CMHC to forecast steeper housing price decline of 10-15% — via financialpost RealEstate News Mortgages
In July, a CMHC report said a surge in interest rates could drag national home values down by five per cent by the middle of 2023. While a formal revision won’t be released until October, Bowers said it is expected to be in the range of 10 to 15 per cent.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
In May, CMHC released a comprehensive report that showed new housing starts have struggled to keep up with population growth in some of Canada’s large cities, especially Toronto, making affordability a “significant” challenge. The CMHC report in June projected that housing stock would increase by 2.3 million units by 2030, reaching close to 19 million housing units, based on rates of new construction at the time. However, that “would need to climb to over 22 million… to achieve affordability for everyone living in Canada,” the report said.Article content
“There’s no doubt that doubling our housing starts is very difficult, but that doesn’t make it any less desirable.”
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