Canadian Real Estate to Fall 17.5%: 'Market Experts' POLL

#CanadianRealEstate #CanadaRealEstate #CandianEconomy

Canada’s real estate prices will fall 17.5% from peak to trough, according to a new poll of “market experts” conducted by Reuters. Yet the polling, along with several recent reports, have some glaring omissions.

Links:

Canada house prices to tumble 17.5% peak to trough, say analysts:

Canadian house prices to tumble 17.5%, almost double the drop during the financial crisis: poll:

Posthaste: More signs of the beginning of the end of Canada's housing correction:

Beginning of the end for Canada’s housing market downturn?:

Canadian home sales edge up from September to October:

Canadian home prices could drop up to 25% by early 2023: TD:

Analysts say Canadian house prices are expected to fall 17.5% from peak to trough:

Real Estate Crash En Route?:

Canadian home prices to plummet 17.5% from market top, say economists:

Average Canadian house price hits $816,720 — up 20% in past year:

Canadian home prices fall again, now down 10% from peak:

Canadian house prices expected to tumble 17.5% peak to trough, analysts say:

Recession in Canada:

Residential Property Prices for Canada:

Low unemployment is not sustainable and feeds inflation: Bank of Canada’s Macklem:

Canada has a path to 'soft landing,' Freeland says:

Bank of Canada Chief Warns Against Overreacting to Hot Inflation:

Mark Mitchell – Mortgage Broker London Ontario
920 Commissioners road east
London, Ontario N5Z 3J1
Phone: [phone] (Call or Text)
Brokerage Lic: 10464
Broker Lic: M16001479

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Commentary on this Channel should not be considered financial advice.

[zetter]

Q2 2023 .Banks wont be able to hide it anymore .great video as always.Thank you!

[parkerbohnn]

The housing market will fall until the "first" Chinaman buys back in or rebuys. At that point in time home prices will rise something like fifteen percent in one month yes in only one month. When the first Chinaman buys back in or rebuys every Chinaman will buy at the exact same time driving home prices up around 15 percent in just one month. Presently the inflation rate is falling slightly due to the lockdown in China but December 5th we should see oil and gasoline prices spike. So the temporary lull in inflaiton will end next week.

[Lifer]

Too much bad reporting from the "cut and paste" school of journalism. Thanks for pointing this out.

[RealChange-ehgw]

Ladies & gentlemen....!!! This Man deserves a Medal for explaining so eloquently and telling the truth...!!! Thanks a bunch, Mark..!!! Keep up your great work. If a person lives in BC. Can I get my mortgage done through your expert advice? You deserve Canada-wide business.

[VincesDIYs]

And if a recession does not come, interest rates will continue to rise which will continue to put downward pressure on house prices.

[mrguiltyfool]

I feel like in Canada we have less stats on most things compare to USA

[moldyal]

Lol, listen to uncle Lenny, “we’re at the bottom” (until the next interest rate hike dec 7)

[DTrent-uywl]

Small dead cat bounce. We aren’t even close to the bottom

[bluedunn]

RE propagandists are pumping it out lately

[simasima]

Needs to drop more. These prices are still high.

[Naeem]

Misinformation in the media by reputable outlets has been a key feature in creating this unprecedented bubble in a bubble. But these rallying tactics have stopped working because it comes down to the facts in the end. The fact is that people cannot afford real estate in Canada & it's not appealing to flippers/investors/hoarders.

[truthteller]

For a history reference, the 2008 US housing crash didn’t bottom till 2012. We have lots of pain to go.

[GumballGarage]

Canada will need to bring back free land claims.

[lakdev]

Wait for 2015 level.The city's “highly elevated” risk was revealed in the newly released UBS Global Real Estate Bubble Index 2022. Cities that place between 0.5 and 1.5 on the Index are overvalued, while anything over 1.5 represents a bubble risk. Toronto and Vancouver scored over 2.24

[wethenorth]

Are these the same “experts” that said low rates would not change for the foreseeable future back in January.

[joeflake]

Time will tell. To me, the biggest issue that may possibly make this downturn different than others is the massive housing shortage. I am in the housing industry, and in the 90's when things went south there were lots of listings available, and way fewer buyers. Today some buyers have backed off for sure, but in the GTA, and I suspect many other areas in Canada, the number of listings are very low at present. The downturn in 2008 was very short lived, I believe in part because the government and federal finance minister at the time did a great job. I have many friends that are waiting things out before buying, hoping that prices will at least go back to 2019-2020 levels. In my area we are still only back to fall of 2021 prices. A realtor I know said to me that these were very high rates just this morning, but I reminded him that my mortgage rate around the mid 2000's was around today's level, but it definitely feels high because of the high prices. If I was running the country I would immediately stop REIT's being able to own single family residences, and I would change the rules on AIR BNB's, eliminating as many as possible. I am more capitalist at heart, but when I see so many of our friends and neighbours suffering during this housing crisis, I personally find it hard to take. Possibly at some point in the future those two items could be re-visited once we had built the many homes we need to catch up to the massive demand.

[ajaykapoor]

I always look forward to your analysis Mark.

Property taxes might be a better (effective) way of levelling house prices than interest rates. Make them 2 to 3 percent of the market value and see the prices drop to sustainable levels.

[terryevp]

Great information as always, Mark. LOL.. This is like "fox guarding the hen house" What a joke report

[jmcg]

Why not 17.8%?
I think it has already dropped over 20% since March 2022

[markhunt]

Key point: the banks are rapidly changing the rules. Look at the re-amortizations that are being allowed so that 25 years can go to 30, 35, even 40. Further, some lending institutions are now allowing mortgage principals to increase. There are some Total Debt and GD debt rules about these, but anyone signing up for these is… so these folks will be desperate. And then in the coming Great Recession some of them will have one person in the couple losing their job. But the banks are doing this to “spread out” the foreclosures and soften the crash by lengthening it. Watch: inverted curve will have to lengthen because the years of recession will be longer. Watch: the yields of different years.