The average national price of a home in Canada reached a peak of $839,600 in Feb. 2022, but went down by 7% to $777,200 in August with mortgage rates…
Giroux said it was to be expected that higher interest rates would have a negative impact on affordability, but he was surprised to see how big the affordability gap has grown in a matter of months.The PBO constructed two scenarios based on assumed increases in mortgage rates – 6.25 per cent by the end of year — and assumed household debt service ratio in order to gauge the “potential downward adjustment in house prices” over the remainder of 2022.
In the first scenario, assuming the debt service ratio of the average household remains at its August 2022 level, potential price adjustments in December 2022 could range from a decline of five per cent in Calgary to 20 per cent in Hamilton .Article content
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