Canada will see weakest level of homes sales since 2001 this year: TD report
BNN Bloomberg
A new report from TD Economics predicts Canada will see the weakest level of home sales since 2001 this year.
The housing market outlook from economist Rishi Sondhi attributes the prediction to the poorest affordability level since the late 80s and early 90s.
Sondhi is forecasting that home sales will reach their bottom sometime in early 2023, after declining 20 per cent from peak to trough.
He says steep annual average price declines are expected in most of the Atlantic provinces, Ontario and B.C. in 2023, while lesser drops will materialize across the Prairies and in Newfoundland and Labrador.
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