Canada set for ‘unprecedented’ home price drop by early 2023: TD Bank

[The_Foxer]

Canada set for ‘unprecedented’ home price drop by early 2023: TD Bank - National | Globalnews.ca

A new report from TD Bank projects the average Canadian home price could drop 20 to 25 per cent in early 2023 from the peak seen last February.

globalnews.ca

"A report by TD Bank suggests the average price of a home in Canada could fall 20 to 25 per cent from its peak seen earlier this year to the first quarter of 2023"

Young home buyers getting excited intensifies...

"The report notes the drop in national home prices would only partially retrace the 46 per cent gain over the course of the pandemic."

Young home buyers learning to live with bitter disappointment intensifies...

 

[Ron in Regina]

Hmmmm….I wonder what that’ll do to property taxes? Think they’ll take a nosedive to follow the housing values?

 

[The_Foxer]

Hmmmm….I wonder what that’ll do to property taxes? Think they’ll take a nosedive to follow the housing values?

Well sort of. Hard to say a little. Property taxes are based on the percieved value of the property, but they lag about a year in most places. So they'll theoretically come down a bit. Assuming the local authority doesn't raise the percent. And people won't feel it for at least a year and a half, they'll still be paying last year's inflated prices.

 

[pgs]

Hmmmm….I wonder what that’ll do to property taxes? Think they’ll take a nosedive to follow the housing values?

Raise them of course , and blow the windfall when prices go back up , what else ?