ICYMI: Canada's housing market headed for 'historic correction,' says RBC via financialpost Canada housingmarket
Canada’s largest bank has downgraded its outlook for the housing market and now forecasts a “historic correction,” worse than any national decline seen in this country in the past 40 years.has put the Bank of Canada on a course of aggressive hikes that will take its policy rate to restrictive levels by the fall, wrote RBC assistant chief economist Robert Hogue in the report that came out Friday.
The 42% drop in home sales from the peak in early 2021 will exceed the declines seen in the past four national downturns, Hogue said. In 1981-82 and again in 1989-1990 sales fell 33%; they fell 38% in 2008-09 and 20% in 2016-2018. RBC expects the Bank’s policy rate to reach 3.25% by October — “a big bite for borrowers to swallow that will spoil or delay homeownership plans for many buyers.”
In Quebec, RBC sees home sales falling 16.8% by the end of 2022 and down 6.1% in 2023. Prices are expected to end 2022 7.5% higher than the year before and but then decline 5.1% in 2023.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Posthaste: Canada's housing market headed for 'historic correction,' says RBCICYMI: Canada's housing market headed for 'historic correction,' says RBC via financialpost Canada housingmarket
Read more »
Posthaste: Canada's housing market headed for 'historic correction,' says RBCICYMI: Canada's housing market headed for 'historic correction,' says RBC Canada housingmarket
Read more »
Minor-league associations begin to rebel against Hockey CanadaQuebec, Manitoba and Alberta minor hockey leagues weigh options after Granby board suspends payments to Hockey Canada
Read more »
Health Canada report suggests future regulatory framework for CBDRecommendations by the Science Advisory Committee on Health Products Containing Cannabis set the stage for introducing CBD products over the counter at pharmacies, or through other retailers like health stores
Read more »
Maggie Rogers Surrenders to Herself | Elle CanadaSince you last saw her, singer-songwriter, maggierogers, graduated from Harvard, lived through a pandemic and wrote her sophomore record, Surrender, about it all.
Read more »
In fighting gun crime, Canada has an American problemOTTAWA/TORONTO — A Texas man bought dozens of guns from licensed dealers in the state before illegally reselling at least 16, U.S. officials say.
Read more »