Toronto Dominion Bank has issued a warning concerning the future of the housing market in Canada. According to the T.D. chief executive, the real estate market in Canada, including Vancouver, is at risk of a correction.
According to bank experts tasked with observing and understanding this market’s evolution, the housing market in the country is about ten to fifteen percent over-valued. This means that if lending is not curtailed, things could really get out of hand.
Vancouver realtors and realtor Vancouver groups may begin to see a gradual slow down in properties for sale Vancouver. Vancouver homes for sale and Vancouver condos for sale may be at risk of having a harder time keeping prices up and finding buyers.
According to the experts, most likely there will not be a huge correction all of a sudden. Instead, realtors Vancouver and others suggest that things will probably instead slowly decline.
T.D. executives suggest that the next several years will probably witness a gradual slope in sales and in prices. Unless the economic situation worsens rapidly. In the case of rampant unemployment of a huge hike in interest rates, things could get a lot worse.
There is a significant imbalance in the housing market say some experts. This poses a problem for the country’s economic situation and outlook. Some action should therefore be taken in order to reduce lending and constrain debt incurrence.
Vancouver is one of the cities at greatest risk for a correction say experts. Though condos for sale Vancouver and homes for sale Vancouver continue to sell, some are forecasting that the city is in danger of a major slow down in the market.
International buyers do however make up a portion of Vancouver’s market and as such there will continue to be buyers for properties for sale Vancouver. Nevertheless, there is cause for some degree of caution. If you wish to get further information about Real Estate, make sure to check this Real Estate Blog, you’ll find great advice!