House prices may stay high in Canada: Here’s why
Article by Don Pittis, CBC News, June 02, 2015
“People heading into retirement could have their plans seriously upset if house prices fell by 63 per cent, as one international bank projected earlier this year.
On the other hand, if prices continue to rise by nearly 10 per cent a year, as they did this year, it would be difficult for boomers to find a more lucrative, tax-free income on an investment worth up to a million dollars.
Boomers aren’t the only ones watching this market. New buyers would be even worse affected.
A decline in prices of as little as 10 per cent could wipe out their hard-won down payment. A decline by the 30 per cent suggested by the Bank of Canada, never mind 63 per cent suggested by Deutsche Bank, would leave many facing years making payments while trapped in a home worth less than they owe.”
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