Friday, December 12, 2008

RBC comments on Ontario Markets downturn

This is RBC's comments on the Ontario marketplace

Ontario — Markets succumbing to economic blues

A number of worrying developments have emerged in past few months across housing markets in Ontario.

Several areas — including Toronto — have reported notable price declines and plummeting resales activity, clear evidence that the
sector is no longer able to resist the downdraft from a quickly souring provincial economy.


Overall, markets in Ontario appear to have peaked during the first half of 2008 and are likely to sustain a weakening tone until the economy shakes off its blues.

However, the market correction is unlikely to be as devastating as the early 1990s downturn. Ontario markets are entering this part of the cycle with much less threatening imbalances compared to those that had built during the late 1980s.

In particular, the erosion in affordability in the province during the past few years has been much more restrained, so that current measures are not as far off long-run averages as they were at the onset of the early 1990s meltdown.

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