Real estate experts believe that a market correction is overdue for Canada’s inflated real estate market, however, prices are expected to continue rising in the short-and medium-term.
While the U.S. housing market underwent a stark correction beginning in 2006 and 2007, Canadian real estate prices have risen strongly over the past decade. The global financial crisis caused but a brief hiccup in an otherwise consistent trend of skyrocketing home prices, however, many economists and experts have been warning that an eventual market correction is imminent.
The Huffington Post reports that a recent study by economist Diana Petramala found “Canadian housing is massively overvalued — by 60 per cent compared to rental rates and by 30 per cent compared to people's income.”
In light of statistics like these, Reuters recently conducted a poll of 16 Canadian housing experts and found that “almost all of them are worried that prices could fall after a decade of rapid growth.”
The experts seemed to agree, however, that a crash may likely be a few years off, and in fact, “prices are expected to rise 2.2 per cent this year, one per cent in 2015 and 0.8 per cent in 2016.”
FULL STORY: Canada Housing Crash Feared Among Analysts: Reuters Poll
Rent Crisis Deferred
One-third of tenants didn't pay rent in April, according to a data released today by the National Multifamily Housing Council.
Builders Look to Growing Home Rental Market
Subdivisions in states across the country are catering to people who want the benefits of living in homes without the burdens of home ownership.
Report: House Flippers, Not Subprime Loans, Were Responsible for the Housing Crash
According to a new study, richer borrowers drove the economy off the cliff in the housing crash of the Great Recession.
Federal Railroad Administration Proposes New Midwest Rail Network
If built, regional high-speed rail networks could provide an alternative to uncomfortable air travel and prevent travelers from becoming stranded at airports during extreme weather.
New Leadership at New York Department of City Planning
With a new mayoral administration comes new planning leadership in the Big Apple.
'15-Minute City' To Be Built in Utah
A community that focuses on reducing the need for car ownership and providing effective multimodal transportation and diverse land uses will be built from scratch on the site of the decommissioned Utah State Prison.
Experts Express Pessimism Over Housing Costs
Although the current housing crisis has been compared with the housing crash of the late 2000s, experts caution that affordability issues could plague the U.S. housing market for years to come.
Annual Google Scholar Citation Data for Planning Faculty
Publish or perish?
What the Microchip Shortage Reveals About Housing
The microchip shortage facing the automotive industry illustrates the significant impact that supply has on the cost of durable goods.
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Chicago Metropolitan Agency for Planning
LMN Architects
HUD's Office of Policy Development and Research
HUD's Office of Policy Development and Research
HUD's Office of Policy Development and Research
City of Mt. Shasta
Ferguson Township, Centre County, PA
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Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Hand Drawing Master Plans
This course aims to provide an introduction into Urban Design Sketching focused on how to hand draw master plans using a mix of colored markers.
