Posted Jul 12, 2011, 2:06 PM
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Join Date: Mar 2008
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Putting May's REIN recommendation in perspective...
New Warning On House Prices [Tony Wong, Toronto Star, July 12, 2011]
Home values are headed for a correction and could drop by about 12 per cent within the next two years, says the Toronto-Dominion Bank in an economic note Monday....
The Toronto market alone saw starts rise by 23 per cent, fuelled by growth in the single detached and highrise sectors. Highrise starts are now 57 per cent higher in the first six months of 2011 compared with last year. With major sales in the pipeline, CMHC says highrise construction will be strong for the remainder of the year.
“Apartment construction will remain brisk but slower job growth, more balanced resale markets and tighter mortgage markets should temper the pace of construction activity in the months ahead,” said CMHC regional economist Ted Tsiakopoulos.
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