Real estate cool down prediction
Posted Jun 9, 2011 10:37 am.
This article is more than 5 years old.
A new Scotia Economics report says increasing nervousness over global economic prospects alongside rising food and gas prices and persistently high unemployment are keeping potential buyers on the sidelines.
Senior Economist and Real Estate Specialist Adrienne Warren tells 660News homes sales around the world are on the wane.
Warren also says while Canada’s real estate industry is headed for a cool down, it’s just that – a cool down – not a crash.
She says rising interest rates later in the year and in the coming years will also produce a drag on real estate transactions.
As for prices, Scotia Economics predicts they will continue to soften a little, which will help reduce some of the high inventory levels across the country.
