Housing Market Had Major Correction, Nobody Noticed: Royal LePage. (FULL ARTICLE)
What if Canada had a housing market correction and no one noticed?
That’s what real estate expert Phil Soper says has played out over the past year: the sharpest decline in home sales since the Great Recession.
“Canada experienced a significant housing market correction over the last four quarters that most in the nation missed entirely,” Soper, president and CEO of Royal LePage, said in the company’s third-quarter report.
“Many regions experienced dramatic slowdowns in the number of homes trading hands, but news of double-digit unit sales declines went largely unnoticed, over-shadowed by a macabre fascination with the prospect of a U.S.-style home price collapse, which of course never transpired.”
Until recently, Toronto and a number of other major markets experienced a sales slump, but little to no decline in prices. The number of homes for sale also dropped during that time as sellers also stepped aside, keeping pricing stable….
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