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Thursday, May 7, 2009

TD said 'buy now', Scotiabank says 'prices still to fall further'

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Yesterday we read TD Canada Trust's sales promotion disguised as a real estate market assessment.

Today Scotiabank offered a bit of a different take on the R/E Market.

The Vancouver Sun reported the story in an article titled "B.C. housing prices still under pressure to fall, Scotia Economics says".

While acknowledging that BC real estate sales have lifted from last fall's dismal lows, Scotiabank stressed that "market oversupply and deteriorating economic conditions will still pressure prices downward."

March and April saw "pretty strong sales volumes" across the country, said Adrienne Warren, a senior economist with Scotia Economics, the Bank of Nova Scotia's economic-research division. However, "prices are not really firming up [in B.C.] as we've seen in some other parts of the country. There is still a bit of correction going on in a lot of western markets: Vancouver, Calgary and Edmonton, where they are still working through some overshooting of prices and excess supply."

That, she added, will mean "a little more downward pressure on prices."

Warren still offers a few optomistic assesments for a market turnaround, which is fine. That is the sort of honest assessment that the public needs from the banks 'economic advisors'.

Not the TD-style sales marketing spewed out on behalf of the mortgage department.

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Email: village_whisperer@live.ca

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