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Canada Home Prices Expected to Drop 19% by 2023: TD Economics
Posted by Infinity Admin on
Industry observers anticipated the Canadian real estate market would slow down ahead of the Bank of Canada’s (BoC) monetary policy tightening crusade. It could be challenging to fathom, after the unprecedented growth of Canada home prices and market activity during the last two years.
According to the Canadian Real Estate Association (CREA), national home sales tumbled by 5.3 per cent in July, with monthly activity clocking in 29.3 per cent below last July. Home prices were mixed. On a month-over-month basis, they edged down 1.7 per cent in July. However, on an annualized rate, the MLS® Home Price Index (HPI) advanced 10.9 per cent to $629,971.
This is a nationwide trend, too, association data show. Sales activity was…
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