\u0027After nearly two years of record price appreciation ... the frenzied housing market overshot, and the inevitable downward slide or market correction began\u0027
The real estate firm’s 2023 Market Survey Forecast, which is being released Tuesday, predicts aggregate prices will drop by one per cent to $765,171 by the fourth quarter of 2023, a decline that could be worse given the effects of rising interest rates, declining affordability and a housing supply shortage. The median price of a single-family detached property will also decrease by two per cent to $781,256 while the median condominium price is projected to rise by one per cent to $568,933.
This contrasts with a traditional recessionary environment, in which job losses snowball into missed mortgage payments and foreclosures, leading the market tobe flooded with new listings. However, in Canada’s post-pandemic period, most people have kept their jobs. Soper believes that would-be buyers sitting on the sidelines have not been forced to exit the market.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
12 career questions to reflect on to set you up for a successful 2023Considering a few thoughts about the year that past, and the one to come, can help sharpen your perspective
Read more »
Five key investment themes to consider for 2023Globe Advisor speaks to several money managers about what’s attractive in the new year and how advisors and investors should play these opportunities
Read more »
St. John’s Brings Down Budget 2023 This AfternoonThe city of St. John's will bring down its 2023 municipal budget at city hall this afternoon. The budget comes...
Read more »
U.S. inflation will be much lower by end of 2023, Janet Yellen saysU.S. Treasury Secretary says ‘there’s a risk of recession,’ but doesn’t think it’s ‘something that is necessary to bring inflation down’
Read more »
U.S. inflation will be much lower by end of 2023: Treasury Secretary YellenU.S. Treasury Secretary Janet Yellen on Sunday forecast a substantial reduction in U.S. inflation in 2023, barring an unexpected shock.
Read more »
The most and least reliable SUVs for 2023, per their ownersWe\u0027ve rounded up the predicted reliability for small, large, and luxury SUVs, according to Consumer Reports\u0027 latest survey results
Read more »