TD Economics has revised its forecast for Canada's housing market to account for steeper sales and price declines in 2023, followed by a rebound in 2024.
Home prices in Canada, which have dropped 22% since record highs in February, will drop by another 11% in 2023 while sales will decline by 16% next year, the bank forecasts.
TD predict that housing sales will bottom out at about 20% below their pre-pandemic levels in the early part of 2023 due to rising interest rates that along with astronomical prices have made home-buying unaffordable for most Canadians.
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