Home pricing in Canada should rise four per sent annually on average over the next 25 years, with the highest increases in the West, according to a report released by the economics wing of TD Bank. “Our report confirms the old adage that real estate is all about location, location, location,” Craig Alexander, deputy chief economist of TC Bank Financial Group, said in a release. The report picked Vancouver and Victoria as cities likely to continue to see higher prices then the average. Slowing population growth will be offset by rising home ownership rates, rising personal income, a lower long-term rate of unemployment and more modest construction of new homes, the report states. “Fears that baby boomers will severely depress housing markets as they sell their properties are overblown,” Alexander said.
Taken from the Real Estate Weekly Friday, September 29, 2006 Vol.20 No.38