David Madani, senior Canadian economist at Capital Economics says that the Toronto and Vancouver housing markets are on the brink of a “severe downturn” that could hurt the country’s GDP and drag home prices down by up to 40 per cent.
Madani warned Capital Economics subscribers about the possible downturn in a newsletter on Friday.
Madani says the proof is in the latest housing data from the Real Estate Board of Greater Vancouver and the Toronto Real Estate Board. He says the ratio of sales to new home listings is falling, which would indicate that a decline in prices is on the way.
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