Homebuyers hope ‘patience pays off’ as prices drop, recession predictions loom
Andrew Hamilton and his wife bid farewell to their home in Toronto’s Junction neighbourhood roughly a year and a half ago, when housing prices were soaring, but finding a new abode proved tricky.
Douglas Porter sees a 25 to 30 per cent chance Canada’s economy nails a soft landing when inflation and interest rate hikes gently end, helping avoid a recession. There’s a 50 per cent chance of a shallow downturn and a 20 to 25 per cent chance of “something more serious.” As prices tick down, Porter said the market sits in “suspended animation” with sellers wary of listing their properties because they won’t fetch what neighbours did last year and buyers sitting on the sidelines waiting for better mortgage rates and more inventory.
“To me the interest rates story is the biggest one this year that will have the biggest effect by far,” said Porter. Porter expects the Prairies to be the most resilient market because it didn’t encounter as much of an overvaluation as other regions did in the first years of the COVID-19 pandemic.
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