National Canadian bank warns of historic price declines in Toronto and Vancouver
Updated: Nov 16, 2022
What about BC? The most wanted and livable place on the planet earth.
In today's COVID era, Houses in Vancouver and the lower mainland are still selling above asking. Yes, the sales are down because it is difficult to qualify because of loss of income and layoffs, but now things are following in place. House prices are still the same in spite of the fact that BC Assessment is showing low house values in this region.
So what's happening, why do all economists keep saying falling house prices in Canada?
National Bank of Canada is predicting the largest-ever price decrease in Canadian real estate this year, at an average of 9.8% from 2020 to 2021.
This will outstrip the historic 9.2% decline during 1981, as well as the 6.3% drop that the Canadian property market saw during the previous global recession, data analysis hub Better Dwelling reported.
The impact of this market weakness will be most apparent in Toronto and Vancouver, with predicted 2020-21 decreases of 13% and 12%, respectively.