A new report looks ahead at Canadian housing in 2024, and forecasts softer sales and prices across all major markets, as well as a drop-off in homebuilding activity.
Though it seems more than likely that the Bank of Canada (BoC) is done hiking rates for this cycle, the housing market is expected to remain soft through the spring.
Desjardins’ latest housing outlook, published on Monday, forecasts that most major markets will deviate from historical trends come spring, with softer sales and prices anticipated.
“The second round of [BoC] rate hikes may have ended well before November 2023, but its effects certainly haven’t,” writes Desjardins Economist, Marc Desormeaux.
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