'What I’m noticing is that a lot of buyers who were previously disillusioned are starting to come out of the woodwork and getting excited about trying to buy a house,' says local Real Estate Board president
RBC - Canada’s largest bank - foresees the country’s real estate bubble popping with a big downturn in both sales and prices.
While RBC forecasts the overnight rate will climb to 3.25 per cent by October, the bank and real estate industry experts see the anticipated downturn in prices as a correction and a welcome change. “Big time investors will always be in play, people who are in southern Ontario and decide that they want to invest in housing but can’t afford that market so it’s been pushing those kinds of people up north. But we’re noticing that with the interest rates going up there’s a lot less of those types of investors entering the local market, so that’s positive.”
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