[Burninator]

Canadian Housing Prices Inflated

Canadian homeowners should be prepared for a fall in housing prices, warns a study that estimates homes in most cities are overvalued, and by as much as 25 per cent.
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Only in Toronto are prices in balance with rents, the study concluded. In Halifax, Montreal, Ottawa, Regina and Winnipeg prices would need to drop by at least 20 per cent to be in balance and in Calgary by seven per cent and in Vancouver by 11 per cent.
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In dollar terms, the amount by which house prices would have to fall to bring them back into balance in each of the overpriced cities was: Calgary, $32,000; Halifax, $58,000; Montreal, $68,000; Ottawa, $81,000; Regina, $87,000; Vancouver, $85,000; and Winnipeg, $74,000.

That houses are overpriced doesn't, however, guarantee that they will fall, it said.


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