A new report suggests that the average price of a home in Canada could fall by up to 25% from the peak seen earlier this year to the first quarter of 2023.
TD Bank also estimates that the number of home sales will fall approximately 35% over that same time period, and "only partially retrace the 46% gain over the course of the pandemic."
The Toronto Regional Real Estate Board recently stated that July home sales fell 47% when compared to the same period last year, and 24% compared to this past June.
Looking long term, TD says that the outlook on housing is considered generally positive, because population growth, including the continued intake of immigrants, should remain healthy and underpins fundamental demand for housing.
