Despite the continued price decline, don't expect buyers to come flocking back, TD says, as higher borrowing rates offset improvement in prices From m_zadikian
A new TD Economics report says home sales and prices could bottom early this year. The bank says it's maintaining its long-held view that home prices will fall roughly 20 per cent peak-to-trough, but the steepest declines will happen in Atlantic Canada, Ontario and B.C.
"We forecast lesser annual average price declines across the Prairies and Newfoundland and Labrador this year, supported by comparatively decent affordability conditions."This content is not available due to your privacy preferences.According to the Canadian Real Estate Association, national home prices averaged $632,802 in November, down 12 per cent year-over-year.
Despite the continued price decline, don't expect buyers to come flocking back, TD says, as higher borrowing rates offset improvements in prices."To be clear, even if activity does bottom in the next few months, sales levels should remain depressed, thanks to the poorest affordability backdrop since the late 80s/early 90s," Sondhi said.In general, TD expects home sales and prices to return to growth in 2024.
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