Sharp declines ahead for Canadian housing: economist David Madani

Amidst a rising chorus of “soft landing” predictions for Canada’s housing markets, one Canadian economist, David Madani is singing a different tune that may or may not be music to your ears.

Madani, in a reportreleased this week titled, “Canada Economics Focus, house prices likely to fall for several years” says rising interest rates and near stagnant wage growth resulting from low inflation will cause housing affordability to deteriorate substantially in the years ahead taking values down an estimated twenty-five percent.

The report is an interesting read addressing some of the typical, “Can’t happen here because” arguments while taking a look at how such significant declines might effect the economy and Canada Mortgage and Housing Corporation.

Read it here.

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Norm Fisher
Royal LePage Vidorra