Cooling Housing Market to Trigger 'Mild Recession' in 2023: RBC

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The post-lockdown momentum driving GDP in Canada’s provinces will soon slow to a crawl, as the impact of higher interest rates trigger a “mild recession” by mid-2023 - and the housingmarket will bear the brunt. realestate cdnpoli housing

10:48 AM Sep 12, 2022

In a report authored by economists Robert Hogue, Carrie Freestone, and Rachel Battaglia, while 2022 is “shaping up to be another year of solid growth” for the provinces as they come off pandemic-induced contractions from 2020, the growth party is ending.reads their report “The housing downturn will mark a notable turning point for most provincial economies. A booming residential sector in the past two years provided tremendous thrust to the recovery from the pandemic recession,” they write.

 

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