Home Sales To See Big Drop

Canada’s largest bank has downgraded its outlook for the housing market and is now forecasting a “historic correction,” worse than any other decline seen in the country in the last 40 years. RBC expects home sales to fall nearly 23 per cent this year and 15 per cent in 2023. It also expects the prices to drop more than 12 per cent from peak to trough by the second quarter of 2023. Ontario and British Columbia will be at the forefront of the correction, with RBC estimating home resales in British Columbia and Ontario to fall 45 per cent and 38 per cent in 2022 and 2023, respectively.