Canada's housing boom over: Scotia Economics
November 20, 2008
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THE CANADIAN PRESS
The latest real estate report from Scotia Economics has good news for home buyers and bad news for sellers: Canada is becoming a buyer's market.
The report says the longest postwar housing boom has come to an end, with prices dropping most in previously booming cities such as Calgary, Edmonton and Vancouver.
But Scotia says Canada's real estate market slowdown is nowhere near the same scale as the collapse experienced in the United States.
Analysts say Canada's housing market is fundamentally different from its American counterpart.
The report says Canada's market is not overburdened with unsold houses, and new-home construction has slowed to reflect the flagging economy.
The report also says the slide in Canada's housing market is consistent with a global trend that saw prices drop in 10 developed countries this year.
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