That was the view expressed by National Bank of Canada economist Stefane Marion who told delegates at the Bloomberg Canadian Fixed Income Conference in New York that the decline will be “healthy” for the market.
Marion highlighted government policy for the easing of prices, especially the larger downpayment requirement and the foreign buyers’ tax; but said that gains for the labour market will temper the decline.
Meanwhile, the Financial Post reports that Bank of America Merrill Lynch economist Emanuella Enenajor says that Canada needs a national policy on housing rather than provincial solutions.
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There could be a correction on the way for Vancouver with a price drop of up to 10 per cent.