In its economic and housing outlook released today, Oxford Economics is forecasting a mild recession by the end of the year will lead to an additional 10% decline in average house prices by early next year.
Real estate markets across the country continued to lose steam in August following the latest Bank of Canada rate hikes in June and July. Everywhere outside of Alberta and some pockets of Atlantic Canada, that is.
Housing markets in the country's largest markets continued to moderate in August, following the Bank of Canada's recent interest rate hikes over the summer.
Despite detached home prices in Toronto and Vancouver posting year-over-year declines in the first half of the year, a longer-term view shows prices are still elevated, and in many cases higher compared to two or three years ago.
Home sales and prices continued to ease in July following the two latest rate hikes from the Bank of Canada.
Following the boom seen in recreational properties during the pandemic, high borrowing costs and reduced demand are helping to bring balance back to the market.
Real estate markets in the country's largest metro areas remained relatively strong in July despite the Bank of Canada's most recent rate hikes.
The housing affordability crisis is pushing the dream of homeownership beyond the realm of possibility for many Canadians.
The Bank of Canada's June rate hike served as a splash of cool water to recent housing market strength as home sales moderated in June and priced edged down compared to May.