The start of 2024 could be a little happier for those looking to own a home, with prices expected to fall by 10%, according to TD Bank.
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This is progress as TD had only expected a reduction of 5% according to forecasts from September last year.
According to Canada’s second largest bank, this price drop is due to an increase in housing supply in two provinces, which would lead to a downward correction in the national price average.
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According to the TD analysis published on Wednesday, the easing of markets in Ontario and British Columbia would actually be stronger than expected.
“However, it is important to put things in perspective. “A 10% fall in average house prices would still result in them being 15% above pre-pandemic levels,” he was reminded.
According to the banking institution, the fact that the Bank of Canada will cut its interest rates towards the end of the second quarter of 2024 “prevents a further decline”.
Keep in mind that the decline appears to have started last October, when the Canadian Real Estate Association said the national real estate access rate fell to 49.5% in October, the highest level in 10 years.