A recent article released from CBC News discusses one of Canada’s leading economist’s outlook for Canada’s housing market for 2012. CIBC Economist Avery Shenfeld feels that the best case scenario for Canada’s housing market would be for nothing to happen at all. More specifically, Shenfeld believes that house prices should remain stable and not rise in order to avoid future pain in the market place.
Shenfeld feels that slight, modest gains in the average selling price of a Canadian home in the upcoming price would be the best case scenario as the gap between housing price increases and income increases in Canada is already widening. Zero growth in 2012 could leave way for incomes to catch up to the rise in home prices and give some ‘breathing room back into Canadians’ balance sheets’.
Other economists are echoing Shenfeld’s outlooks and hope that stable housing prices will contribute to the underlying strength of Canada’s economy.
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