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)
Ottawa Airport soars: Year-in-review highlights growth and innovation
The past year has been marked by significant developments across various sectors at the Ottawa International Airport (YOW). With a sharp rise in air service, terminal improvements, enhanced passenger amenities,
Giving Guide: Children’s Aid Foundation of Ottawa
What we do We Launch Dreams! The Children’s Aid Foundation of Ottawa (CAFO) is dedicated to enriching the lives of children, youth, and families supported by The Children’s Aid Society
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.
