Posthaste: Canada's housing market headed for 'historic correction,' says RBC

  • 📰 OttawaCitizen
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 68%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

ICYMI: Canada's housing market headed for 'historic correction,' says RBC via financialpost Canada housingmarket

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.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.

financialpost Good

financialpost Thanks I always turn to the Citizen for articles from last month.

Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 21. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Posthaste: Canada's housing market headed for 'historic correction,' says RBCICYMI: Canada's housing market headed for 'historic correction,' says RBC via financialpost Canada housingmarket
Källa: VancouverSun - 🏆 49. / 61 Läs mer »

Posthaste: Canada's housing market headed for 'historic correction,' says RBCICYMI: Canada's housing market headed for 'historic correction,' says RBC via financialpost Canada housingmarket financialpost maybe you could hire a 'journalist' *we'll give you time to look that word up
Källa: calgaryherald - 🏆 64. / 52 Läs mer »

Posthaste: Canada's housing market headed for 'historic correction,' says RBCICYMI: Canada's housing market headed for 'historic correction,' says RBC via financialpost Canada housingmarket financialpost The Trudeau effect in plain view . financialpost Nice affordable housing Justin financialpost Agenda 2030 let them eat bug's. 🦗🦗🦗
Källa: nationalpost - 🏆 10. / 80 Läs mer »

Posthaste: Canada's housing market headed for 'historic correction,' says RBCICYMI: Canada's housing market headed for 'historic correction,' says RBC Canada housingmarket When comparing unit sales and prices,we should always reference pre-COVID results,e.g. what is the comparison vs 2019? That would give us a more realistic perspective-comparing current ’s vs record highs over the last 2 years doesn’t paint the full picture..
Källa: financialpost - 🏆 7. / 85 Läs mer »