The Bank of Canada's unexpectedly-aggressive rate hikes have prompted TD Economics to adjust price growth projections for this year. TD_Economics | realestate Canada housingmarket realestatenews realestatemarket
its projection that national average home prices will decline by 20.9% year-over-year in the first quarter of 2023.
As the Bank of Canada raised its policy rate higher than anticipated, TD Economics has downgraded its quarterly price growth projections for 2023; prices are expected to be down 13.0% annually in Q2, down by 5.2% annually in Q3, and down by 1.5% annually in Q4. seven times in 2022, bringing the policy interest rate from 0.25% to 4.25% in the span of 10 months.
On a positive note, TD Economics projects that growth in Canadian home sales and prices will return to positive territory, on an annual average basis, in 2024.
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