Residential real estate activity should moderate further in 2009 alongside a general weakening in domestic economic conditions, says a research report released Wednesday by Scotia Economics.
Real Estate Trends, authored by senior economist Adrienne Warren, said Canada can expect a 15 to 20 per cent decline in the volume of resales this year with a further 10 per cent drop in average prices.
"Centres with the largest supply-demand imbalance, including Vancouver, Sudbury (Ont.) and Calgary, have relatively greater downside risk," said the report.
