Why are home prices so high and when will they fall?

A recent report from the Organization for Economic Co-operation and Development that revealed Canada has the third most overvalued real estate in the developed world offered few surprises for analysts who say the market is heading for a price correction.

Many say the signs are already evident — home sales are slumping, demand is down and housing prices will likely follow suit. As for when, how far or how hard prices will fall, that still remains a guess...

 

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