A survey conducted by the Canadian Real Estate Association (CREA) indicates that 80 per cent of Canada's markets showed gains in 2013, dispelling rumours of an imminent crash, according to a report from the Financial Post.
Some top experts believe the market will achieve some level of balance in the near future. Robert, Kavcic, senior economist for BMO Capital Markets, noted that the market was "balanced and well-behaved," while BMO chief economist Douglas Porter echoed that sentiment.
The tightening of
mortgage rates by Finance Minister Jim Flaherty in 2013 factored into the positive outlook some have for Canadian real estate. This, in turn, caused markets to stabilize.
Although there is some evidence that the winds of change may soon be blowing, a massive decline has yet to occur in Canada. There is a chance that the naysayers may be right someday, but for now, the market remains fair and balanced going forward.
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