Real estate: Panel of experts predict home prices will drop - BNN Bloomberg

on Monday found that 88 per cent of the 16 Canadian economists and industry experts it surveyed expect housing prices will only fall further towards the end of 2023.

"With pent up demand among both buyers and sellers further adjustments to prices may be required to get the market moving," Carl Gomez, chief economist and head of market analytics for CoStar Canada, said in the report.While home prices are expected to drop this year, homeowners will fall even further into debt amid elevated costs, according to the report.

Nikola Gradojevic, professor of finance at the University of Guelph, said the impact of food and energy inflation are putting residents into a tough position.“It is difficult to maintain the same living standard with almost no salary increments amidst rampant inflation. Utility and grocery bills are out of control."

I would like a much deeper correction to drive prices down to more realistic levels

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