Average home price will not revert to pre-pandemic levels this year: CMHC
BNN Bloomberg
The Canada Mortgage and Housing Corp. says the average home price will not revert to pre-pandemic levels in 2023 because the recent declines in prices are tapering off in many markets and are expected to bottom out this quarter before starting to rise again.
In its outlook released Thursday, the federal housing agency predicted home prices and sales will see year-over-year declines in 2023 and by the end of the year, leave the country with an average annual price below the 2022 level.
CMHC chief economist Bob Dugan said average home prices, which have already dropped by about 14 per cent between March 2022 and March this year, are now "levelling off."
"A low supply of listings means that prices should start to grow as sales pick up," Dugan told a news conference, noting such activity is already underway in Toronto and Vancouver.
