Good news for prospective homebuyers — Canadian home prices are about to take a swift nosedive, and you won’t want to miss out on a sweet deal.
According to a report published by Desjardins on Thursday, Canada’s housing market is correcting faster than previously expected. Nationally, average home prices could plummet by 20-25% compared to the exorbitant ones we saw back in February.
This change is expected to hit the real estate market between February and December of next year. After a few years of seeing the pandemic-induced price boom, this is surely a glimmer of hope.
That said, Desjardins says that prices will return to pre-pandemic levels nationally in each province as 2023 closes. High mortgage borrowing costs will still affect buyers’ decisions, and home sales — which are declining nationwide — might remain slow.
“We now expect the Bank of Canada’s policy…
