CANADA - Canadians are paying too much for real estate, so says the TD Bank which estimates people are paying 10 to 15% more than the actual value of the homes they are buying. As such the TD Bank is now predicting a "moderate correction" in real estate prices during 2010 and 2011.
But according to economists its much worse than that. Others are saying the Canadian real estate bubble could be as big as 25 to 40%... and if it bursts it could mean a mortgage and housing crisis similar to what happened in the USA in 2007.
Home sales in Toronto's real estate market during July 2010 have been down dramatically for the third straight month, with prices showing a very modest 1% increase. According to economists the market has become flooded with people trying to sell, but everyone is still paying high prices despite the abundance of homes on the market.
According to TD Bank economists the downward correction will only be about a 10 to 15% drop ion housing prices. The correction should even stronger in major cities like Toronto, Vancouver and Montreal.
Annual seasonally adjusted home sales are currently down 30% compared to July 2009. Home sales in the Toronto real estate market was down 37% in July.
Once the prices drop considerably we should see a rebound in homebuying.
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