- Joined
- Sep 25, 2007
- Messages
- 201
Hi all,
An article from today`s edition of the Province (BC) (Money section). Excerpts:
Canada`s housing boom has ended, but the shift to a buyer`s market is no reason for alarm, according to an analysis by one major bank yesterday. Another big bank contended that even the recent 10-per-cent fall in Canadian housing prices is significantly overstated.
"We argue against taking an overly alarmist view to domestic housing prospects," said Adrienne Warren, economist and real-estate market specialist at Scotiabank.
"This is not a U.S.-style bust caused by overbuilding, speculative buying and imprudent lending, but rather a cyclical slowdown accompanied by a valuation adjustment in several large centres where booming demand conditions and temporary supply constraints led to an overshooting in prices."
Meanwhile, Scotiabank in its report conceded that Canada`s longest housing boom of the post-war period has come to an end.
While the reversal has been most pronounced in the previously hottest markets of Western Canada, including Calgary, Edmonton and Vancouver, conditions in virtually all regions are tilting back in favour of buyers for the first time in years, it said.
Much of the decline will occur in Canada`s three western-most provinces and will leave intact most of the significant price appreciation of recent years, it said.
http://www.canada.com/theprovince/news/mon...f4-6fa6b61d783e
Keith
An article from today`s edition of the Province (BC) (Money section). Excerpts:
Canada`s housing boom has ended, but the shift to a buyer`s market is no reason for alarm, according to an analysis by one major bank yesterday. Another big bank contended that even the recent 10-per-cent fall in Canadian housing prices is significantly overstated.
"We argue against taking an overly alarmist view to domestic housing prospects," said Adrienne Warren, economist and real-estate market specialist at Scotiabank.
"This is not a U.S.-style bust caused by overbuilding, speculative buying and imprudent lending, but rather a cyclical slowdown accompanied by a valuation adjustment in several large centres where booming demand conditions and temporary supply constraints led to an overshooting in prices."
Meanwhile, Scotiabank in its report conceded that Canada`s longest housing boom of the post-war period has come to an end.
While the reversal has been most pronounced in the previously hottest markets of Western Canada, including Calgary, Edmonton and Vancouver, conditions in virtually all regions are tilting back in favour of buyers for the first time in years, it said.
Much of the decline will occur in Canada`s three western-most provinces and will leave intact most of the significant price appreciation of recent years, it said.
http://www.canada.com/theprovince/news/mon...f4-6fa6b61d783e
Keith