The report acknowledges that"the swing in the market over the past year has been nothing short of spectacular," noting how the previous year"started extremely overheated as exceptionally low interest rates, changing housing needs and elevated investor involvement supercharged demand."
RBC suggests that"a cyclical bottom is approaching—likely in early 2023," as housing markets across Canada reel from the chain of successive interest rate hikes in 2022 and the resulting skyrocketing mortgage payments.