forma condos.Canadian real estate trend in 2023. The latest forecasts for the Canadian real estate market show that Canadian property sales and prices will continue to decline in 2023 and then rebound in 2024.Please Visit: forma condos to Get Your VVIP Registration Today!
House prices in Canada have fallen 22 per cent since hitting an all-time high in February and will fall another 11 per cent by 2023, while sales will fall 16 per cent next year.
The TD predicts that home sales will bottom out at about 20 per cent below pre-pandemic levels in early 2023 as rising interest rates and astronomical prices make housing unaffordable for most Canadians.
TD expects the Canadian real estate market to rebound strongly in 2024. The bank expects home sales to grow by more than 19% in 2024 and prices to rise by 6%.
In dollar terms, the median price of Canadian homes reached a record $604000 in February before falling to about $472000. The exchange rate of the Canadian dollar is about US $0.74.
According to a recent report by the Royal Bank of Canada, the average cost of housing in Canada is 67% higher than the affordability of the average family. Median families need to spend 60% of their income on home purchases, the report said.
As interest rates rise, a Desjardins report predicts that Canada’s housing affordability will continue to deteriorate for three to six months.
Since March, the Bank of Canada has raised its benchmark interest rate by 300 basis points, which is higher than the rate announced by the Federal Reserve in the United States.
The Desjardins’s affordability index expects Edmonton and Calgary to return to pre-pandemic affordability levels by the end of 2024, but Toronto, Montreal and Vancouver will take longer to get there because they have seen the biggest increases in house prices.
Prices averaged more than $800000 in Toronto and Vancouver in September, according to the Canadian Real Estate Association.
