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Economists See a Drop Down in Home Prices in Toronto in 2015

Posted on 5th Feb 2014 by Mark Stern
going-down-sales

Many individuals are purchasing properties but most of them are on the lookout for the most reasonable rates charged on properties for sale. This is true for individuals who are looking for quality properties but are concerned about their budget. So whenever they heard about a drop down in home price, they usually come in a hurry to take advantage of the opportunity.

 

Toronto is a place where home and other properties are for sale. However, it was said that the rise on interest rates have posed massive impact on the housing market in Toronto in the near future. This was according to Diana Petramala, a TD economist. She has related this information with Toronto Star during her most recent interview.

 

Diana Petramala stated that resale home prices plunge to as much as 25%. However, according to this economist, slow unwinding of excesses can be far possible in the coming years. Toronto, along with Vancouver comprises 40% of Canada’s housing market. A particular reliable report released exclusively by TD Economics stated that home prices in the largest cities in Canada have already been overvalued by around 10% to 15%.

 

In 2012, home prices in Toronto have increased by 6.8% and another rating of 5.4% in the following year. In the year 2014, prices are predicted to jump only about 2.7% but will drop by 1.2% in 2015. This is when the interest rates start ticking upward as expected. Many individuals have probably come across this report. The expected drop down of Toronto home prices in 2015 is said to be an advantage for those who are planning to get their own properties without giving them much financial burden. To this drop down in home prices is expected to happen in 2015, many are already anticipating for this event.

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