Real Estate Market

According to an article published by the Financial Post on November 19, 2014, Canadian Imperial Bank of Commerce’s deputy chief economist Benjamin Tal and economist Nick Exarhos recently dispelled speculation that real estate market is overinflated in a report.

The paper reported that the pair stated, “Ask any real estate developer in any of Canada’s major cities about the risk of overbuilding, and the first line of defense would be immigration and its critical role in supporting demand.” In their report, they reason behind this is that new immigrants make up a significant source of Canada’s population growth and that the majority of them are between the ages of 25 and 44, a demographic group that is likely to grow their families.

The report also addresses the slowing growth of the echo generation, but insisted that “for the here and now, any claim of significant overbuilding in the Canadian market is not supported by the rise in household formation relative to start.”

So if you are thinking about buying a home, speak to a knowledgeable Century 21 representative today.

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David Cheung

David Cheung

CENTURY 21 King's Quay Real Estate Inc., Brokerage*
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