TD economist warns that Vancouver correction has started

TD Bank has warned that home prices in Vancouver will drop 10 per cent in 2017 and that a moderate correction is underway exacerbated by the foreign buyer tax.

The lender says that while its outlook for Vancouver is for a softening of prices, Toronto will continue to see higher prices. However, it expects both markets to soften over the next few years with a ripple effect easing prices nationwide.

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