A new report from TD Economics predicts Canada will see the weakest level of home sales since 2001 this year.
The housing market outlook from economist Rishi Sondhi attributes the prediction to the poorest affordability level since the late 80s and early 90s.
Sondhi is forecasting that home sales will reach their bottom sometime in early 2023, after declining 20 per cent from peak to trough.
OBJ360 (Sponsored)

Celebright: Smart outdoor lighting that transforms homes and grows businesses
It all started with a compelling desire to end the annual hassle of putting up and taking down Christmas lights. In 2017, Dan Junkins, founder and CEO of Celebright, had

Is relying on anonymous strangers for your company’s future success really a good idea?
Celebrating 25 years in business, Alphabet has seen a lot of change in the brand marketing world – and most of it has been dynamic, amazing and a much-needed evolution,
He says steep annual average price declines are expected in most of the Atlantic provinces, Ontario and B.C. in 2023, while lesser drops will materialize across the Prairies and in Newfoundland and Labrador.
The Canadian Real Estate Association said last month that the actual national average home price was $632,802 in November, a 12 per cent decline from the same month last year.
November home sales totalled 30,135, a 39 per cent drop from a year prior.