As the Bank of Canada continues to hike rates in order to curb inflation, housing prices in Canada could fall 15 per cent from its peak by the end of next year, a new report says.
"Our expectation is for the housing market to cool to moderate, but we're not expecting any collapse by any measure," Jean told CTV News on Thursday. But it's a different story for real estate investors who were expecting huge gains from rising housing prices. "The Canadian economy is highly rate sensitive," Jean said. "We think this moderation will be significant and will cause economic growth, and therefore inflation, to slow, and that will remove the necessity for Tiff Macklem and the Bank of Canada to hike all the way to three per cent.
These provinces are also expected to see the largest corrections; Dejardins says housing prices could drop between 18 to 20 per cent.
You mean going back down to where they should be?
In desirable areas the prices are intact and selling for list. There is a supply issue. Prices won’t drop that much for homes. The condo market is taking a beating
Nice!!!!
'Could'.
Regardless of that, blackrock will just buy it all
Cool, I still would like to own a home that A wasn’t 400 thousand dollars for the bare minimum and B didn’t have to pay a mortgage payment that’s increased 45% from what it was a year ago
With 6-8% inflation this is fiction. The cost of new builds and the shortage of supply will at best slow pricing increases. Also the lower prices will reduce the resale supply. The ‘total cost of home ownership’ is rising with inflation. Wishful thinking. 🙄
Hyped up areas like Keswick, Sutton, Hamilton etc… drop gonna even harder
In hyped up areas that saw prices rise by factors of 3 or higher, then Yes, a drop will happen. But, even 20% drop just takes us back to 2021 pricing. In prime areas, prices may stagnate or drop 10% but with 1/2 million people still coming here, we need houses and rentals.
The rent will increase on the other hand.
They are purposely forcing us from our home , with unaffordable interest rates in order to give our home to others cheaper. More Liberalization kicking when your down.. Thank you NDP for looking out for the common man, through your lovefest with the Liberals.
15% it’s peanuts that’s take you to January 2022 prices it’s going to crash big till millennial can afford to buy
While everything else goes up by 15%
Nonsense!
I hope sooner,so I can get into the market...
Doubt it. Prices will only fall if the seller lowers the price. And they won’t.
If this happens… what’s going to be increased?
Because it will be a buyer's market, since fewer people will be able to afford homes!
Some of real estate agents are still encouraging to bid offer now, they are one of factors to manipulate house market by wrong information.
So? They are inflated by over 65% already.
Oh quit with your shitty headline grabbing predictions.
Good. Paying $600k for a $400k house is just not a good deal. The housing market isn’t crashing it’s correcting.
40% by October. 😉
15% of 2 million … what a deal!!😅
LOL
There won't be a Canada left by then
If you believed that Real Estate agent.....
But fail to state because internet rates will be unaffordable for most people by than. Again Russia’s fault I’m sure.
Wow a whole 15%, I’ll get out the wine to celebrate🙄
Hey, Just confirmed what i said 1 year and half ago
Just like 2008-09 We're been there.
Dont believe what CTVNews ssy they all liers how fo they know
Except in Victoria- where prices continue to climb,,,
house prices have steadily declined. have. not has.
It was fools market anyways, housing prices have been too high for a while
I left Canada because the 🏠 crisis. People are sheep in Canada. I was done.
Haven’t they already fallen a lot more than that in many areas? Maybe it’s selection bias but I’ve seen quite a few aggressive price reductions in that range
And if they do the NDP or the liberals will not win another election for the next 25 years.
Isn’t that what we wanted?
If without the 500,000 immigrants’ support, the market will fall more than 15%, and should look at the data of 2022, this year only, not 2023.
All depends how much rates go up,can't have million dollar mortgages at 10% interest rates..........or can you ?
Sunny ways folks...sunny ways.
These homes don’t even have a back yard. They just want to cram as many people into Canada as possible. So sad for the environment.
Not in Toronto they won't
They won't. Investors will keep buying up the houses and charge ridiculous amounts in rent. The WEF said we'll own nothing and be happy. Is this to make people wait out only to get screwed and have to rent?
Blackface economics.
By Dec 2023? Are you daft? We’re gonna see that by fall 2022. They are already down close to 5% right now.
Wanna bet? 450,000 immigrants a year make it tough for house demand to fall
Ya sure they will
its already down 15% form its highs in many places!
Anyone that bought a house past 2 years will have a hard time renewing their mortgage when the value of house drops lower than what they owe
Not enough…