Housing market in Canada is only halfway to the bottom, with prices set to fall 30% peak to trough, says Oxford Economics. Read on
hikes, the horizon has been looking a bit more hopeful for our battered housing market.
Declines will vary across the country, of course, with the cities that saw the steepest gains suffering the biggest declines. Prices in Hamilton, Ont., for example, are seen dropping 34 per cent and Kitchener-Cambridge-Waterloo, 33.6 per cent. Western cities should fare better, with Calgary prices expected to fall 11.8 per cent and Regina, 10.7 per cent.Article content
“The seasonal pick-up in resale activity this spring will be a key litmus test in a recessionary environment. If distressed homeowners boost listings faster than sales, months of inventory will shift further to a buyers’ market and prices will fall even lower,” said economists Tony Stillo, Michael Davenport and Cassidy Rheaume.If global supply chains mend faster than expected, easing inflation and boosting investor confidence, home prices may only fall 27 per cent peak to trough, said Oxford.