“Canada’s housing market is correcting quickly, and faster than we anticipated in our downbeat June forecast,” Desjardins said. In the previous forecast, the Montreal-based financial services company predicted national home prices would fall 15 per cent during the same period.
Desjardins predicts New Brunswick, Nova Scotia and P.E.I. will bear the brunt of a sharply correcting market with prices falling by 29, 27 and 25 per cent, respectively, from the peak in February 2022 to December 2023 after having risen 71, 67 and 62 per cent from December 2019 to February 2022. Desjardins expects Quebec to fare better because homes are cheaper — the average price there was $510,000 in April compared with $1 million in Ontario in February — and Quebecers are in “better financial shape.”
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