Canada’s largest bank has downgraded its outlook for the housing market and now forecasts a “historic correction,” worse than any national decline seen in this country in the past 40 years.has put the Bank of Canada on a course of aggressive hikes that will take its policy rate to restrictive levels by the fall, wrote RBC assistant chief economist Robert Hogue in the report that came out Friday.
The 42% drop in home sales from the peak in early 2021 will exceed the declines seen in the past four national downturns, Hogue said. In 1981-82 and again in 1989-1990 sales fell 33%; they fell 38% in 2008-09 and 20% in 2016-2018. RBC expects the Bank’s policy rate to reach 3.25% by October — “a big bite for borrowers to swallow that will spoil or delay homeownership plans for many buyers.”
In Quebec, RBC sees home sales falling 16.8% by the end of 2022 and down 6.1% in 2023. Prices are expected to end 2022 7.5% higher than the year before and but then decline 5.1% in 2023.
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Posthaste: Canada's housing market headed for 'historic correction,' says RBCDownturn will be worse than any seen in the past 40 years Ah schucks… all those off shore “investors” in Vancouver and Toronto are gonna lose money? That’s just horrible. It may correct a one off or rural sale and it may slow down for a while but when half a neighborhood has sold for X.......that number will always be the base starting point give or take a little. Someone will pay it too. Worthless by 2030
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Posthaste: Canada's housing market headed for 'historic correction,' says RBCDownturn will be worse than any seen in the past 40 years
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Posthaste: Canada's housing market headed for 'historic correction,' says RBCCanada's housing market headed for 'historic correction,' says RBC via financialpost Canada housingmarket
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