Canadian housing prices won't return to pre-pandemic levels until at least the end of 2022, CMHC forecasts
CMHC said average housing prices could fall anywhere from nine to 18 per cent in its forecast, and as much as 25 per cent in oil-producing regions. In the faster recovery scenario, prices could start to recover by mid-2021, while a slower recovery prices might not be back to pre-COVID-19 levels at the end of 2022.
Pressure on prices will come as sales drop, with an expected 19 to 29 per cent decline in sales from pre-COVID levels this year as job losses affect buying decisions. Uncertainty in the housing market will also affect new home building, which could see declines of between 50 and 75 per cent this year compared with pre-COVID-19 levels before starting to rebound next year.
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