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.
Subscribe to:
Post Comments (Atom)
Featured Posts
|
The Sarcasm Symbol
Ever had some confusion online or with your cellphone when someone fails to catch the sarcasm? Well now with the SarcMark you can ge... |
|
Behold, the Scorpion Hydrogen Supercar
CARS - To the right is the future of supercars... it is a hydrogen supercar called the Scorpion. The Scorpion from Ronn Motors in Texas is t... |
|
Documents show Stephen Harper misusing public funds
CANADA - According to 950+ pages of documents obtained by the Canadian Press under the Access to Information Act the Privy Coun... |
|
Pink's Rosie the Riveter
ENTERTAINMENT - What I like about this video is how it meshes different social movements like feminism, veganism, anti-capitalism... |
|
California's Dustbowl
ENVIRONMENT - The photo on the right is a farm in California that has been put up for sale. Its just one of thousands of farms that are n... |
|
Is Steampunk the New Goth???
GOTHIC - Watch out what you see on the subway late at night because while in 2001 you might have seen some pretty freakish goths, by 20... |
|
Do you have enough Ice Water in your diet?
HEALTH - A Calorie (large C) is a measurement of the amount of energy needed to raise the temperature of a litre of water (1 kg's worth) ... |
|
North Korean timeline towards Inevitable War
POLITICS - The following is timeline of events that have occurred on the Korean Peninsula. 1945 - Japan surrenders to the United States a... |
|
Judgment Day is Tomorrow, so sayeth Cult
RELIGION - According to a cult based in California, Judgement Day is tomorrow (May 21st 2011) and Jesus Christ will return to the Earth a... |
|
Sex in Space Forbidden
SEX/TECHNOLOGY - Sex in outer space is a big no-no according to NASA. Not for professional astronauts at least, but the growing numb... |
Popular Posts / Last 30 Days
-
CANADA - Inadequate communicator and poor Liberal leader Stephane Dion is being shown the door faster. The hope is to replace him with a st... -
Al Gore and the UN’s Intergovernmental Panel on Climate Change jointly won the 2007 Nobel Peace Prize today for their efforts to spread awar... -
OTTAWA - The Harper government is closing in on a new agreement with the United States to improve air quality in North America, Environment...
-
POLITICS - Italian anti-mafia prosecutors have captured 80 Mafiosi from two prominent crime syndicates, arrested in separate operations in ...
-
By Ai Lung Nguyen - February 2009. ENVIRONMENT - Climate change will cause a major redistribution of fish and other marine species as the... -
CANADA - The following is a list of 10 reasons why Torontonians are considered the rudest city in Canada. The sad part is Toronto may deser... -
Research in Motion (RIM) has hired an investment banker, sparking strong rumours that RIM may be sold to a competitor. The list of interes...
-
By Ai Lung Nguyen - March 2010. ART HISTORY - Epochs in art are rare and usually the result of major shifts in the art world. In the 21st ...
-
POLITICS - If you thought someone was running a Ponzi scheme and defrauding investors who would you tell? And worse, even if you did tell t...
-
ENVIRONMENT / HEALTH - A powerful 6.3 magnitude earthquake struck central Italy early today, killing more than 150 people, making up to 50,...
No comments:
Post a Comment
Comments containing links will be marked as spam and not approved. We moderate every comment. If you want to advertise on this blog it is $30 per link.