TD Economics released its Provincial Housing Market Outlook, pointing to a revised interest rate outlook predicting the Bank of Canada hiking its overnight rate another 75 basis points to four per cent by year’s end.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Sales are forecast to fall most in British Columbia this year at almost 35 per cent, and another 18 per cent next year. Prices are not expected to decrease this year. Instead, they are forecast to rise by about five per cent due to large gains earlier in the year. Yet TD predicts a nine per cent price decline next year followed by a four per cent recovery in 2024.Article content
Similarly, Ontario sales could drop 33 per cent this year and 16 per cent next year. Average prices should still be up about four per cent by year’s end. Next year, however, prices could fall 12 per cent, but prices are expected to increase about four per cent in 2024. Alberta is expected to see the smallest decline this year for sales at about two per cent, but sales are forecast to drop about 22 per cent next year. Price gains are expected to be the second lowest among all provinces this year at three per cent, and then declining seven per cent in 2023. Yet TD expects Alberta prices to recover in 2024, growing about five per cent.