Projections vary wildly when it comes to expert forecasts on how house prices in Canada will perform this year and next.
The Canada Mortgage and Housing Corporation predicts average house prices nationally will only drop between 3 per cent to 5 per cent, this year and the middle of next.
And in mid-June, the Canadian Real Estate Association called for national average home prices to jump 11 per cent to $762,386 this year — though in a statement yesterday, a spokesperson said interest rates have increased since that forecast, and a September revision by the association will “likely be downward.
The cost of housing has “reached levels that are unaffordable for a large share of new home buyers, translating into a slowdown in 2022,” Dugan stated. On the upside, Dugan said the market correction is leading to a cooling off of “investment behaviour.” Speculators are backing out of the housing market and thus making room for end users — people who are actually living in the houses they purchase, he says.
“Prices just kept accelerating month after month. So, we’re just coming off of a peak, as opposed to — people like to throw around the word ‘crash’ and things like that. That’s not what we’re seeing.
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.
Posthaste: Royal LePage cuts home price outlook 'significantly' on aggressive Bank of Canada rate hikesRoyal LePage forecasts prices will rise 5% in 2022, compared to its previous forecast of 15%. Find out more.
Read more »
Bank of Canada surprises with 100-basis point rate hike as price risks gather steamThe Bank of Canada on Wednesday raised its benchmark interest rate by a full percentage point, surprising markets with its biggest rake hike since 1998 in a bid to tame soaring inflation
Read more »
Posthaste: Royal LePage cuts home price outlook 'significantly' on aggressive Bank of Canada rate hikesRoyal LePage forecasts prices will rise 5% in 2022, compared to its previous forecast of 15%. Find out more.
Read more »
Posthaste: Royal LePage cuts home price outlook 'significantly' on aggressive Bank of Canada rate hikesRoyal LePage forecasts prices will rise 5% in 2022, compared to its previous forecast of 15%. Find out more.
Read more »
World Cup bonus fight exposes battles over Canada Soccer transparency, governanceA review of more than 1,000 pages of Canada Soccer internal briefing notes, team budgets, emails, and business contracts, in addition to interviews with 31 current and former executives, board members, men’s and women’s national team players, player agents and corporate partners, paint a picture of an organization that has lurched between internal battles over transparency and governance for years.
Read more »
Bell Canada ordered to pay sick employee over $120,000 for 'recklessly' firing himBell Canada ordered to pay ex-employee over $120,000 for 'recklessly' firing him while he recovered from second bout of cancer
Read more »