Canadian home prices set to drop by almost 25% by end of 2023: Desjardins
Desjardins said it's expecting a sharp correction in the housing market, but prices will stay above pre-pandemic levels. Find out more.
So housing was unaffordable for most in 2019, and prices will still be above that. BUT - for those who need a mortgage the actual monthly COST of that home will STILL be at the current levels.
All this is going to do is drive rents through the roof and discourage developers from building homes as fast. And we desperately needed them to be building MORE homes, not less.
So next year we'll probably have a recession or at the very least a major slow down. That will cap the growth on salaries. But we'll still have significant inflation for most of that year. And by the year after - housing prices will start shooting back up again, interest rates may fall slightly but will still be higher than pre-pandemic levels, the number of homes built and being build will still lag population growth and you will see INSANE rents and completely unaffordable house prices.
I feel very bad for the younger people starting out - this is going to be a tough decade i think.
