Uncertain Times Ahead. Good for renters.
With record home ownership levels in Canada and a cooling housing market, home prices in Canada can be expected to fall 10% over the next two to three years, a Bank of Nova Scotia report suggests.
Two demographics stand to lose out the most: Babyboomers, whose net worth is tied up in real estate, and young professionals in the condo market, Mr. Turner said.
He said Boomers looking to sell houses to downsize will face a stagnant market after already seeing their property values fall at least 10-15%.
“The boomers overall have the bulk of their net-worth in residential real estate. It is the most real estate-centric generation in history,” Mr. Turner said.