CHIEF ECONOMIST EXPECT PRICE DROP IN REAL ESTATE!
Monday Jun 13th, 2022
House prices are set to continue falling across Canada as a result of the current market cooldown, with the only question being by how much, according to a well-known economist.
Benjamin Tal (pictured), deputy chief economist at CIBC World Markets, told Canadian Mortgage Professional that the decline in value was likely to be most evident among low-rise properties, although he said that should be taken in the context of skyrocketing price appreciation in recent years.
“I think [prices] will go down in the low-rise more significantly than in the condo space. It depends where you live, what kind of neighbourhood, but you can see that low-rise is already down by roughly 15-20%, and that’s something that might continue,” he said. # SANDI HALPERN # REAL ESTATE # SOLD # LEASED