The housing market is taking a breather, but it’s not in free fall: Conference Board!
As Canada’s housing market softens, the question for many homeowners is how much prices might decline.
The Conference Board of Canada waded into the debate Wednesday, saying there will not be a “free fall” in the market but rather a pause in what has been, in recent years, rapid price increases.
The comments come on the same day the Bank of Canada raised its key lending rate for the third time in a row, though it cautioned that further increases aren’t set in stone. The central bank’s record low interest rates over the past year have been a main reason for the recent boom in the country’s housing market.
Canada’s real-estate market has now lost its lustre, but it won’t see the steep price declines occurring in the U.S., today’s report said.
Source: Globe & Mail
Published on Wednesday, Sep. 08, 2010 11:17AM EDT
Last updated on Thursday, Sep. 09, 2010 9:15AM EDT
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