Home prices in our country could fall significantly next year, according to a new report.
Desjardins published a residential real estate outlook today, forecasting a nearly 25 per cent drop on the average price by the end of 2023.
They say last month’s full percentage point adjustment of the Bank of Canada’s key interest rate is ‘bringing sanity back to Canadian real estate.’
Desjardins says weaker housing data and a more aggressive monetary policy are driving factors.
The Maritime provinces should see the largest adjustments, according to the report.
The drop is based on the peak average home price from February of this year, which was over 816-thousand dollars.
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