Wednesday, 24 September 2014

Canadians’ real-estate exuberance may be fading

The share of Canadians who predict home prices will rise over the next six months fell to 38 percent this month, the lowest since April, according to Bloomberg Nanos Canadian Confidence Index. The Nanos survey found 48.1 percent of respondents predict prices will remain unchanged, the most since February, and 11.5 percent forecast a drop, matching the average this year.

Home sales and prices had shown unexpected strength as the lowest mortgage rates in decades spur demand. Forecasts for housing starts were raised to the highest this year in monthly Bloomberg News surveys of analysts taken this month. 

The Canadian Real Estate Association said home sales rose 1.8 percent in August from July, the seventh straight monthly gain, led by sales in Toronto and Vancouver.


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