To say the last few years in Canadian real estate have been interesting would be an understatement. Rapidly shifting supply and demand levels in 2020 and 2021, paired with low interest rates led to record home sales activity. Then, in 2022, the Bank of Canada began raising interest rates, in response to rising inflation, resulting in a rapid decline in sales. So, with all that behind us, we’re unpacking how our past has positioned us for what’s to come.
We know many are wondering what’s in store for 2023. While we don’t have a crystal ball to predict where we’re going, we can look at the history of Canada’s housing market and the trends that have brought us to where we are today.
Shaun Cathcart, CREA’s Senior Economist, joins us on the latest episode of REAL TIME to help us understand where Canada’s housing market has been, how it’s changed, and where it could be headed. He’ll also fill us in on CREA’s approach to data analysis and forecasting methodology.
Cathcart starts the episode by reminding us of what the pre-pandemic housing market looked like and explains the significant changes he’s seen over the last few years from sales activity to prices.
How will Canada’s housing market shift in 2023? Will interest rates drop this year? Are home prices expected to increase or decrease? Listen to this informative episode of REAL TIME to hear Cathcart’s take on all these subjects. Listen anywhere you get your podcasts, or at CREA.ca/podcast.
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