Lower house prices not all bad news: CIBC
Bank report highlights economic upsides of real estate slowdown
A slowdown in house prices isn't necessarily completely negative for Canada's economy, one of the country's largest banks said today.
"Cheaper home prices could bring winners as well as losers across the economy," CIBC World Markets economist Avery Shenfeld said.
After a multi-year run-up, price gains have slowed down and even started declining in many Canadian cities. The Canadian Real Estate Association reported recently that the average price of a Canadian home was $361,516 in October, virtually unchanged from a year ago.
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