Housing correction gaining pace, to continue next year: Desjardins - BNN Bloomberg

Desjardins is forecasting the average home price in Canada will decline by nearly 25 per cent by the end of 2023 from the peak reached in February of this year.

Desjardins says the worsened outlook stems from both weaker housing data and more aggressive monetary policy than previously anticipated. The report also notes housing prices have dropped by more than four per cent in each of the three months that followed February, when the national average home price hit a record $816,720.

Regionally, the report says the largest price corrections are most likely to occur in New Brunswick, Nova Scotia and Prince Edward Island, where prices skyrocketed during the pandemic.

25% additional decline after the 30% decline already.

I have said for a very long time, this will be a repeat of 89-99 where houses prices in Ontario fell 50% and stayed there for 10 years. I bought 3 homes in those 10 Y and all at 219k, 230k, 225k.

50 percent from here!!! I have a very difficult time putting a 4 in front of townhomes Especially now that CNRailway got the go ahead to build in HALTON.. 4500 TRUCKS POTENTIALLY INNUR BACKYARD TIMBERRRRRRRRRRR

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Housing correction gaining pace, to continue next year: report - BNN BloombergDesjardins is forecasting the average home price in Canada will decline by nearly 25% by the end of 2023 from the peak reached in February of this year. Even if it corrects 50% it is still way overpriced. Never seen a nonsense real estate market like this one. Canadian Banks would appear to be in a tight spot. Skeptical it will drop that much. If it does, it will be short-lived. Supply and demand ultimately rules. And we know how dire the supply side remains.
Source: BNNBloomberg - 🏆 83. / 50 Read more »