Canada will see weakest level of homes sales since 2001 this year: TD report

TORONTO –

A brand new report from TD Economics predicts Canada will see the weakest stage of residence gross sales since 2001 this 12 months.

The housing market outlook from economist Rishi Sondhi attributes the prediction to the poorest affordability stage because the late 80s and early 90s.

Sondhi is forecasting that residence gross sales will attain their backside someday in early 2023, after declining 20 per cent from peak to trough.

He says steep annual common worth declines are anticipated in many of the Atlantic provinces, Ontario and B.C. in 2023, whereas lesser drops will materialize throughout the Prairies and in Newfoundland and Labrador.

The Canadian Real Estate Association mentioned final month that the precise nationwide common residence worth was $632,802 in November, a 12 per cent decline from the identical month final 12 months.

November residence gross sales totalled 30,135, a 39 per cent drop from a 12 months prior.

This report by The Canadian Press was first revealed Jan. 10, 2023.