Village
- Transcona transformation
- PotashCorp cites confidence in cash flow, increases quarterly dividend 25%
- Bridging the gap
- Young entrepreneurs pitch ideas to investor Warren Buffett, win prizes for their businesses
- New owner for lumber stores
- Ex-'Pegger seeks to grow local businesses
- Bridging the gap
- Developers to unveil plans for bold downtown tower
- Skyline-altering project will happen: developer
- There are lots of I's in 'team'
- More than a new boss
- New downtown tower could be 42 storeys tall: developers
- Viterra plans $20 million capacity upgrade at four Saskatchewan grain terminals
- Creative industries can fuel a city's economic engine
- New owner for lumber stores
- Transcona transformation
- New structure to be king of downtown?
- CEO, execs terminated at TCIG
- Target opens its first Manitoba stores Tuesday
- Canad Inns property has personal meaning for owner
- Winnipeg's got the REIT stuff
- Older and jobless? Resource on hand
- Local boy leads Great-West
- Ex-'Pegger seeks to grow local businesses
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.