Real Estate
Canadian Housing Agency Predicts Home-Price Drop Will End This Year
A home for sale in Montreal. Prices in Canada posted their worst-ever annual drop last year amid a series of aggressive interest-rate hikes.
Photographer: Christinne Muschi/BloombergThis article is for subscribers only.
The rapid decline in Canadian home values will come to an end in 2023 as a lack of supply reasserts upward pressure on prices, the country’s housing agency said in its annual forecast.
Prices will start to rise by next year as the pace of new home building fails to keep up with high levels of immigration and a quickening economy, Canada Mortgage & Housing Corp. said in its report. There’s already some evidence a recovery in home prices is underway: In March, the national benchmark rose for the first time in a year.