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Long-term prospects for Canadian home prices are positive

The decline in national home prices this year will not turn into a prolonged downfall like the one that happened in the early 1990s.

Back then, home prices kept declining for several years. In the case of Toronto, prices fell for seven long years following the 1989 peak and eventually lost roughly 30% of their value. What is different this year is that price declines are happening in a unique economic and demographic environment. Four main elements of that changed environment are discussed below.

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