Since last 3 to 4 years the so called Housing market analyst comes out from hybernation and sings the chorus of home price correction is eminent and may be as much as 25% decline in price will happen. However, they do not gives any specific about geography or type of the properties that will hit hard.
The question is would that be possible ?
If we look for this year, some of the current situation especially in GTA are,
1. Strong Population Growth
2. Influx of Immigrants and Refugees who will purhase homes in near future
3. International Students who are now on work permits and will settled fuelling demand
4. Low Canadian $$ offers great investment oppertunities to overseas investors
5. Home ownership dream of every Canadian keeps demand up
Well, if these are valid points than why would house price decline up to 25% ?