It’s welcome news for prospective buyers hoping for a better price. But as the busy fall season nears, realtors and economists are at odds over how long the pricing slide will last and how low it will go.
Despite rising interest rates some home buyers are being lured back into the market by falling house prices In June, a trio of Desjardins economists said they expected the average national home price to fall by 15 per cent between its February high _ $817,253 _ and the end of 2023, but because “we’re almost there,” they adjusted their forecast in August to predict a drop between 20 and 25 per cent.“Home prices continue to fall and have further to go before they find a bottom,” said Randall Bartlett, Helene Begin and Marc Desormeaux, in a report released July 11.
Much of the shift is attributable to mortgage rates, which mirror fluctuations in interests rates and can eat into buying power. “If you look at the 10-year average of Metro Vancouver, housing prices are way up and if they do dip, they might dip slightly and come back up. There’s always been sort of a steady incline with dips along the way.”New poll finds majority of Canadians are cutting back on spending