In Toronto, the number of home resales was down about 47 per cent in July compared to the previous year, while new listings fell by about four per cent.
A crash refers to a scenario where prices fall by about 30 per cent and housing demand completely erodes, said Carrie Freestone, an economist at RBC and the report co-author. That, paired with the federal government’s targets to bring in a record 1.3 million new permanent residents by 2024 — adding about 555,000 new households — will help drive housing demand and “contain a housing spiral.”
Toronto house prices are going nowhere but up in the long term.
Says the sponsors of this failing “media” outlet. Advertorial
GFY
So, chronic housing crisis will continue indefinitely 'cause we insist on having the most aggressive immig. rate in the west our broken housing &health systems can't absorb. Result: degraded quality of life for millions, incl. newcomers, as basic human needs are denied people.
They also said prices would never fall.
I thought RBC said Ontario is in for the biggest market correction in decades. Can't believe anything you read anymore.
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