On Wednesday, October 22nd, TD Securities announced that it feels that the Canadian housing market decline may not be as bad as was thought by other institutions. This supports speculation that the Canadian housing market is not going to suffer a meltdown similar to the one seen in the United States.
TD reports that home prices fell only 1.3% in major Canadian cities in September, whereas it was initially reported by the Canadian Real Estate Association (CREA) that prices fell by a whopping 6.2%.
Eric Lascelles, chief economics and rate strategist for TD Securities says that home prices are expected to continue to correct in some cities with inflated prices, but there should be no need to prepare for giant declines in prices like the ones that the United States saw.
To read an article that explains more about the CREA and TD Securities speculations, please visit this Financial Post article.