Sep 11, 2013
By AM740 Staff
A major Canadian bank says housing costs will likely decrease with condo prices dropping over the next two years.
Scotiabank’s Global Real Estate Trends report says that’s due to new available units, rising interest rates and slowing job growth.
The bank says another factor forcing prices down is an oversupply of new condos.
It adds that a drop in housing construction next year will mean reduced jobs in the construction industry.