Subdued job and income growth, rising interest rates, the recent tightening in borrowing rules for insured mortgages and fewer first time buyers will set the stage for a decline in housing unit sales in most regions of Canada through 2012 and 2013, according to a report released by TD Economics today. TD is predicting a 15.2 percent decline in resale activity over the two-year period and a 10.2 percent decline in average prices.
Citing an economy that “stumbled” through 2010 and deterioration of affordability that is worse than other regions of the province, the report calls for a slightly higher rate of price declines in Saskatoon than may be experienced nationally. TD is forecasting an 11.5 percent decline in unit sales and an 11.1 percent decline in the average sale price for Saskatoon.
Interested in learning more about the TD report? Read it here. I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
Norm Fisher
Royal LePage Vidorra
Comments:
Post Your Comment: