As reported by Shane Woodford for News Talk 980 CKNW
, a finance observer outlined the risks that are now hounding the country’s hottest housing markets.
“Basically, the markets of Toronto and Vancouver are more vulnerable to downsize prices, because in terms of the housing market across Canada, these are the two cities that are really out in front, and they are out in front on their own,” CKNW
business analyst Robert Levy explained.
Levy added that while the BoC did not specify the nature of any possible pricing corrections in the near future, the staggering numbers in the two cities are blurring the actual picture, which is showing static and even declining numbers in locales outside the leading markets.
“It really is a regional story, and certainly from the bank’s perspective as well – that is why they are not making interest rate policy respective with what is going on in the housing market, because it varies so much across the country,” Levy said.
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The Bank of Canada’s interest rate announcement on Wednesday (May 25) sounded the alarm on weaknesses that have recently emerged in the Canadian residential real estate sector.