Canada's Home Prices Seen Falling, Not Crashing. Vancouver sees the least adjustment of most cities across the nation.
The survey of 20 forecasters published today showed the majority believe the Canadian government has done enough to rein in runaway prices, preventing the type of crash that has devastated the US market for years.
“This isn’t a sharp correction, this isn’t a US-style correction, it’s just simply an unwinding of the excess valuation that was created by artificially low interest rates for a long period of time,” said Craig Alexander, chief economist at Toronto-Dominion Bank.
“I would emphasize that while a 10% correction sounds scary, in actual fact, this would be a healthy outcome.”