Real estate: Panel of experts predict home prices will drop

Housing market prices will most likely continue to drop another 10 per cent by the end of the year, according to a panel of economists and industry experts.

A report released by Finder on Monday found that 88 per cent of the 16 Canadian economists and industry experts it surveyed expect housing prices will only fall further towards the end of 2023.

Over half (55 per cent) of the panel think home costs will drop another 10 per cent by the end of the year, when compared to January prices.

In January, the Canadian Real Estate Association reported the average price of a home sold in Canada was $612,204, which marked a three per cent month-over-month decline from December.