Leftbank condos for sale. Economists overturn CMHC house price forecast! Most of the economists involved in the survey said that the current ultra-low interest rates are likely to last until at least 2023.Please Visit: Leftbank condos for sale to Get Your VVIP Registration Today!
Many experts have long been unhappy with CMHC’s previous forecast, and Christopher Alexander, executive vice president and regional director of the RE/MAX Integra Ontario-Atlantic region, criticized it in early October, calling it a false “act of intimidation”.
“although I can understand some of the reasons for CMHC’s prediction, especially in the spring, when a lot of things are still unknown,” Alexander said.
“but the market data have not experienced such a sharp fall in prices, especially in Toronto and Vancouver, the two largest real estate markets, which continue to rise.”
Alexander also said that the prairie did face different situations and challenges because of the energy industry, but the rise in Ontario and BC was expected to offset the slowdown in housing activity in Saskatchewan and Alberta.
Sherry Cooper, chief economist at loan broker Dominion Lending Centres, also said the forecast was “too pessimistic” given that average Canadian house prices rose 1.5% in august.
Such remarks have been echoed by many economists, who believe that Canadian house prices are actually rising in general, while historically low lending rates have pushed the market more active, leading to further price increases.