TORONTO — After fuelling Canada's economy through the COVID-19 pandemic, the real estate market is showing signs of weakness as home prices fall and bidding wars dissipate.
The average home price is still above pre-pandemic levels, but increasing mortgage rates and inflationary pressures are weighing on the market. "That said, we still believe home prices will end 2023 above pre-pandemic levels nationally and in all 10 provinces." Much of the shift is attributable to mortgage rates, which mirror fluctuations in interests rates and can eat into buying power.
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Canada's real estate market is cooling. Here's what to expect this fallAfter fuelling Canada's economy through the COVID-19 pandemic, the real estate market is showing signs of weakness as home prices fall and bidding wars dissipate. 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.
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