The Canadian housing market is set for a recovery, with home prices predicted to rise in the coming years, according to a Reuters poll of property analysts. Despite a 15% dip in prices since March 2020, when they had risen by over 50% since the start of the COVID-19 pandemic, strong demand and the belief that interest rates have peaked have staved off any significant declines. Analysts predicted a 9% fall in average home prices this year, followed by a 2% and 4% rise in 2024 and 2025 respectively as supply fails to keep up with rising demand. With immigration rates growing, affordability may remain a concern. Nevertheless, sellers are reportedly back in the driving seat, with buyers regaining confidence. The Bank of Canada is expected to hold its current interest rate throughout 2022.
Canada Home Prices Poised for Recovery as Demand Remains Strong
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