According to the median view from a Feb. 15-28 poll of 13 housing experts, the forecasted drop in prices is still mild compared with a historic run-up during the COVID-19 pandemic
The drop in home prices in Canada this year will be steeper than forecast three months ago but mild compared with a historic run-up during the COVID-19 pandemic, leaving many first-time buyers still priced out of the market, a Reuters poll showed.Bank of Canada
While most analysts said such a fall in house prices would improve affordability somewhat, others said they needed to drop a lot more to make any difference. House prices in Toronto and Vancouver, front runners in the recent house price boom, were forecast to drop 15 per cent and 12 per cent, respectively, in 2023, compared with rises of over 50 per cent and 30 per cent during the pandemic.
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